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Glancy Binkow & Goldberg LLP Announces Investigation of Affymax, Inc.

2013-02-25 17:23 ET - News Release

Company Website: http://www.glancylaw.com/
LOS ANGELES -- (Business Wire)

Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the securities of Affymax, Inc. (“Affymax” or the “Company”) (NASDAQ:AFFY) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Affymax were false and misleading regarding the Company’s business and financial prospects.

Affymax is a biopharmaceutical company engaged in the development of drugs for the treatment of serious and life-threatening conditions in the United States. The investigation is related to a February 23, 2013 joint announcement, issued by Affymax and Japan-based Takeda Pharmaceutical Company Limited (Takeda), of a nationwide voluntary recall of OMONTYS (peginesatide) Injection. OMONTYS Injection is a treatment for anemia due to chronic kidney disease in adult patients on dialysis. According to the Company, the recall is related to “new postmarketing reports regarding serious hypersensitivity reactions, including anaphylaxis, which can be life-threatening or fatal.” Affymax has a strategic alliance agreement with Takeda to develop and commercialize OMONTYS.

Following the announcement, Reuters reported that on February 24 the U.S. Food and Drug Administration alerted healthcare providers about the recall, and said it had received 19 reports of anaphylaxis from dialysis centers in the United States. As a result of this news, shares of Affymax plummeted as much as 85 percent in intraday trading on February 25, 2013.

If you purchased Affymax shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224

Source: Glancy Binkow & Goldberg LLP

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