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Affymax, Inc. Message Board

  • macampagna_54 macampagna_54 May 14, 2013 1:38 PM Flag

    Facts from AFF's 10Q dated 5/9/2013

    Our financial statements have been presented on the basis that we continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The lack of financial resources due to the recall of OMONTYS raises substantial doubt about our ability to continue as a going concern. The condensed financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

    In April 2013, as part of our ongoing efforts to restructure our operations in order to further reduce costs, we commenced a process to notify substantially all of the remaining 25% of our workforce of estimated dates of separation and we engaged an experienced restructuring firm. With the engagement of the restructuring firm, we plan to terminate the employment of our remaining executive officers, including our Chief Executive Officer and Chief Financial Officer, by June 15, 2013.

    Sentiment: Strong Sell

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