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

Maxygen Inc

CIK: 1068796 Ticker: MAXY

Exhibit 99.1

 

        

Maxygen, Inc.

411 Borel Avenue

Suite 616

San Mateo, CA 94402

650.241.2292 main

650.257.5892 fax

www.maxygen.com

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Maxygen Announces Third Quarter 2012 Financial Results

SAN MATEO, Calif., November 6, 2012 – 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.

At September 30, 2012, Maxygen held approximately $82.2 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.

Business Update

Over the past several years, Maxygen has focused its efforts on maximizing stockholder value through sales, distributions and other arrangements involving the company’s various assets. The sale of Maxygen’s interests in Perseid to Astellas in May 2011, the company’s receipt of the final $30.0 million payment from Bayer in May 2012, and the company’s recent distribution of approximately $98.5 million in cash to its stockholders have all been part of this multi-year strategic process.

Maxygen continues to retain all rights to its MAXY-G34 product candidate, a next-generation pegylated, granulocyte colony stimulating factor, or G-CSF, for the treatment of chemotherapy-induced neutropenia and acute radiation syndrome, and the company continues to focus on creating value from this program for its stockholders, principally through a sale or other transaction involving the program. Maxygen has no current plans to independently continue the further development of this product candidate for either indication and, to date, the company has not been successful in identifying any potential transaction for the MAXY-G34 program. Accordingly, there can be no assurances the company will be successful in identifying and consummating any such transaction in the future or be able to realize any value from this program.

Maxygen also continues to evaluate all other potential strategic options for the company, including a merger, reverse merger, sale, wind-down, liquidation, dissolution or other strategic transaction. Maxygen expects to evaluate and consider additional distributions to its stockholders of a portion of the company’s cash resources in excess of its limited future operational requirements, amounts the company considers appropriate to pursue its on-going strategic


The following information was filed by Maxygen Inc (MAXY) on Tuesday, November 6, 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: 0001193125-12-454855
Submitted to the SEC: Tue Nov 06 2012 5:18:40 PM EST
Accepted by the SEC: Tue Nov 06 2012
Period: Sunday, September 30, 2012
Industry: Commercial Physical And Biological Research

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