Stock Trading Alert - (NASDAQ:AFFY) Opens Lower on Public offering

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Affymax, Inc. (NASDAQ:AFFY) fell 4.50% to $19.00 in the opening session after it announced that it intends to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. The Company expects to grant the underwriters a thirty-day option to purchase additional shares of common stock to cover overallotments, if any. Cowen and Company, LLC and Lazard Capital Markets LLC are acting as joint book-runners, with RBC Capital Markets Corporation and Robert W. Baird & Co. Incorporated acting as co-managers for the offering.

Affymax, Inc. is a biopharmaceutical company developing peptide-based drugs to improve the treatment of serious and often life-threatening conditions. The Company's product candidate, Hematide, is designed to treat anemia associated with chronic renal failure. Hematide is a relatively small synthetic peptide-based erythropoiesis stimulating agent (ESA), which it is developing for the treatment of anemia patients with chronic renal failure.