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Affymax cuts 75% of employees in midst of ongoing product investigation

Tuesday, March 19, 2013 03:34 PM

Palo Alto, Calif.-based Affymax will reduce its workforce as part of a plan to focus the company's resources on the ongoing investigation of reported hypersensitivity reactions in patients receiving Omontys injection following the nationwide voluntary recall of the product from the market. Approximately 230 employees (or 75%) will be cut, including its commercial and medical affairs field organizations and other officers and employees.

"I would like to sincerely thank all of our departing employees and recognize their important and valued contributions to the company," said John Orwin, CEO of Affymax. "While this decision was extremely difficult, aligning and managing our limited resources around our product investigation is our most important priority."

The company also said it will retain a bank to evaluate strategic alternatives, including the sale of the company or its assets, or a corporate merger. Affymax is considering all possible alternatives, including further restructuring activities, wind-down of operations or even bankruptcy proceedings.

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