Affymax, Inc. announced that on April 3, 2013, the company entered into a letter agreement, or Letter Agreement, relating to the loan and security agreement dated March 26, 2012, or the Loan Agreement, with Oxford Finance Corporation and Silicon Valley Bank, or, collectively, the Lenders. Pursuant to the terms of the Letter Agreement: (i) the company paid all amounts due and owing so as to discharge its obligations there under; (ii) the company waived any rights to seek additional credit extensions or unfunded commitments under the Loan Agreement; and (iii) the security interest granted to Lenders relating to substantially all of its assets, other than its intellectual property, was terminated.