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AFFYMAX REPORTS SECOND QUARTER RESULTS

 AFFYMAX REPORTS SECOND QUARTER RESULTS
 AMSTERDAM, The Netherlands, Aug. 7 /PRNewswire/ -- Affymax N.V.


(NASDAQ: AFMXF) reported net losses of $2.5 million, or $0.16 per share for the quarter ended June 30, 1992, compared to $1.9 million, or $0.21 per share for the same period in 1991. Losses for the six month period ending June 30, 1992, were $4.6 million compared to $4.2 million for the same period in 1991.
 Affymax reported collaborative revenues of $1.5 million and $3.0 million for the quarter and six months ended June 30, 1992, respectively, compared to $0.5 million for both the quarter and six months ended June 30, 1991. This increase in revenues resulted from collaborative agreements with Ciba-Geigy Ltd., Sandoz Pharma Ltd. and the R.W. Johnson Pharmaceutical Research Institute of Johnson & Johnson entered into since June 30, 1991.
 Research and development expenses increased to $4.5 million for the quarter and $8.4 million for the six months ended June 30, 1992, compared to $2.1 million and $3.8 million, respectively for the same periods in 1991, as the company continued to expand its proprietary and collaborative drug discovery programs. The increase was primarily due to growth in the scientific staff.
 Affymax had $113.5 million in cash, short-term investments and investments in long-term government and corporate notes and bonds at the end of the quarter.
 Affymax, a Netherlands corporation headquartered in Amsterdam, is developing new technologies to accelerate the pace of drug discovery and has additional research programs in diagnostic products. Affymax is applying these technologies across a broad range of diseases to discover and develop products independently and in collaboration with established pharmaceutical companies. The majority of the company's research and development activities are performed by its wholly owned subsidiary, Affymax Research Institute, located in Palo Alto, Calif.
 AFFYMAX
 Selected Consolidated Financial Data
 (U.S. dollars in thousands, except per share data)
 Balance Sheet Data
 June 30, Dec. 31,
 1992 1991
 (unaudited)
 Cash, short-term and long-term
 investments $113,456 $120,133
 Property and equipment, net 13,413 11,030
 Current liabilities 5,520 5,884
 Long-term liabilities 811 605
 Shareholders' equity 121,786 125,930
 Statement of Operations Data
 (unaudited)
 For the Quarter Ended For the Six Months Ended
 June 30, June 30, June 30, June 30,
 1992 1991 1992 1991
 Revenue from
 collaborative
 agreements $1,502 $475 $3,036 $475
 Interest income 1,562 369 2,968 434
 Research and development
 expenses $4,477 2,072 8,376 3,792
 Total expenses 5,478 2,747 10,488 5,068
 Net loss (2,498) (1,922) (4,633) (4,188)
 Net loss per share (0.16) (0.21) (0.31) (0.52)
 -0- 8/7/92 R
 /CONTACT: Diana Kapp of Affymax, 415-496-2300/
 (AFMXF) CO: Affymax ST: California IN: MTC SU: ERN


TS-RM -- SJ003R -- 7976 08/07/92 11:10 EDT
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Date:Aug 7, 1992
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