Affymax May Sell $60M In Stock To Azimuth

PALO ALTO, Calif. (AP) — Biotechnology company Affymax Inc. said Friday it may sell up to $60 million in stock to Azimuth Opportunity Ltd. over the next two years.

Affymax said it obtained an issuer managed equity facility for the stock. It did not commit to selling any shares, however. The company said the move brings it extra financial flexibility as it prepares to launch its anemia drug candidate Hematide, which is currently in late stage clinical testing.

Affymax had 18.9 million shares on the market as of July 30.

In afternoon trading, its stock declined 19 cents to $23.39.