Boston, MA 06/11/2013 (wallstreetpr) – The shares of Affymax Inc. (OTCMKTS:AFFY) had declined by 15.83 percent to close at $0.85 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $0.85 to $1.02 per share, very close to the year low price of the company. The shares of Affymax Inc. (OTCMKTS:AFFY) had recorded 52 week low price level of $0.78 per share and 52 week high price level of $27.74 per share.
Affymax Inc. (OTCMKTS:AFFY) is primarily engaged in the development and commercialization of treatment therapies and drugs for applications in serious and often life threatening diseases. The principal product candidate of the company is peginesatide which is developed for the treatment of anemia in chronic kidney disease patients during their dialysis process.
The company had received a letter of determination from the NASDAQ exchange which demands that the company would be delisted from the exchange owing to its situation of having no operating business. As the company had recently withdrawn its only product, Omontys from the market, Affymax Inc. (OTCMKTS:AFFY) is now left with no product to sell in the market and therefore has no operating business to earn sales or profits.
Owing to this reason, the exchange had sent a letter of determination seeking explanation from Affymax Inc. (OTCMKTS:AFFY) on why it should not be delisted from the exchange. The company had however not given any explanation to the letter and is further planning to get listed in the OTCBB exchange.
This absence of operating business for the company had plunged the shares of Affymax Inc. (OTCMKTS:AFFY) to new bottoms and is further declining the prices with heavy trading volumes. The company has an average trading volume of 10.20 million shares per day, which had been reached recently.
Affymax Inc. (OTCMKTS:AFFY) presently holds 37.49 million shares in the market with an institutional ownership of 55 percent of its holdings.
