Affymax Announces Update on Listing, Senior Leadership and Board Changes

PALO ALTO, Calif.--(BUSINESS WIRE)--

As previously announced, on May 28, 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 Chief Financial Officer of 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 to resign was not a result of any disagreement or dispute with 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.

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