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Maxygen Inc (MAXY) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2012

Maxygen Inc

CIK: 1068796 Ticker: MAXY

Exhibit 99.1

 

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      Maxygen, Inc.
      411 Borel Avenue
      Suite 616
      San Mateo, CA 94402
      650.241.2292 main
      650.257.5892 fax
      www.maxygen.com

Maxygen Announces Second Quarter 2012 Financial Results and Business Update

—Board of Directors authorizes cash distribution of approximately $100.0 million to stockholders—

SAN MATEO, Calif., August 7, 2012 — 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).

At June 30, 2012, Maxygen held approximately $182.7 million in cash, cash equivalents and short-term investments. In addition, Maxygen continues to retain all rights to its MAXY-G34 product candidate, a next-generation pegylated, granulocyte colony stimulating factor.

Special Cash Distribution

As noted above, Maxygen’s 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 the August 21, 2012 record date. The cash distribution will total approximately $100.0 million in the aggregate based on shares of the company’s common stock outstanding on July 31, 2012. The cash distribution is expected to be paid on September 6, 2012.

The distribution will be funded from available cash on hand. In considering the special cash distribution, Maxygen’s Board of Directors evaluated a number of factors, including the likely effects on Maxygen’s ability to fund its limited future operational requirements, its ability to pursue its on-going strategic evaluation, the adequacy of its reserves for potential future liabilities, the potential tax treatment of the distribution and uncertainties regarding potential future increases in the tax rates applicable to the distribution.

“I am very pleased to announce that as a result of our on-going efforts to maximize the value of our assets and return a significant amount of that value to our stockholders, the Board has authorized this significant cash distribution to our stockholders. Coupled with prior distributions and share repurchases, Maxygen will have returned over $250 million in cash and property to stockholders since 2009,” said James R. Sulat, Chief Executive Officer of Maxygen. “As we go forward, Maxygen will continue to evaluate opportunities to return capital to its stockholders.”


The following information was filed by Maxygen Inc (MAXY) on Tuesday, August 7, 2012 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-Q Quarterly 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-Q Quarterly Report
Accession Number: 0001193125-12-340939
Submitted to the SEC: Tue Aug 07 2012 4:16:21 PM EST
Accepted by the SEC: Tue Aug 07 2012
Period: Saturday, June 30, 2012
Industry: Commercial Physical And Biological Research

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