Drug company cuts jobs to avoid bankruptcy

Affymax is cutting jobs and contemplating selling itself due to financial problems created by the recall of its major product. Affymax produces the drug Omontys which is used to treat anemia in patients on dialysis. The drug was recalled causing shares of Affymax to drop over fifty percent at the beginning of this week. Affymax says that it will lay off three-fourths of its workers and fire its chief commercial officer in an attempt to restructure rather than file for bankruptcy.

For more details see, “Affymax may file for bankruptcy; cuts 75 percent of workforce.

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