Affymax Considers Bankruptcy As Omontys Investigation Continues

Affymax cuts staff in order to conserve the little cash it has left in its coffers, which will be needed to pay down debts and continue looking into safety issues surrounding its sole commercial product – an investigation that may never be concluded because the company lacks resources.

Affymax Inc. is finally addressing the reality of its Omontys (peginesatide) recall by slashing its staff and looking into its strategic alternatives. The company has been forced to admit that its only commercialized product may not be returned to the market and that the future of the business is bleak.

The Palo Alto, Calif.-based biotech reported March 18 that it is letting go of 75% of its staff – about...

More from Archive

More from Pink Sheet