Amylyx Pharmaceuticals rises on job cuts

Amylyx Pharmaceuticals

04/04/2024 13:53

** Drugmaker Amylyx Pharmaceuticals'  AMLX.O  shares rise 3%
to $2.71 premarket 
     ** Co to reduce its workforce by about 70%, co had 384
full-time employees at the end of 2023
    ** Co to also decrease external financial commitments; says
with these changes expects to have cash runway into 2026
   ** AMLX also plans to remove its amyotrophic lateral
sclerosis (ALS) drug from the market in the United States and
Canada after it failed to slow disease progression in a
late-stage trial in March 
    ** Adds, it will provide the therapy free of charge to
patients who wish to stay on the treatment 
    ** Co to continue development of lead drug candidate AMX0035
in inherited condition, Wolfram syndrome, and other drug AMX0114
in ALS 
    ** Up to last close, stock is down 82.1% 

 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))