Affymax Announces Update on Listing, Senior Leadership and Board Changes

  Affymax Announces Update on Listing, Senior Leadership and Board Changes

Business Wire

PALO ALTO, Calif. -- June 6, 2013

As previously announced, on May28, 2013, Affymax,Inc. (the “Company”)
received a determination letter (the “Determination Letter”) from the Nasdaq
Stock Market LLC (“Nasdaq”) delisting the Company’s common stock from Nasdaq
as of June 6, 2013. Effective on that date, its common stock was immediately
eligible for and now trades for quotation on the OTCQB, an electronic
quotation service operated by OTC Markets Group Inc. for eligible securities
traded over-the-counter. The Company expects that its common stock will also
trade on the OTC Bulletin Board. The Company’s common stock will continue to
trade under the symbol AFFY.

Senior Leadership Changes

Effective June 6, 2013, Herb Cross was terminated as Chief Financial Officer
and an employee of the Company. The Company concurrently appointed Rich
Brenner of The Brenner Group (“TBG”) as Chief Executive Officer, Weston Rose
of TBG to serve as President and Mark Thompson of TBG to serve as
ChiefFinancial Officerof the Company during the continuing restructuring of
the Company.

Board of Director Changes

On June 4 and June 5, Ted W. Love, M.D., Kathleen LaPorte and Keith R.
Leonard, Jr. (the “Resigning Directors”) notified the Company of their
resignation as directors of the Company. Each of the Resigning Directors’
decision toresignwas not a result of any disagreement ordisputewith the
Company or its management. On June 6, John Orwin was named Chairman of the
Board, succeeding Hollings Renton, who remains a member of the Board, but who
has stepped down from the Chairman role. In addition, Richard M. Brenner of
TBG was appointed to the Board.

This release contains forward-looking statements, including statements
regarding the continued operations of the Company, the eligibility of the
Company’s common stock to continue to have a public quotation and market, the
volatility of the Company’s common stock and the potential of OMONTYS to
return to the market. Affymax's actual results may differ materially from
those indicated in these forward-looking statements due to risks and
uncertainties, including risks relating to the factors affecting the continued
business and operations of the Company, the regulatory requirements for
OMONTYS to return to the market, the commercial potential of OMONTYS, the
continued safety and efficacy of OMONTYS, industry and competitive environment
and other matters that are described in Affymax's Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission. Investors are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. Affymax undertakes no
obligation to update any forward-looking statement in this press release.

Contact:

Affymax, Inc.
Mark Thompson,650-812-8700
Chief Financial Officer
 
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