UPDATE: Much awaited data on Lilly's solanezumab raise hopes for Alzheimer's patients

US pharma major Eli Lilly (NYSE: LLY) has released much anticipated new data on its investigational Alzheimer’s disease drug solanezumab at a press conference at the Alzheimer’s Association International Conference in Washington ahead of the presentation.

The results suggest the treatment effect of solanezumab was preserved within a pre-specified amount in patients with mild Alzheimer's disease who received solanezumab earlier in the disease compared to patients who began treatment at a later point. However, Lilly’s shares, which are up around 26% so far this year on enthusiasm for the drug, dipped 2.6% to 485.57 shortly after markets opened this morning.

Current drugs can manage only the symptoms of dementia by helping the dying brain cells function. More than 120 Alzheimer’s drugs have failed in clinical trials since 1998, and hundreds of billions of dollars have been lost by the pharmaceuticals industry in one of the most difficult areas of research in medical science.