Sep 25 2009
Affymax, Inc. (Nasdaq:AFFY) today announced that it has obtained an issuer managed equity facility under which it may sell up to $60 million of its registered common stock to Azimuth Opportunity, Ltd. Affymax is not obligated to utilize any of the facility, which has a term of 24 months.
“While our cash position is sufficient to allow us to complete the Phase 3 clinical trial program for Hematide, this equity facility provides prudent financing flexibility as we begin preparation for potential commercial launch of Hematide in the renal anemia market,” said Paul Cleveland, executive vice president and chief financial officer of Affymax.
From time to time over the term of the Purchase Agreement, and at Affymax’s sole discretion, Affymax may present, subject to certain conditions, Azimuth with draw down notices requiring Azimuth to purchase a specified dollar amount of shares of its common stock, based on a pre-negotiated discount to the volume weighted average price over a preceding period of trading days.
www.affymax.com.