Affymax, Inc. (Nasdaq:AFFY), today announced the pricing of an underwritten public offering of 8,474,576 shares of its common stock at a price to the public of $5.90 per share. The gross proceeds to Affymax from this offering are expected to be approximately $50.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about March 23, 2011, subject to customary closing conditions. Affymax has also granted the underwriters a 30-day option to purchase up to 1,271,186 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Affymax.

Lazard Capital Markets LLC is acting as sole book-running manager in the offering, with Stifel Nicolaus Weisel acting as co-manager. A shelf registration statement on Form S-3 relating to the shares was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's web site at www.sec.gov. Copies of the final prospectus supplement relating to the offering, when available, may be obtained from the offices of Lazard Capital Markets LLC at 30 Rockefeller Plaza, 60th Floor, New York, NY, 10020 or via telephone at (800) 542-0970 begin_of_the_skype_highlighting              (800) 542-0970      end_of_the_skype_highlighting, or from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

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.

source: Affymax, Inc.