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December 01, 2006

Affymax Going Public in $294 million IPO

posted by MR WAVETHEORY at 12/01/2006 03:04:00 AM
Affymax Inc. (Nasdaq AFFY), a one product biotech company, is going public. According to the company's website, their lead product is Hematide:

Hematideā„¢, our first product candidate to enter the clinic, is a novel peptide-based drug designed to stimulate the production of red blood cells. It is in Phase 2 trials for the treatment of anemia associated with chronic kidney disease (CKD) and in anemic cancer patients undergoing chemotherapy. Hematide is an erythropoiesis-stimulating agent (ESA) that, if proven safe and effective in clinical trials, may improve the management of anemia and offer patients and physicians an alternative therapy to recombinant erythropoietin products currently on the market.

Biopharmaceutical company Affymax Inc. is selling up to 3.5 million shares for between $22 and $24 per share in an initial public offering of stock.

Morgan Stanley is expected to be the lead underwriter in the deal that would value the development stage drug company at about $294 million assuming an offering price of $21.

The company has applied for a Nasdaq listing under the symbol "AFFY."

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