DOW JONES NEWSWIRES

Affymax Inc. (NASDAQ-NMS:AFFY) (AFFY) received a $10 million milestone payment from partner Takeda Pharmaceutical Co. (Tokyo:4502) under the companies' agreement to develop and commercialize Hematide, Affymax's lead product candidate for the treatment of anemia.

Affymax, a Palo Alto, Calif.-based biopharmaceutical company, Thursday said the milestone came with the completion of Phase 1 clinical testing of Hematide in Japan.

The companies are collaborating on the development of the product and will co- commercialize it in the U.S.

Under the agreement, Affymax received $122 million in upfront license fees and $10 million from the sale of equity. It is eligible to get development and regulatory milestone payments of up to $345 million and commercial milestones of up to $150 million.

-Tom Rojas; 201-938-5400; AskNewswires@dowjones.com

    (END) Dow Jones Newswires   02-01-07 0909   Copyright (c) 2007 Dow Jones & Company, Inc.