Affymax in $42M placing

California, USA-based Affymax says it has obtained a commitment from institutional investors to purchase around $42.0 million of its common  stock in a private placement.

Under the terms of one of two types of purchase agreements, Affymax will  sell 2,844,708 newly-issued shares at a price of $11.25 each. In the  other purchase accord, the company will sell 652,262 newly-issued units  at $15.33 each, with each consisting of one share of common stock and  one warrant to buy 0.65 of a share of common stock. The warrants are  immediately exercisable at $16.78 per share and will expire five years  from the date of issuance.