Elan drug approved as company narrows losses

THE European Commission has given Elan marketing approval for its drug Prialt, a painkiller derived from a tropical sea snail.

The Irish pharmaceutical company, which saw its share price collapse three years ago due to accounting worries in the group, said yesterday: "Prialt can offer new hope for patients in Europe as the first new IT analgesic approved in more than two decades."

An infusion treatment for severe chronic pain, Prialt achieved US regulatory approval last December.