Affymax, Inc. has retained The Brenner Group, Inc. (TBG) to provide restructuring support and related management services in order to implement a company-wide restructuring plan. With the retention of TBG in connection with the restructuring, John Orwin's employment will be terminated and he will no longer hold the position of Chief Executive Officer after May 15, 2013. Mr. Orwin will remain on the company's Board of Directors.

In connection with the continuing restructuring efforts led by TBG, the Board of Directors plans to appoint a TBG representative to the position of Chief Executive Officer in the coming weeks and to have TBG representatives appointed as company officers.