When Martin was asked if FDA wants Tysabri on the market, the answer was "unequivocably".
IMO, the suspension of TY from the market and all trials is an overraction probably prompted by the FDA bureaucrats wanting to protect their asses from more charges of letting an "unsafe" drug stay on the market.
Geesh, there is risk in taking aspirin. Over 3,000 people taking TY in all the trials, and ONE dies of PML. Well, I suppose another could die of a heart attack and a third from a stroke. Doctors and patients should be informed of the risks. Let THEM make the risk/benefit decision.
Martin twice said people will find the two year mono results to be presented at the AAN meeting "interesting". From the tone of his voice on this topic I think there are more positives to be disclosed about disease progression.
My take on the situation:
Certainly a big hit today, in more ways than one.
Worst case a black box warning on a reintroduced TY sometime this fall. The increased efficacy of TY over other treatments demands the product be available.
Probably a year and a half setback on cash flow from TY. Eln has plenty of liquid capital to weather the time frame. The new notes are not due until 2008.
Since I'm not on margin and ELN is not too big a piece of my portfolio, I bought some more.