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Myrexis Reports Second Quarter Fiscal 2011 Financial Results

"Clinical results from our Phase 2a Azixa mono-therapy trial in third line GBM patients were presented at the annual Society for Neuro-Oncology meeting in December 2010," continued Hobden. "Our team also presented important progress with our lead cancer metabolism inhibitor MPC-9528, and our lead oral anti-interferon, MPI-0485520."

Product Development Update

Myrexis initiated a two-arm Phase 2b clinical study to evaluate the effectiveness of combining Azixa with current first-line standard of care. The study is being conducted in two parts and is expected to enroll approximately 120 newly-diagnosed GBM patients. The first part will consist of a dose-finding study of Azixa in combination with standard of care, comprising radiation and temozolomide treatments. Once the optimal dose is identified, the Company will initiate the second part of the trial. In this expanded phase, patients will be randomized into one of two treatment arms to receive either a) standard of care alone, or b) standard of care plus Azixa. The primary efficacy endpoint is progression free survival (PFS).

In addition to Azixa, Myrexis has a robust pipeline of pre-clinical and clinical drug candidates with first-in-class/best-in-class therapeutic potential. The Company has presented pre-clinical results at recent scientific meetings for drug candidates, MPC-9528, its CMI and MPI-0485520, the Company's OAI.

By the end of the second quarter of 2011, Myrexis expects to report final results from its Azixa monotherapy trial in GBM patients who failed either first or second line treatment and report Phase 1 results for the Company's fully synthetic Hsp90 inhibitor MPC-3100.

Second Quarter Fiscal 2011 Financial Results (unaudited)

The Company ended its second fiscal quarter with $132.8 million in cash, cash equivalents and marketable securities. During the quarter, Myrexis used a total of $6.8 million of cash to fund its operations, which amount is net of approximately $1.2 million in grants received under Internal Revenue Code Section 48D for Qualifying Therapeutic Discovery Projects. The Company's cash burn was offset, in part, by the receipt of $0.8 million in proceeds under its equity based compensation programs.

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