Hawthorne, NY October 3, 2003 – Acorda Therapeutics announced today that it has entered into an expanded license agreement under which Elan Corporation has granted to Acorda exclusive, worldwide rights to Fampridine-SR for all indications. The amended and restated agreement replaces two prior licenses to Fampridine-SR – one for multiple sclerosis (MS) as part of a joint venture between Acorda and Elan, and one for spinal cord injury (SCI). As part of the agreement, the joint venture will become inactive.

Acorda remains responsible for the clinical development and registration of Fampridine-SR and will also be responsible for its commercialization. Elan will continue to be responsible for the formulation development and manufacturing. If Acorda is successful in bringing Fampridine-SR to market, it will make milestone payments to Elan and pay royalties on net sales. In addition, Elan will receive payments for supply based on net sales for the provision of commercial product.

In a related agreement, Acorda entered into an agreement with Rush University Medical Center for an exclusive, worldwide license to their know-how relating to fampridine for the treatment of MS, and the assignment of an Orphan Drug Designation to Acorda for fampridine for the relief of symptoms of MS.

About Fampridine-SR

Fampridine-SR ("4-aminopyridine", "4-AP") is an investigational treatment being developed for chronic spinal cord injury (SCI) and for MS. It is in Phase 3 clinical trials to evaluate its efficacy in improving spasticity in people with chronic SCI, and Phase 2 trials to evaluate its efficacy in improving walking ability and muscle strength in MS.

Laboratory studies have shown that fampridine, the active molecule of Fampridine-SR, improves impulse conduction in nerve fibers in which the insulating layer of the spinal cord, called myelin, has been damaged. This damage may be caused by physical trauma in the case of SCI, or by the body's own immune system in the case of MS.

About Acorda

Acorda Therapeutics, a privately held biotechnology company, is developing therapies for SCI, MS, and related central nervous system disorders. In 2002, Acorda was the recipient of the National Spinal Cord Injury Association's L. W. Freeman Award for scientific research.