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Affymax, Inc. Message Board

  • genedocteur61 genedocteur61 Mar 19, 2013 3:00 PM Flag

    Affymax is Technically Insolvent

    For those who can read, the 8 K tells a great deal. Affymax has 67 MM in cash and 33 MM liabilities to a CMO, 10 for severance and 12 for debt. INSOLVENT.Not only is the company in a mess from the withdrawal of their only drug, but the balance sheet has been poorly managed.There is no cash for shareholders period. An experienced CEO and Board would have raised capital during a growth phase to build the business including a pipeline. This CEO is a neophyte marketing person and not a seasoned CEO. The CFO also has never been a CFO before and this is a bad combination. The Chairman is old and asleep in his chair. As this fundraising did not happen, now the company not only has a product disaster but no cash as well. They cannot even investigate the cause of the problem and have turned it over to Takeda. They should turn over the keys to Takeda as well. Very poorly prepared for the unexpected which always haunts small companies. How did something with so much promise end so poorly?

    Sentiment: Strong Sell

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