Friday’s business headlines
INDIANAPOLIS (WISH) – Here’s a look at Friday’s business headlines.
Alzheimer’s drug failure
A promising, experimental Alzheimer’s disease drug had a major failure on Thursday when the drugmakers behind it announced they were cutting off most research efforts.
Biogen lost $16 billion in market value when it made the announcement.
In late 216, Eli Lilly’s Solanezuam failed to surpass placebo benefits in a phase three trial of 2,100 patients.
Alzheimer’s disease has no cure, many drugs being developed for it have failed.
Lifeway closing
The nation’s biggest Christian retail chain is closing all 170 of its brick and mortar stores.
Lifeway says slowing sales make it not feasible to keep any stories open after 2019.
Lifeway has two stories in Indiana – one at Castleton and the other in Frot Wayne.
Lifeway’s store closures come two years after its competitor, Family Christian Resources, shut down all 240 locations in the midst of mounting debt and bankruptcy.
Vaccine misinformation
Vaccine misinformation is flourishing on Facebook and Instagram weeks after a promised crackdown.
CNN says a recently as Thursday, Facebook continued to recommend content in the search bar that linked vaccinations with autism.
A spokesperson speaking on behalf of both Instagram and Facebook says the process of curbing the dissemination of vaccine misinformation has always been scheduled to take place over several weeks.
Gas prices
Gas prices are rising due to refinery fires.
Even before the fire, gasoline prices have been creeping up – not just in California and Texas but across the country – as oil prices have recent in recent weeks.
Fuel experts say prices could move up another dime.
AAA says the current average price right now in the Indianapolis area is $2.60 a gallon.