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news.Elan and Transition Therapeutics have dosed the first patient in a randomized, double-blind, placebo-controlled, dose-ranging, safety and efficacy Phase II clinical study of ELND005 or AZD-103 in patients with Alzheimer's disease.
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The study will evaluate approximately 340 patients with mild to moderate Alzheimer’s disease. Approximately 65 sites in North America are expected to participate in the program. The study will evaluate both cognitive and functional endpoints, and each patient’s participation is planned to last approximately 18 months.
Initiation of this Phase II trial triggers a $5million milestone payment to Transition under its global collaboration agreement with a subsidiary of Elan Corporation.
In connection with this Phase II clinical study, Transition will issue the former shareholders of Ellipsis Neurotherapeutics 174,123 Transition common shares at a price of $10.86 per share, which represents the weighted average trading price for the last five trading days.