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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 14752 / December 12, 1995

SEC v. Nabeeh I. Totah, Civil Action No. C-95 20840 RMW PVT 
(N.D. Cal. Dec. 11, 1995)

     The Securities and Exchange Commission yesterday filed an
action alleging that Nabeeh I. Totah engaged in insider trading
through purchases of stock and call options for the securities of
Affymax N.V., a biotechnology company located in Palo Alto,
California, in the weeks preceding a tender offer for Affymax by
Glaxo plc.  Totah has agreed to settle the matter.

     The Commission filed suit in the United States District
Court for the Northern District of California against Totah for
violations of Sections 10(b) and 14(e) of the Securities Exchange
Act of 1934 and Rules 10b-5 and 14e-3 thereunder.  The Commission
alleges that, between January 16 and January 25, Totah improperly
purchased 120 Affymax call option contracts while in possession
of material nonpublic information concerning the pending tender
offer for Affymax.  Totah sold his options after the announcement
of the tender offer on January 26, 1995 for a profit of $102,750.

The Commission also alleges that Totah knew of the purchase of
400 shares of Affymax common stock purchased between January 9
and January 24 through accounts in which he held a direct or
indirect beneficial interest, and shared in the $4,962.50 profit
earned on the sale of that stock on January 26.

     Simultaneously with the commencement of the action, Totah
consented, without admitting or denying the allegations of the
Complaint, to the entry of a final judgment permanently enjoining
him from violating Sections 10(b) and 14(e) and Rules 10b-5 and
14e-3 thereunder, and to disgorge profits in the amount of
$107,712.50, plus $6,870.24 in prejudgment interest, and to a
civil penalty of $25,000.
  
     The Commission acknowledges the assistance of the Chicago
Board Options Exchange and the National Association of Securities
Dealers in investigating this matter.  The Commission's
investigation is continuing as to other individuals.