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Transition gets Elan payment as sets Phase II test

Mon Dec 24, 2007 2:18am EST

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NEW YORK, Dec 24 (Reuters) - Transition Therapeutics Inc (TTH.TO) (TTHI.O) said on Monday it will receive a $5 million milestone payment from Ireland's Elan Corp (ELN.I), as the company has begun Phase II testing of its Alzheimer's drug, ELND005.

The clinical study of about 340 patients in North America will last about 18 months, Elan said in a statement.

In connection with the initiation of the Phase II clinical study, Transition will also issue former shareholders of Ellipsis Neurotherapeutics Inc 174,123 common shares at a price of $10.86 per share, the company said.

Transition acquired Ellipsis in March 2006. (Reporting by Emily Chasan; Editing by Quentin Bryar)



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