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Maxygen Reports Third Quarter 2011 Financial Results

Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company, today announced financial and business results for the quarter ended September 30, 2011.

Third Quarter 2011 Financial Results

Maxygen reported a net loss attributable to Maxygen, Inc. of $2.3 million, or $0.08 per share, for the third quarter of 2011, compared to a net loss attributable to Maxygen, Inc. of $546,000, or $0.02 per share, for the same period in 2010. The net loss for the third quarter of 2011 primarily reflects a loss from continuing operations before income taxes of $1.1 million, plus a net tax expense of $1.2 million, which consists of a $1.9 million tax expense reported within discontinued operations offset by a $727,000 tax benefit reported within continuing operations.

Maxygen had total revenue of $555,000 in the third quarter of 2011, compared to $734,000 of revenue for the same period in 2010. Revenue in the 2011 period consisted primarily of the final payment received from AltraVax, Inc. in July 2011 in connection with its acquisition of substantially all of the company’s vaccines assets in January 2010. Revenue in the 2010 period consisted primarily of a non-refundable option fee received from Cangene Corporation in 2009, which Maxygen recognized in the third quarter of 2010 as a result of the termination of a prior option and license agreement with Cangene in July 2010. The 2010 period also included related party revenue under Maxygen’s prior license agreement with Codexis, Inc., which was terminated in October 2010.

Total operating expenses from continuing operations for each of the three month periods ended September 30, 2011 and 2010 was $2.4 million. Operating expenses in the 2011 period included expenses related to Maxygen’s submission of a proposal to the Biomedical Advanced Research and Development Authority (BARDA) in May 2011 for the potential development of its MAXY-G34 product candidate as a potential medical countermeasure for acute radiation syndrome (ARS).

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