SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 15040 / September 12, 1996

SEC v. MARY ANN SHANK, KENNETH R. ROOP, DONALD M. SCHWARTZ, and
MILDRED SHANK, Civil Action No. C-96-20757 (JW) (N.D. Cal.       
Sept. 12, 1996)

     The Securities and Exchange Commission announced today that
it filed an insider trading action in the United States District
Court for the Northern District of California against Mary Ann
Shank, Kenneth R. Roop, Donald M. Schwartz and Mildred Shank. 
The Complaint alleges that the violations occurred when Mary Ann
Shank and Kenneth Roop tipped others to purchase, Donald Schwartz
and Mildred Shank purchased, and Donald Schwartz caused a friend
to purchase, the securities of Affymax N.V., a biotechnology
company located in Palo Alto, California, in the weeks preceding
the January 26, 1995 announcement of a tender offer for Affymax
by Glaxo plc.  The Commission alleges that by engaging in such
conduct, the defendants violated Sections 10(b) and 14(e) of the
Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3
thereunder.

     The Commission's suit alleges that Mary Ann Shank, a legal
assistant to Affymax's general counsel, passed material,
nonpublic information relating to the proposed tender offer,
which she obtained while working on the transaction, to her
housemate, Roop, and to her mother, Mildred Shank.  Roop, in
turn, tipped his brother-in-law, who was the subject of a prior
Commission action, and another friend and business associate,
Schwartz.  Roop's brother-in-law realized a profit of
approximately $107,712 by purchasing Affymax call options and
common stock in the weeks preceding the tender offer's
announcement.  Schwartz realized $83,625 in profits by purchasing
Affymax shares before the announcement and paid Roop a portion of
this profit in exchange for the tip.  Schwartz also passed
information relating to the tender offer to a close friend of
his, who thereafter realized $147,500 in illegal profits by
trading in Affymax common stock prior to the public announcement.

Mildred Shank profited by approximately $8,412 by purchasing
Affymax shares following her daughter's disclosures to her. 
Total illegal profits resulting from Mary Ann Shank's improper
communications to others amounted to approximately $350,000.  

     Simultaneous with the filing of the Commission's Complaint,
Mildred Shank consented, without admitting or denying the
allegations of the Complaint, to the entry of a final judgment  
permanently enjoining her from violating Sections 10(b) and 14(e)
of the Exchange Act and Rules 10b-5 and 14e-3 thereunder, and
requiring her to disgorge her profit of $8,412.50 plus $943.81 in
prejudgment interest.  No other defendants have settled this
action.
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     The Commission acknowledges the assistance of the Chicago
Board Options Exchange and the National Association of Securities
Dealers in investigating this matter.  The investigation of
trading in Affymax securities is continuing.