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Maxygen Announces Second Quarter 2012 Financial Results And Business Update

Stocks in this article: MAXY

Maxygen, Inc. (Nasdaq: MAXY), a biotechnology company, today announced financial and business results for the quarter ended June 30, 2012. Maxygen also announced today that its Board of Directors has authorized a special pro rata distribution of $3.60 per share for each outstanding share of Maxygen common stock owned on the close of business on August 21, 2012. The distribution is expected to total approximately $100.0 million and will be payable on September 6, 2012.

Second Quarter 2012 Financial Results

Maxygen reported net income attributable to Maxygen, Inc. of $27.1 million, or $1.00 per basic share and $0.99 per diluted share, for the second quarter of 2012, compared to net income attributable to Maxygen, Inc. of $54.5 million, or $1.86 per basic and diluted share, for the same period in 2011. The net income for the second quarter of 2012 primarily reflects Maxygen’s receipt of the $30.0 million payment from Bayer HealthCare LLC in May 2012 in connection with the company’s sale of certain hematology assets to Bayer in July 2008. Net income for the second quarter of 2011 primarily reflects a gain on sale of discontinued operations of $62.2 million recognized upon the acquisition by Astellas Pharma Inc. of Maxygen’s interests in Perseid Therapeutics LLC for $76.0 million in cash in May 2011.

Maxygen reported revenue of $30.0 million in the second quarter of 2012, compared to $3,000 of revenue for the same period in 2011. The increase in revenue was due to Maxygen’s receipt of the $30.0 million payment from Bayer in May 2012.

Total operating expenses from continuing operations in the second quarter of 2012 were $2.4 million, compared to $3.4 million for the same period in 2011. The decrease in operating expenses was primarily due to a reduction in research and development expenses, salary and other employee related expenses and consulting fees. Such consulting fees 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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