Affymax, Inc. (AFFY) said Monday that it will reduce its workforce by about 230 employees, or 75% as part of a plan to focus its resources on the ongoing investigation of reported hypersensitivity reactions in patients receiving OMONTYS Injection following the nationwide voluntary recall of product from the market.
The job cuts include its commercial and medical affairs field organizations as well as other officers and employees.
The company also said that it will retain a bank to evaluate strategic alternatives for the organization, including the sale of the company or its assets, or a corporate merger.
The company noted that is considering all possible alternatives, including further restructuring activities, wind-down of operations or even bankruptcy proceedings.
Affymax shares are currently losing 54.79% in after hours trading after closing the day's regular trading session at $2.92, down 11 cents or 3.63%.
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