Affymax(R) Receives $30 Million Milestone Payments for Database Lock of Phase 3 Clinical Trials for Hematide(TM)/peginesatide
PALO ALTO, Calif., Jun 22, 2010 (BUSINESS WIRE) -- Affymax, Inc. /quotes/comstock/15*!affy/quotes/nls/affy (AFFY 7.49, +0.31, +4.32%) today announced that it has received $30 million in development milestone payments from Takeda Pharmaceutical Company as part of the companies' exclusive global agreement to develop and commercialize Hematide(TM)/peginesatide, Affymax's investigational drug for the treatment of anemia in chronic renal failure patients. The payments were triggered by the achievement of database lock in the PEARL and EMERALD Phase 3 clinical trials, which evaluated Hematide to treat anemia in chronic renal failure patients.
Affymax and Takeda are collaborating on the development of Hematide and will co-commercialize the product in the United States upon approval. Takeda holds an exclusive license to develop and commercialize Hematide outside the United States, including Japan.
About Affymax, Inc.
Affymax, Inc. is a biopharmaceutical company committed to developing novel drugs to improve the treatment of serious and often life-threatening conditions. For additional information, please visit www.affymax.com .
This release contains forward-looking statements, including statements regarding the success of the collaboration, timing, design and results of the Company's clinical trials and drug development program and the timing and likelihood of the commercialization of Hematide. The Company's actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties, including the FDA's interpretation of the data from the Phase 3 studies, in particular with respect to the subgroup analysis in the non-dialysis groups, the risks relating to the continued safety and efficacy of Hematide in clinical development, the potential for once per month dosing and room temperature stability, the timing of patient accrual in ongoing and planned clinical studies, regulatory requirements and approvals, research and development efforts, industry and competitive environment, intellectual property rights and disputes and other matters that are described in Affymax's quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement in this press release.