Affymax Lays Off Hundreds; May File Bankruptcy

Palo Alto-based Affymax announced Monday that it will layoff three-quarters of its workforce, approximately 230 people.

The action comes less than a month after the company recalled its only product, OMONTYS (peginesatide) Injection, after serious patient complications, including deaths, were attributed to the product.

Affymax CEO John Orwin said in a statement, “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.”

The company also announced that it will retain a bank to evaluate strategic alternatives for the organization, including the sale of the company or its assets, a corporate merger, restructuring activities, or bankruptcy proceedings.

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