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Affymax (NASDAQ:AFFY): Current price $1.09
Late Monday, the company announced that it will slash its workforce as part of a plan to concentrate its resources on the ongoing inquiry of reported hypersensitivity reactions in patients receiving Omontys (peginesatide) Injection subsequent to the nationwide voluntary recall of the product from the market. This move will shrink the firm’s workforce by about 230 employees, or 75 percent, which includes its commercial and medical affairs field organizations along with other officers and employees. Chief Executive John Orwin said, “I would like to sincerely thank all of our departing employees and recognize their important and valued contributions to the company. While this decision was extremely difficult, aligning and managing our limited resources around our product investigation is our most important priority.”
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