UPDATE: Piper Jaffray Says Affymax May Run Out of Cash as Early as the Second-Quarter

In a note released late Tuesday morning, Piper Jaffray Analyst Ian Somaiya stated that Affymax

has no timeline for the re-introduction of its recently pulled drug Omontys, and had no estimate on when the investigation into the drug would end. With Omontys off the market, Amgen's

anemia drug has been able to gain market share, allowing the company to benefit from Affymax's decline. The company has $67 million in cash, but is burdened with over $50 million in outstanding liabilities as of the end of February. This capital burn has the company running out of cash as early as the second-quarter. Following the report, shares of Affymax traded down 7.72 percent to $1.25, while Amgen traded up 3.37 percent to $105.78 per share.