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Amylyx Pharmaceuticals has agreed to buy the rights to bankrupt drugmaker Eiger BioPharmaceuticals' experimental drug for low blood sugar in a $35.1 million deal, Eiger said in a filing on Friday.
CAMBRIDGE, Mass.--(BUSINESS WIRE)---- $AMLX--Amylyx Pharmaceuticals to Present at the Goldman Sachs 45th Annual Global Healthcare Conference.
Amylyx Pharmaceuticals, Inc. (AMLX) came out with a quarterly loss of $0.46 per share versus the Zacks Consensus Estimate of $0.24. This compares to earnings of $0.02 per share a year ago.
Amylyx (AMLX) makes a formal decision to remove its amyotrophic lateral sclerosis drug from the U.S. and Canadian markets. The company is expected to reduce its workforce by 70%.
The decision to remove Relyvrio from the market comes after the drug failed a Phase 3 trial.
Amylyx Pharmaceuticals said on Thursday it would withdraw its amyotrophic lateral sclerosis (ALS) drug from the U.S. and Canada markets after the treatment failed in a crucial late-stage trial.
Following the study's failure, Amylyx (AMLX) is now uncertain whether to pull its orally administered ALS drug from the market. Management has voluntarily decided to pause all promotions of the drug.
Amylyx's ALS drug failed a late-stage trial, raising questions about the future of the drug and the company itself.
Relyvrio, which is sold under the name Albrioza in Canada, is Amylyx's only product.
Amylyx Pharmaceuticals said on Friday its drug to treat a neurological disorder called ALS, or amyotrophic lateral sclerosis, failed to meet the main goal in a late-stage confirmatory study.