SiliconBeat

Affymax, the Palo Alto biopharmaceutical, saw its shares rise $2.71, or 22 percent, to $14.91 in regular trading Thursday after Credit Suisse and its affiliates disclosed holding a 13.9 percent stake in the company, for which it paid $10 million.

After the closing bell, the company reported a net loss per share, excluding some items, of $1.69, larger than the average analyst estimate of a $1.57 loss, despite $25.4 million in sales that was 12.5 percent higher than expected.

After-hours trading in Affymax shares drove them down $1.40, or 11.4 percent, according to figures found on Yahoo Finance.

Affymax also said it was cutting 18 employees, or about 12 percent of its staff, in an effort to conserve cash as it complete its “pivotal Phase 3 clinical trial for Hematide”, its treatment for anemia associated with chronic renal failure, and prepare for its commercialization.

In January we posted about bonuses its board approved for its top officers, along with raises in their salary and new options grants, despite a (or because of?) a 55 percent in its stock price.

In the company’s 10-K filing Thursday, the company disclosed that it received a request for additional information regarding its revenue recognition policies, income taxes and “remediation efforts related to enhancement” of its financial controls for the year ended Dec. 31, 2007. After responding on Jan. 9, the company received a follow-up letter requesting more information and clarification, which the company responded to Tuesday.