Affymax brings in $42mm through private placement

Affymax (treatments for kidney diseases and associated illnesses) grossed $42mm through a private placement led by ProQuest and including existing investors Sprout Group and Bessemer Venture Partners, along with new buyer Biotechnology Value Fund. The company issued a total of 3.5mm common shares at two different prices: 2.84mm shares were sold at $11.25 each (a 28% discount), and 652k common shares were issued at $15.33 each (a discount of 2%), with investors also receiving five-year warrants to purchase an additional 424k shares at $16.78. Proceeds will be used to support Affymax's lead program Hematide, partnered with Takeda for anemia in chronic kidney disease patients.