Less than four months after voluntarily recalling its promising anemia drug for dialysis patients, Affymax Inc. agreed to a May 28 request by the Nasdaq stock exchange to have the company delisted.
Nasdaq said that Affymax is operating as a “public shell” and following the voluntary recall of its anemia drug Omontys, the company no longer has an operating business.
Affymax said in the filing that it did not plan to appeal the determination. Trading in the company’s common stock, which dropped to a low of $1.37, was suspended at the closing of business on June 6.
The company offered dialysis providers a competitive product to Amgen’s Epogen in the anemia market for the first time since 1989, but agreed to recall Omontys in March after three deaths due to hypersensitivity reaction were reported among the 25,000 patients that had been prescribed the drug.After gaining 61% in stock value after the release of Omontys and the signing of several larger contracts with providers, Affymax stock dropped 87% on Feb. 25 after the recall.