The company in Cambridge that produces a drug for Lou Gehrig’s disease which recently didn't work in a big study stated Thursday it will remove the medication, Relyvrio, from the market, admitting it didn't benefit patients with the fatal neurological condition.
Amylyx Pharmaceuticals revealed it will voluntarily stop sales and advertising of the medication in the U.S. and Canada, where new patients won't get a prescription anymore.
On Thursday, Amylyx also announced it will lay off 70% of its over 350 employees as part of a significant restructuring effort. Executives of the company stated they plan to continue researching Relyvrio and another experimental drug for various rare diseases, including Wolfram syndrome, which leads to childhood diabetes and blindness.
“Although this is a challenging time for the ALS community, we reached this path forward in collaboration with the parties who will be affected and in accordance with our strong dedication to people living with ALS,” the company co-founders stated in a release.
Mortgage rates increase
The average long-term mortgage rate in the U.S. rose slightly this week, staying below 7% as it has for most of this year.
The average rate for a 30-year mortgage went up to 6.82% from 6.79% last week, as reported by mortgage buyer Freddie Mac on Thursday. A year ago, the rate was at an average of 6.28%.
In recent weeks, rates for the benchmark 30-year mortgage have been fluctuating, often from one week to the next. The average rate is currently just under where it was two weeks ago.
After reaching a 23-year peak of 7.79% in October, the average rate for a 30-year mortgage has remained below 7% since early December, although it hasn't dropped below the 6.6% level it had in January.
