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Affymax Reports Second Quarter 2012 Financial Results

Stocks in this article: AFFY

Affymax, Inc. (Nasdaq: AFFY) today reported financial results for the second quarter ended June 30, 2012. The net loss for the second quarter of 2012 was $32.0 million (or ($0.89) per share) compared to a net loss of $12.5 million (or ($0.35) per share) for the second quarter of 2011.

Affymax recognized total revenue for the quarter ended June 30, 2012, of $2.8 million compared to $14.2 million for the quarter ended June 30, 2011. The decrease in revenue was the result of lower collaboration revenue recognized as a result of significant reductions in research and development expenses reimbursable by the company’s partner, Takeda Pharmaceutical Company Limited.

Research and development expenses for the quarter ended June 30, 2012, were $13.0 million compared to $18.6 million for the quarter ended June 30, 2011. The decrease was primarily due to reduced consulting and personnel-related costs as a result of the completion of the filing of our New Drug Application for OMONTYS ® (peginesatide) Injection with the U.S. Food and Drug Administration (FDA) in May 2011. This was partially offset by clinical trial activity for the company’s Phase 3b trial.

Selling, general and administrative expenses for the quarter ended June 30, 2012, were $21.2 million compared to $8.1 million for the quarter ended June 30, 2011. The increase was primarily due to increases in commercialization costs, including personnel-related costs associated with the establishment of its field forces, as the company prepared for the launch and commercialization of OMONTYS.

The company had cash and investments of $119.2 million as of June 30, 2012.

“We continue to make solid progress since the approval of OMONTYS on March 27,” said John Orwin, chief executive officer of Affymax. “Since that time, we established our medical affairs and commercial field forces, garnered a product specific Q-code from CMS which is now in effect and, in collaboration with Takeda, have secured supply contracts with multiple key dialysis customers. We look forward to reporting continued progress on adoption and integration of OMONTYS by dialysis providers.”

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