Affymax Inc (AFFY) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Exhibit 99.1

Corporate Contact:

Sylvia Wheeler

Vice President, Corporate Communications

Affymax, Inc.

650-812-8861

AFFYMAX® REPORTS YEAR END 2011 FINANCIAL RESULTS

- Provides Financial Guidance for 2012 -

PALO ALTO, Calif., March 14, 2012 —

Affymax reported revenue for the year ended December 31, 2011 of $47.7 million compared to $112.5 million for the year ended December 31, 2010.  The decrease in revenue was the result of lower collaboration revenue from its partnership with Takeda Pharmaceutical Company Limited (Takeda), under their 2006 collaboration for development of peginesatide, due largely to a reduction in development milestones. Specifically, Affymax received $10.0 million in milestones during the year ended December 31, 2011 as compared to $35.0 million in the year ended December 31, 2010.  In addition, reimbursement for development expenses was significantly lower for the year ended December 31, 2011 due largely to the completion of the Phase 3 clinical trials in chronic kidney disease in early 2010.

Research and development expenses for the year ended December 31, 2011 were $76.3 million compared to $93.6 million for the year ended December 31, 2010. The decrease was primarily due to a reduction in expenses associated with Phase 3 clinical development.

Selling, general and administrative expenses for the year ended December 31, 2011 were $32.8 million, a slight decrease as compared to $33.3 million for the year ended December 31, 2010, primarily due to lower legal fees, partially offset by increasing commercial expenses in 2011.