Maxygen Reports Fourth Quarter And Year End 2010 Financial Results

Maxygen, Inc. (Nasdaq:MAXY), a biopharmaceutical company focused on developing improved versions of protein drugs through both internal development and external collaborations and other arrangements, today announced financial and business results for the quarter and year ended December 31, 2010.

Fourth Quarter 2010 Financial Results

Maxygen reported net income attributable to Maxygen, Inc. of $69.9 million, or $2.40 per basic share and $2.39 per diluted share for the fourth quarter of 2010, compared to a net loss attributable to Maxygen, Inc. of $3.7 million, or $0.10 per basic and diluted share, for the same period in 2009. The increase in net income in 2010 was primarily due to a $53.2 million gain resulting from the fair value recorded for the 5.4 million shares of Codexis, Inc. common stock Maxygen distributed to its stockholders in December 2010, reflected on the consolidated statements of operations as Gain on distribution of equity securities. In addition, a $20.0 million gain was recognized in connection with Maxygen’s sale of substantially all of the patents and other intellectual property rights associated with the MolecularBreeding™ technology platform to Codexis in October 2010 that was reflected on the consolidated statements of operations as Sale of platform technology.

Revenue for the fourth quarter of 2010 was $5.9 million, compared to $13.3 million for the same period in 2009. The decrease in revenue was primarily due to a decrease in revenues received under the collaboration agreements between Perseid Therapeutics LLC, Maxygen’s majority-owned subsidiary, and Astellas Pharma Inc., which resulted from the timing of certain manufacturing and pre-clinical activities under these agreements. The decrease also reflects the loss of revenue under Maxygen’s prior license agreement with Codexis. Total operating expenses were $9.5 million in the fourth quarter of 2010, compared to $17.4 million in the fourth quarter of 2009. The decrease in operating expenses was primarily due to decreased external collaborative research costs on Perseid’s CTLA-4 Ig therapeutic program, which resulted from the timing of certain manufacturing and pre-clinical activities under Perseid’s collaboration agreement with Astellas and the completion of the company’s restructuring programs.

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