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Affymax, Inc. (AFFY) Message Board

  • expert_facts_god expert_facts_god Apr 10, 2013 10:00 PM Flag

    8K Filing out UGLY Going Concern Warning Bankruptcy Coming


    As previously disclosed, on March 18, 2013, the Company announced a reduction in force of approximately 75% of its workforce. As part of the Company's ongoing efforts to restructure its operations in order to further reduce operating costs, and in view of the transfer of responsibilities to Takeda which is expected to be completed by April 30, 2013, the Company is commencing a process to notify substantially all remaining employees of estimated dates of separation, including named executive officers Anne-Marie Duliege and Karin Walker, pursuant to the 60-day notice requirement under the Worker Adjustment and Retraining Notification Act while it evaluates which few individuals may continue as employees to support ongoing operations of the Company as the restructuring continues. The Company has initiated efforts to retain a restructuring firm during the transition period. As the Company completes its assessment and transition of its business following the Takeda amendment, the Company expects that a small number of employees are likely to remain to support the ongoing operations of the Company.

    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.

    Sentiment: Strong Sell

    This topic is deleted.
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