Affymax Falls After Firing 75% of Workers
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Affymax Inc. dropped to its lowest value ever after the company said it will fire three-quarters of its workforce and hire a bank to evaluate a possible sale or bankruptcy after the recall of its only drug.
Affymax plunged 64 percent to $1.05 at the close in New York, its lowest price since the shares began trading in December 2006. The Palo Alto, California-based company has fallen 73 percent in the past 12 months.