Health and Healthcare

Affymax Asset Auction Coming Soon: How Low Does It Go?

Affymax Inc. (NASDAQ: AFFY) has been in more than trouble. Its very future is at stake as far as investors (and speculators) are concerned. The company is restructuring, but this restructuring may be more of a fire sale than anything like a normal restructuring. An email was sent out today by Heritage Global Partners on behalf of the Affymax restructuring and up for auction are three buildings in Palo Alto, California which are also full of “Quality Late Model Assets and Equipment.”

Affymax shares are down 2% at $1.37 and the 52-week trading range is $0.78 to $27.74. Yahoo! Finance measures the market cap at $51 million and the March 30, 2013 net tangible assets are negative at -$14.7 million despite a cash balance of $46.6 million.

Investors are going to have to wait for a few weeks before knowing the salvage value of this company. The auction starts June 13, 2013 and ends on June 14, 2013.

The three buildings in Palo Alto are located at 4001, 4009 and 4015 Miranda Avenue. As far as what is for auction with lot by lot details, that is here at the auction site and other equipment pieces are below.

Some of the items featured were as follows:

  • Oxford NMR 400, Unity Inova
  • Agilent HPLC 1200 Series (22)
  • Agilent HPLC 1100 Series (17)
  • Waters Acquity UPLC System
  • Applied Biosystems 4000 QTrap Mass Spectrometer System
  • Agilent Technologies 7890A Gas Chromatograph System (3)
  • Thermo Electron Corporation Nicolet Spectrometer (2)
  • Caron 6500 Series Photostability Chamber
  • Beckman Coulter Inc., Optima XE 90 Ultracentrifuge
  • Leica CM 1950 Cryostat
  • Perkin Elmer Micro Reader
  • Virtis Sentry 2.0 Freeze Dryer
  • Beckman Coulter Vi-Cell XR
  • Large Quantities of: Consumables
  • Large Quantities of: Freezers and Refrigerators
  • Large Quantities of: Hotplates, Shakers, Incubators, Centrifuges, Water baths, Pipettes, Etc.
  • Large Quantities of: High End Executive & Office Furnishings, Workstations, Desks and Chairs
  • Large Quantities of: Ipads, Desktops, Laptops, Monitors, Networking Equipment, and WiFi Pucks

Does this sound like a restructuring to you or an outright liquidation? The short sellers are still betting that it is a liquidation as the short interest on April 30 was listed as 12.927 million shares with a days to cover ratio of 8.65. Be advised that all the “Press Releases” under Yahoo! Finance have been covering ongoing class action suits against this company. In short, even if the auction goes well there may be very little left for the bottom feeders who try to come in at the last minute here.

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.

 

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.