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April 2, 2013
06:50 EDTAFFYAffymax began reorganizing operations earlier this month to reduce costs
In addition to the significant reduction in force of approximately 230 employees, including the commercial and medical affairs field forces as well as other officers and employees throughout the organization, the company is continuing to transition many of the ongoing activities to Takeda and negotiating with Takeda on costs allocated between the parties under the collaboration arrangement. In connection with this restructuring, the board and management continue to review the Company's current financial position. As a result, the company is continuing the restructuring efforts which is expected to include further efforts to transition responsibilities for the investigation and recall of Omontys to Takeda, discussions with the FDA including a potential withdrawal of the Omontys New Drug Application, additional reductions in force and renegotiation of some or all of its existing agreements with third parties, including Takeda, in order to support a significantly smaller organization. If the company is unable to rapidly and successfully progress these efforts, its ability to continue operations will be significantly in doubt and the company may have to cease operations.
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