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Key people at Affymax.
Affymax was a biopharmaceutical company historically based in Cupertino, California, that developed novel peptide-based drugs to treat serious conditions like anemia in chronic kidney disease patients. The organization primarily focused on its flagship product, OMONTYS, an erythropoiesis-stimulating agent developed and commercialized in close collaboration with Takeda Pharmaceutical Company. Prior to the complete cessation of its primary operations, the enterprise reached a peak market capitalization exceeding $1 billion and maintained a workforce of approximately 230 employees. Following a nationwide voluntary recall of OMONTYS in 2013 due to severe hypersensitivity reactions, the firm's valuation plummeted to roughly $74,000 as it transitioned into a corporate shell with only two to four remaining staff members. Originally operating under the corporate umbrella of GlaxoSmithKline before spinning out as an independent entity, Affymax was founded in 1988 by Alejandro Zaffaroni.
Affymax, Inc. is a biopharmaceutical company originally focused on developing novel drugs for serious and life-threatening conditions, particularly in nephrology and specialty care sectors.[1][2][3] Founded in 2001, it raised $100M in venture funding but now has no significant operations, with minimal revenue ($42k TTM), a tiny market cap (~$60k), and only 2-4 employees; its stock (OTCMKTS: AFFY) trades at $0.0008 and has underperformed biotech peers and the market.[1][2][3][4]
The company previously advanced peptide-based therapeutics, including patents for erythropoietin receptor-binding peptides, but ceased active drug development years ago, marking stagnant growth with its last funding round ($60M) over 20 years ago.[1]
Affymax was founded in 2001 in Palo Alto, California, initially headquartered at 4001/4015 Miranda Avenue, with a focus on innovative biopharmaceuticals for nephrology and beyond.[1] It attracted investors like Sprout Group, Apax Partners, MPM BioImpact, Bear Stearns, and Merlin Biomed Group, raising $100M across rounds, including an unattributed VC-II stage.[1]
The company filed 16 patents, such as novel peptides for erythropoietin receptor binding granted in 2014, signaling early traction in anemia and related treatments.[1] By the 2010s, it shifted to New York (630 Fifth Avenue), but operations dwindled; today, leadership includes CEO Jonathan M. Couchman, CFO Mark G. Thompson, and VP Tracy J. Dunn.[2][4]
Affymax rode the early 2000s biotech boom in peptide therapeutics and nephrology, aligning with rising demand for anemia treatments amid chronic kidney disease prevalence.[1] Its timing capitalized on VC interest in novel biologics before regulatory hurdles intensified, influencing the ecosystem through patents that may inform current EPO receptor research.[1]
Market forces like stringent FDA approvals and competition from established players (e.g., Amgen) contributed to its decline, exemplifying biotech risks; today, it highlights consolidation trends where smaller firms pivot to IP monetization rather than operations.[2][3]
With no active drug development and negligible operations, Affymax's trajectory points to dormancy or potential acquisition for its patent portfolio amid ongoing biotech interest in nephrology peptides.[1][3] Trends like AI-driven drug discovery and gene therapies may indirectly value its legacy IP, but stock volatility and underperformance suggest limited upside without catalysts.[2][3]
Its story underscores biotech volatility—from VC darling to micro-cap shell—tying back to a cautionary tale for investors eyeing high-risk therapeutics.
Key people at Affymax.
