Drug maker Affymax Inc. said that it may consider selling itself or filing for bankruptcy among a range of strategic alternatives as it struggles with the recent recall of its sole commercial product, the anemia drug Omontys, Reuters reported yesterday. Affymax also fired its chief commercial officer and slashed about 230 jobs, or about 75 percent of its workforce, as part of a plan to cut costs. The company said on February 23 that it would recall Omontys, citing serious adverse effects, including death, among patients taking the drug. The shares fell 85 percent on the news. Affymax reported cash balance of about $67 million as of February end. It had liabilities that included potential contract manufacturing organization commitments of up to an estimated $33 million and outstanding debt obligations of up to about $11 million under its existing credit facility.
