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AFFYMAX REPORTS FIRST QUARTER RESULTS

 AFFYMAX REPORTS FIRST QUARTER RESULTS
 AMSTERDAM, The Netherlands, May 12 /PRNewswire/ -- Affymax N.V.


(NASDAQ: AFMXF) reported revenues of $2.9 million for the quarter ended March 31, 1992, compared to an insignificant amount for the same period in 1991, as revenue from collaborative research programs and interest income grew significantly. The company continued to expand its proprietary and collaborative drug discovery programs and research and development expenses increased accordingly to $3.9 million for the quarter ended March 31, 1992, from $1.8 million for the same period in 1991.
 The company recorded net losses for the quarters ended March 31, 1992 and 1991 of $2.1 million and $2.3 million or $0.14 and $0.33 per share, respectively.
 On March 31, 1992, the company had $115.2 million in cash, short- term investments and investments in long-term government and corporate notes and bonds. During the first quarter, Affymax began reporting a portion of its investments as long-term, to reflect the company's current investment strategy and forecast of cash needs.
 Affymax, a Netherlands Corp., is developing new technologies to accelerate the pace of drug discovery. Affymax is applying these technologies across a broad range of diseases to discover and develop drugs 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
 Condensed Consolidated Balance Sheets
 (U.S. Dollars in Thousands)
 March 31, Dec. 31,
 1992 1991
 (unaudited)
 Assets
 Total current assets $69,684 $120,529
 Investments in long-term government and
 corporate notes and bonds 45,997 0
 Net property and equipment 12,276 11,030
 Total other assets 767 860
 Total assets $128,724 $132,419
 Liabilities and shareholders' equity
 Total current liabilities $4,030 $5,884
 Long-term liabilities 621 605
 Capital stock 149,850 149,572
 Accumulated deficit (25,777) (23,642)
 Total shareholders' equity 124,073 125,930
 Total liabilities and
 shareholders' equity $128,724 $132,419
 AFFYMAX
 Condensed Consolidated Statements of Operations
 (U.S. Dollars in Thousands, Except Per Share Data)
 (Unaudited)
 For the Three Months Ended
 March 31, March 31,
 1992 1991
 Revenue from collaborative agreements $1,534 $0
 Interest income 1,406 65
 Total 2,940 65
 Costs and expenses:
 Research and development 3,899 1,756
 General and administrative 1,111 565
 Total costs and expenses 5,010 2,321
 Loss before income taxes (2,070) (2,256)
 Provision for income taxes 65 10
 Net loss $(2,135) $(2,266)
 Net loss per share $(0.14) $(0.33)
 Shares used in computing
 net loss per share 15,141 6,880
 -0- 5/12/92
 /CONTACT: David B. Singer of Affymax, 415-496-2300/
 (AFMXF) CO: Affymax ST: California IN: MTC SU: ERN


MM-RM -- SJ001 -- 8940 05/12/92 08:33 EDT
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Date:May 12, 1992
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