Affymax, Inc. (AFFY)

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The letter also reiterated Xstelos’ continued belief that its proposal, at $0.10 per Share, will offer significantly more value to the Issuer’s shareholders than the Issuer’s existing plan of liquidation, under which shareholders are estimated to receive between $0.05 and $0.06 per Share, while preserving the Issuer’s ability to benefit from its net operating loss carryforwards.