Affymax Announces Pricing of Public Offering of Common Stock
PALO ALTO, Calif.--(BUSINESS WIRE)--
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, 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
Forward-Looking Information is Subject to Risk and Uncertainty
This press release contains forward-looking statements based upon
Affymax's current expectations. Forward-looking statements include, but
are not limited to, statements relating to Affymax's expectations
regarding the completion, timing and size of the public offering.
Forward-looking statements involve risks and uncertainties. Affymax's
actual results and the timing of events could differ materially from
those anticipated in such forward-looking statements as a result of
these risks and uncertainties, which include, without limitation, risks
and uncertainties related to market conditions and the satisfaction of
customary closing conditions related to the proposed public offering.
There can be no assurance that Affymax will be able to complete the
public offering on the anticipated terms, or at all. You should not
place undue reliance on these forward-looking statements, which apply
only as of the date of this press release. Additional risks and
uncertainties relating to the public offering, Affymax and its business
can be found under the heading "Risk Factors" in Affymax's preliminary
prospectus supplement related to the public offering filed with the
Securities and Exchange Commission on March 17, 2011. Affymax expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements contained herein to
reflect any change in its expectations with regard thereto or any change
in events, conditions or circumstances on which any such statements are
Sylvia Wheeler, 650-812-8861
Source: Affymax, Inc.
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