Affymax files for $115 million IPO

By Jennifer Chiou

New York, July 28 - Affymax, Inc. filed for an estimated $115 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Morgan Stanley is the bookrunning manager with Cowen & Co. as joint lead manager and Thomas Weisel Partners LLC and RBC Capital Markets as co-managers.

The Palo Alto, Calif.-based biopharmaceutical company is focused on peptide-based drugs. Its lead product candidate is Hematide, which is used to treat anemia associated with chronic kidney disease and cancer.

The company added it is in phase 2 trials for Hematide.

IPO proceeds will be used to support the research and development for Hematide and other product candidates as well as for general corporate purposes.

Affymax said it had an operating loss of $34.009 million on revenues of $0.074 million for 2005, compared with a $22.118 million operating loss on revenues of $0.151 million for the same period in 2004.

Currently Apax Excelsior VI, LP and affiliated entities are the largest shareholders with 29.3% of the equity followed by MPM BioVentures II-QP, LP and related entities at 16.37% and Sprout Capital IX, LP and affiliated entities at 15.26%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "AFFY."

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