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Myrexis Reports Second Quarter Fiscal 2011 Financial Results

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the attributes, timing, expected development, and potential efficacy of our clinical and pre-clinical programs.  These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements.  These risks and uncertainties include, but are not limited to: the risk that we may be unable to further identify, develop and achieve commercial success for new products and technologies; the risk that we may be unable to discover drugs that are safer and more efficacious than our competitors; the risk that we may be unable to develop and maintain manufacturing capabilities for our products; the possibility of delays in the research and development necessary to select drug development candidates and delays in clinical trials; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully finance and secure regulatory approval of and market our drug candidates, or that clinical trials will not be completed on the timelines we have estimated; uncertainties about our ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products and services; the risk that we may be unable to protect our proprietary technologies; the risk of patent-infringement claims; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading "Risk Factors" contained in our Form 10-K, for the year ended June 30, 2010, which was filed with the Securities and Exchange Commission on September 13, 2010, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.  All information in this press release is as of the date of the release, and Myrexis undertakes no duty to update this information unless required by law.  

MYREXIS, INC.
Condensed Statements of Operations (Unaudited)
(In thousands, except per share amounts)
         
  Three Months Ended December 31, Six Months Ended December 31,
   2010 2009  2010 2009
Research revenue $ 23 $ — $ 130 $ 60
Costs and expenses:        
Research and development expense  4,995  8,217  10,710  14,097
General and administrative expense  4,240  6,928  8,802  12,164
Total costs and expenses  9,235  15,145  19,512  26,261
Operating loss  (9,212)  (15,145)  (19,382)  (26,201)
Other income, net  1,349  355   1,509  780 
Net loss $ (7,863) $ (14,790) $ (17,873) $ (25,421)
Loss per basic and diluted share $ (0.31) $ (0.60) $ (0.71) $ (1.05)
Weighted-average shares used to compute net loss per basic and diluted share  25,339  24,526  25,288  24,301
 
MYREXIS, INC.
Condensed Balance Sheets (Unaudited)
(In thousands, except per share amounts)
     
  December 31, 2010  June 30, 2010
Assets    
Current assets:    
Cash and cash equivalents $ 14,295 $ 35,911
Marketable investment securities  99,972  102,965
Accounts receivable  3  — 
Prepaid expenses  838  453
Other current assets  232  — 
Total current assets  115,340  139,329
Equipment and leasehold improvements:    
Equipment  6,057  6,035
Leasehold improvements  1,188  1,160
   7,245  7,195
Less accumulated depreciation  2,041  1,199
Net equipment and leasehold improvements  5,204  5,996
Long-term marketable investment securities  18,499  8,577
Other assets  206  206
Total assets $ 139,249 $ 154,108
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $ 1,348 $ 1,927 
Accrued liabilities  2,406  2,323
Total current liabilities  3,754  4,250
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, $0.01 par value, authorized 5,000 shares; no shares issued and outstanding  —   — 
Common stock, $0.01 par value, authorized 60,000 shares; 25,540 shares issued and outstanding at December 31, 2010; 25,214 shares issued and outstanding at June 30, 2010  255  252
Additional paid-in capital  200,054  196,532
Accumulated other comprehensive income  10  25
Accumulated deficit  (64,824)  (46,951)
Total stockholders' equity   135,495  149,858
Total liabilities and stockholders' equity $ 139,249 $ 154,108
     
CONTACT: Myrexis, Inc.
         Patrick M. Burke, Ph.D., V.P.
         Corporate and Business Development
         801-214-7822
         investor.relations@myrexis.com
         
         The Ruth Group
         Sara Pellegrino (investors)
         (646) 536-7002
         spellegrino@theruthgroup.com
         
         Jason Rando (media)
         (646) 536-7025
         jrando@theruthgroup.com

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