February 27, 2013- Affymax (AFFY), the pharmaceutical company that produces a single commercial product for people suffering from anemia, saw the value of its stock drop by an incredible eighty five percent yesterday after it said that there are serious adverse reactions, including death, associated with the use of its anemia drug, Omontys.
The troubled company, along with its marketing partner, Takeda Pharmaceuticals, pulled back every lot of the prescription drug due entirely to the potential side effects that may prove extremely harmful to patients who use it. These symptoms include a potential allergic reaction that can be fatal.
Omontys, which is the only commercial product sold by Affymax, was approved in March, 2012 for sale by the United States Food and Drug Administration (FDA) for intravenous administration to treat anemia in adult chronic kidney disease patients undergoing dialysis.
The product has been proven successful in many cases, but the potential danger it poses may cause the FDA to recall it until Affymax conducts additional testing to prove it is safe to use.
The company enjoyed third quarter revenue of thirteen million six hundred thousand dollars, virtually all of which came from the sale of Omontys.