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Affymax, Inc. (AFFY) Message Board

  • traderneal traderneal Apr 10, 2013 9:32 PM Flag

    The company is one hair away from bankruptcy.... (direct from the SEC Filing)

    Have the longs even read the SEC filing tonight? With the exception of getting royalties if Omontys is used again, the comany has nothing going for it. They are laying off all but a skelton staff to probably wind down operations. Here are the key paragraphs: (now tell me, what is AMGN supposed to buy?)

    The recall of OMONTYS has severely harmed the Company’s business, financial condition, and prospects as a going concern and even with the transition of responsibilities effectuated by the Amendment and the further reductions in force, these planned cost reductions may not be sufficient. The Company continues to take steps to reduce its outstanding obligations to third parties, and is dependent on those efforts to continue operations even in the near term, which may not be successful. The recall has also limited the Company’s access to funds. The Company may be unable to continue its operations or to defend the existing and potential future litigation, particularly with the planned reductions in force and in view of the Company’s limited resources and funds. The Company may continue to explore various strategic alternatives, including a sale of the Company or its assets or a corporate merger. The Company is considering all possible alternatives, including further restructuring activities, wind-down of operations or bankruptcy proceedings.

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AFFY
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