affymax inc (AFFY) Snapshot

Affymax, Inc. announced that effective June 6, 2013, Herb Cross was terminated as Chief Financial Officer and an employee of the company. The company concurrently appointed Rich Brenner of The Brenner Group as Chief Executive Officer, Weston Rose of TBG to serve as President and Mark Thompson of TBG to serve as Chief Financial Officer of the company during the continuing restructuring of the company. On June 4 and June 5, Ted W. Love, M.D., Kathleen LaPorte and Keith R. Leonard, Jr. notified the Company of their resignation as directors of the Company. Each of the Resigning Directors' decision to resign was not a result of any disagreement or dispute with the Company or its management. On June 6, John Orwin was named Chairman of the Board, succeeding Hollings Renton, who remains a member of the Board, but who has stepped down from the Chairman role. In addition, Richard M. Brenner of TBG was appointed to the Board.

As previously disclosed, on May 28, 2013, Affymax, Inc. received a determination letter from the Nasdaq Stock Market LLC (Nasdaq) indicating Nasdaq’s belief that the company should be delisted from Nasdaq, and that absent an appeal, trading in the company’s common stock would be suspended at the opening of business on June 6, 2013, and a Form 25-NSE would be filed with the Securities and Exchange Commission to remove the company’s securities from listing and registration on Nasdaq. The company did not appeal the determination in Nasdaq’s Determination Letter. Accordingly, the company’s common stock was suspended from trading on the Nasdaq Global Select Market on June 6, 2013, and the company was delisted from Nasdaq. The company was advised that, effective June 6, 2013, its common stock was immediately eligible for quotation on the OTCQB. The company expects that its common stock will also trade on the OTC Bulletin Board.

Affymax, Inc. will be removed from NASDAQ Composite Index.