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Maxygen Inc (MAXY) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Maxygen Inc

CIK: 1068796 Ticker: MAXY

Exhibit 99.1

 

Letterhead of Maxygen, Inc.

 

MAXYGEN REPORTS FOURTH QUARTER AND YEAR END 2004 FINANCIAL RESULTS

 

Redwood City, Calif., February 8, 2005

– Maxygen, Inc. (Nasdaq: MAXY) today reported financial results for the fourth quarter and year ended December 31, 2004.

 

Maxygen reported income applicable to common stockholders of $8.3 million or $0.24 per share for the year ended December 31, 2004, as compared to a loss applicable to common stockholders of $33.7 million or $0.98 per share for the prior year. Income applicable to common stockholders in 2004 is due to the $61.2 million gain recorded by the Company upon the sale of its agriculture subsidiary Verdia, Inc. to DuPont in July 2004. Maxygen reported a loss from continuing operations of $49.1 million, or $1.40 per share, for the year ended December 31, 2004, compared to a loss of $30.9 million or $0.89 per share in 2003.

 

Maxygen reported a non-GAAP income applicable to common stockholders of $9.7 million, or $0.28 per share(A) for the year ended December 31, 2004 , compared to the Company’s non-GAAP loss applicable to common stockholders of $29.8 million, or $0.86 per share in 2003(A). In both cases, these results are exclusive of stock compensation expense, amortization of intangible assets and subsidiary preferred stock accretion.

 

Revenue for the year ended December 31, 2004 was $16.3 million compared to $22.9 million in 2003, a decrease of 29 percent. The decrease in revenue was primarily due to reduced activities related to the scheduled wind-down of Maxygen’s collaborative research programs with ALK-Abelló A/S and Lundbeck A/S, as well as Codexis’ collaboration with Chevron.

 

At December 31, 2004, cash, cash equivalents and marketable securities totaled $232.9 million. This amount is comprised of $215.7 million of cash held by Maxygen and $17.2 million held by Maxygen’s majority-owned subsidiary Codexis.

 

Maxygen reported a loss applicable to common stockholders of $15.6 million, or $0.44 per share, for the fourth quarter of 2004 compared to a loss applicable to common stockholders of $9.9 million, or $0.28 per share, in the comparable period of 2003.

 

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“We continued to make progress in 2004 on advancing our product candidates towards clinical development and deriving value from our non-core assets,” said Russell Howard, Ph.D., Chief Executive Officer of Maxygen. “Our lead internal development programs and partnered programs are moving forward and we expect to have INDs filed on two of these four programs in 2006. As discussed, we also derived significant value from our agriculture and chemicals subsidiaries. We monetized our agriculture subsidiary through its sale to DuPont and our chemicals subsidiary Codexis grew in value through a strategic alliance and equity investment by Pfizer. We look forward to delivering continued success in 2005”.

 

2004 Highlights

 

    Completed sale of agriculture subsidiary Verdia to DuPont for $64 million in cash

 

    Established manufacturing agreement with Rentschler for clinical material of Maxygen’s proprietary G-CSF protein pharmaceutical

 

    Majority-owned subsidiary Codexis established key strategic alliance with Pfizer and received a $10 million equity investment from Pfizer

 

    Announced advancement of improved factor VIIa program into preclinical development

 

 


The following information was filed by Maxygen Inc (MAXY) on Tuesday, February 8, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: MAXY
CIK: 1068796
Form Type: 10-K Annual Report
Accession Number: 0001193125-05-049520
Submitted to the SEC: Mon Mar 14 2005 4:34:08 PM EST
Accepted by the SEC: Mon Mar 14 2005
Period: Friday, December 31, 2004
Industry: Commercial Physical And Biological Research

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