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Maxygen Announces Third Quarter 2012 Financial Results

Stocks in this article: MAXY

Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company, today announced financial and business results for the quarter ended September 30, 2012.

Third Quarter 2012 Financial Results

Maxygen reported a net loss attributable to Maxygen, Inc. of $2.7 million, or $0.10 per basic and diluted share, for the third quarter of 2012, compared to a net loss attributable to Maxygen, Inc. of $2.3 million, or $0.08 per basic and diluted share, for the same period in 2011. The net losses for the 2011 and 2012 periods primarily reflect losses from continuing operations.

Maxygen reported revenue of $5,000 in the third quarter of 2012, compared to $555,000 of revenue for the same period in 2011. The 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.

Total operating expenses from continuing operations in the third quarter of 2012 were $2.7 million, compared to $2.4 million for the same period in 2011. The increase in operating expenses was primarily due to a slight increase in research and development expenses due to limited stability and analytical testing of our MAXY-G34 product candidate and an increase in our general and administrative expenses attributable to an increase in stock compensation expense. Stock compensation expense reported within general and administrative expense increased to $899,000 in the third quarter of 2012 from $281,000 for the same period in 2011, largely due to an increase in the value of contingent performance unit awards as a result of the company’s cash distribution of $3.60 per share in September of this year. The increase in general and administrative expenses was partially offset by the elimination of consulting expenses in connection with the proposal submitted by the company to the Biomedical Advanced Research and Development Authority in May 2011 for the potential development of its MAXY-G34 product candidate as a potential medical countermeasure for acute radiation syndrome.

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