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Maxygen Reports Fourth Quarter And Year End 2011 Financial Results

Maxygen, Inc. (Nasdaq:MAXY), a biopharmaceutical company, today announced financial and business results for the quarter and year ended December 31, 2011.

Fourth Quarter 2011 Financial Results

Maxygen reported a net loss attributable to Maxygen, Inc. of $2.2 million, or $0.08 per basic and diluted share, for the fourth quarter of 2011, compared to net income attributable to Maxygen, Inc. of $69.9 million, or $2.40 per basic share and $2.39 per diluted share, for the same period in 2010. The net loss for the fourth quarter of 2011 primarily reflects a loss from continuing operations before income taxes of $2.8 million, plus a net tax benefit of $559,000. The net tax benefit consists of a $1.2 million tax benefit reported within continuing operations, partially offset by a $593,000 tax expense recorded within discontinued operations. The net income for the 2010 period primarily reflects a gain of $53.2 million Maxygen recognized in connection with its distribution to stockholders of shares of Codexis, Inc. common stock in December 2010 and a gain of $20.0 million recognized in connection with Maxygen’s sale to Codexis of the intellectual property assets associated with the MolecularBreeding™ directed evolution platform. These gains were partially offset by a $2.4 million loss from operations.

Maxygen had total revenue of $3,000 in the fourth quarter of 2011, compared to $529,000 of revenue for the same period in 2010. Revenue in the 2011 period consisted of miscellaneous licensing fees. Revenue in the 2010 period consisting primarily of a $525,000 payment received from Altravax, Inc. in December 2010 in connection with its acquisition of substantially all of the company’s vaccines assets in January 2010.

Total operating expenses from continuing operations for the fourth quarter of 2011 were $2.8 million, compared to operating expenses of $2.9 million for the same period in 2010. The decrease in operating expenses primarily reflects a decreases in stock based compensation expense and external legal costs, partially offset by a lower allocation of administrative costs charged to Perseid Therapeutics LLC, the company’s former majority-owned subsidiary, under a transition service agreement. For the fourth quarter of 2010, Maxygen reported a negative research and development expense of $129,000 primarily due to a credit related to the reclassification of research and development expenses associated with discontinued operations from a prior period.

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