Affymax, a Palo Alto biotech company that makes synthetic peptide-based drugs to treat kidney diseases and cancer, is planning an initial public offering it hope could bring it as much as $84 million.

Its lead product, Hematide, is in Phase 2 trials in patients with anemia due to chronic kidney disease. The drug is also being tested to treat anemia in patients undergoing chemotherapy for cancer. The company has said it expects to sell 3.5 million shares at between $22 and $24 each.

The company’s net loss doubled to $44.1 million in the first nine months ending Sept. 30, compared to a year ago. Revenue increased to $4.99M from $67,000.

Affymax has raised around $160 million in funding from venture firms like Apax Partners, Bear Stearns, Bessemer, Jafco, MPM Capital and Sprout Group.