Press Release: Affymax Announces IPO

PALO ALTO, Calif., Dec. 14 -- Affymax, Inc. (Nasdaq: AFFY - News), a clinical-stage pharmaceutical company, today announced the pricing of its initial public offering of 3.7 million shares of common stock at $25.00 per share. All shares are being offered by Affymax. Affymax's common stock will trade on the Nasdaq Global Market under the trading symbol "AFFY." Morgan Stanley & Co. Incorporated is acting as the sole book-running manager for this offering. Cowen and Company, LLC, Thomas Weisel Partners LLC and RBC Capital Markets are acting as co-managers for the offering. Affymax has granted the underwriters a 30-day option to purchase up to an additional 555,000 shares to cover over-allotments, if any. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement. A copy of the prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY, 10014, Attention: Prospectus Department, by calling (866) 718-1649 or by emailing [email protected] About Affymax, Inc. Affymax, Inc. is a clinical-stage biopharmaceutical company developing novel peptide-based drugs to improve the treatment of serious and often life-threatening conditions. Affymax's lead product candidate, Hematide(TM), is currently in Phase 2 clinical trials for the treatment of anemia associated with chronic kidney disease and cancer.

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