PROMISING ALZHEIMER'S PROGRAM FROM ATHENA

In the current explosion of neurology research and development, the US company, Athena Neurosciences, is considered to be one of the most attractive and intriguing, according to analysts David Webber and Angeli Kolhatkar at US brokers Alex Brown & Sons. They believe that the company offers a leading R&D program in Alzheimer's disease and other neurodegenerative disorders, and this is underpinned by a conventional neurological drug business that could achieve break-even by 1994, while simultaneously building an integral infrastructure.

There are an estimated 2.5 million cases of Alzheimer's disease in the USA, and this is expected to double or triple by 2000. Athena was among the earliest to suggest that amyloid is a cause, rather than an effect, of the brain's degeneration, say the analysts, and it is looking for ways to inhibit the enzymes responsible for its deposition. The company also has a second program which consists of research compounds to block the neurotoxic effects of amyloid.

Athena has signed licensing agreements with the US health care concern Eli Lilly relating to therapeutics, and with Lilly's subsidiary, Hybritech, relating to diagnostics. The agreements are recognized as having validated Athena's Alzheimer's program, and the analysts estimate that Athena could receive over $20 million in the next five years as part of the agreements. Athena will receive a royalty on Lilly sales. They suggest that the royalty could amount to around 10% of what could be a multibillion dollar product.