Alnylam Pharmaceuticals (ALNY) Cuts Jobs, Focus On Drug Development

January 20, 2012, 11:18 PM

Alnylam Pharmaceuticals Inc. (Nasdaq:ALNY) reported on Friday that it will cut 61 jobs as it hopes to save money and continue its focus on RNA drug developments.

The company is working on trials at the moment to find a treatment for a rare disease called transthyretin-mediated amyloidosis, which causes a build up of toxins in the body. Currently there is no cure for the disease.

The job cuts are expected to save the company $20 million in 2012.

“At a personal level, this was a very difficult decision to make, but we are convinced that it is an important step in continuing to build our company for the long term,” “As we implement this change, we are grateful to all our employees for their dedication, passion and commitment in advancing RNAi therapeutics to patients.” John Maraganore, CEO, said in a statement.

Shares rose 8 cents to $10.34 during trading on Friday.

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