Palo Alto, California-based Affymax has garnered $60 million its fourth round of venture capital. JAFCO and existing investor Bear Stearns Health Innoventures co-led the round. "As one of the largest venture financings in biotechnology this year, this investment represents an acknowledgment of our progress and underscores the potential of our lead product candidate, Hematide, which is currently being evaluated in Phase II clinical trials in Europe and the US," said Arlene M. Morris, Affymax's president and CEO. "The proceeds will give us the ability to aggressively move forward with our Phase II clinical program for Hematide in patients with chronic kidney disease and cancer, as well as develop our pipeline of promising peptide product candidates."
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