There's no debating that this weekend's recall announcement from Affymax was terrible news. First and foremost, the adverse events that caused patient suffering, and even a few fatalities, is heartbreaking. Meanwhile, the value of the company is now roughly in line with the value of its cash on the balance sheet, implying that investors have little to no hope that Omontys will return to the market.
In the following video, Brenton Flynn provides some more details after listening in on the company's update this morning, and offers an opinion on what existing shareholders -- and those looking to profit from an overreaction -- might do in response.
There's no crystal ball
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