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AFFYMAX REPORTS FIRST QUARTER RESULTS

 AMSTERDAM, May 10 /PRNewswire/ -- Affymax N.V. (NASDAQ: AFMXF) reported total revenue of $3.6 million for the first quarter ended March 31, 1993, as compared to $2.9 million for the same period in 1992. Revenue from collaborative agreements increased to $2.3 million for the quarter from $1.5 million for the comparable period in 1992. This increase in revenue was due to expanded activity under collaborative agreements.
 Affymax reported a net loss of $4.3 million, or 28 cents per share, for the quarter ended March 31, 1993, compared to $2.1 million, or 14 cents per share, for the same period in 1992.
 Research and development expenses grew to $6.3 million for the quarter as compared to $3.9 million for the comparable period in 1992. This increase is due to an expansion in drug discovery and therapeutic enhancement programs and to growth at Affymetrix.
 Affymax ended the quarter with $102.4 million in cash and investments as compared to $108.1 million at Dec. 31, 1992. With these funds, the company expects to advance its collaborative and proprietary drug discovery programs, as well as invest in technology development.
 Affymax N.V. 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 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 and Santa Clara, Calif.
 AFFYMAX N.V.
 Selected Consolidated Financial Data
 (U.S. dollars in thousands, except per-share data)
 Balance Sheet Data March 31, Dec. 31,
 1993 1992
 (unaudited)
 Cash and short-term and
 long-term investments $ 102,364 $ 108,078
 Property and equipment, net 13,325 13,541
 Current liabilities 5,458 7,242
 Long-term liabilities 1,160 1,235
 Shareholders' equity 111,272 115,186
 Statement of Operations Data
 (unaudited)
 Revenue from collaborative
 agreements $ 2,307 $ 1,534
 Interest income 1,310 1,406
 Research and development
 expenses 6,344 3,899
 Total expenses 7,913 5,075
 Net loss (4,296) (2,135)
 Net loss per share (0.28) (0.14)
 -0- 5/10/93
 /CONTACT: Diana E. Kapp of Affymax, 415-496-2379/
 (AFMXF)


CO: Affymax N.V.; Affymax Research Institute ST: California IN: MTC SU: ERN

SG-GT -- SJ002 -- 6303 05/10/93 08:32 EDT
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Date:May 10, 1993
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