Affymax Completes Sale of Auction Rate Securities

Affymax, Inc. AFFY today announced the completion of the sale at par value of all auction rate securities held by UBS AG UBS in a transaction which generated net proceeds of $5.0 million to Affymax, after payment of $5.4 million from the proceeds to retire a loan due to UBS. From April 1, 2010 through June 30, 2010, $3.7 million of the UBS ARS were settled at par value resulting in a corresponding reduction in the balance of UBS ARS and related loan since the first quarter 2010. The company now has no debt liability on its balance sheet.