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AFFYMAX REPORTS SECOND QUARTER RESULTS

 AMSTERDAM, The Netherlands, Aug. 12 /PRNewswire/ -- Affymax N.V. (NASDAQ: AFMXF) reported total revenue of $4.1 million for the quarter and $7.7 million for the six months ended June 30, 1993, as compared to $3.1 million and $6.0 million for the same periods in 1992, respectively. This increase in revenue was due to increased activity under collaborative agreements, in particular the company's expanded agreement with Marion Merrell Dow.
 Affymax reported a net loss of $5.4 million, or 36 cents per share, for the quarter ended June 30, 1993, compared to $2.5 million, or 16 cents per share, for the same period in 1992. For the six months ended June 30, 1993, the reported loss was $9.7 million, or 64 cents per share, as compared to $4.6 million, or 31 cents per share, for the same period in 1992.
 Research and development expenses grew to $7.9 million for the quarter ended June 30, 1993, as compared to $4.5 million for the same period in 1992. This increase was due to an expansion in drug discovery and therapeutic enhancement programs as well as growth at Affymetrix, a wholly owned diagnostic subsidiary.
 At June 30, 1993, the company had $98.1 million in cash and investments as compared to $108.1 million at Dec. 31, 1992. With these funds, the company expects to expand its collaborative and proprietary drug discovery programs, invest in further technology development and continue to make leasehold improvements to its research facilities.
 Affymax 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. The company is also pursuing opportunities in diagnostics through its wholly owned subsidiary, Affymetrix.
 AFFYMAX
 SELECTED CONSOLIDATED FINANCIAL DATA
 (U.S. dollars and shares in thousands, except per share data)
 Balance Sheet Data June 30, Dec. 31,
 1993 1992
 (unaudited)
 Cash, cash equivalents,
 short-term and long-term
 investments $ 98,144 $108,078
 Property and equipment, net 16,443 13,541
 Current liabilities 9,706 7,242
 Long-term liabilities 1,340 1,235
 Shareholders' equity 106,306 115,186
 Statement of Operations Data
 (unaudited)
 For the Quarter Ended For the Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenue from
 collaborative
 agreements $ 2,466 $ 1,502 $ 4,773 $ 3,036
 Interest income 1,602 1,562 2,912 2,968
 Research and development
 expenses 7,947 4,477 14,291 8,376
 Total expenses 9,504 5,562 17,417 10,637
 Net loss (5,436) (2,498) (9,732) (4,633)
 Net loss per share (0.36) (0.16) (0.64) (0.31)
 Shares used in computing
 net loss per share 15,266 15,157 15,251 15,149
 -0- 8/12/93
 /CONTACT: Diana E. Kapp of Affymax, 415-496-2300/
 (AFMXF)


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

TM-LH -- SJ002 -- 1991 08/12/93 08:31 EDT
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Date:Aug 12, 1993
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