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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 Reports Fourth Quarter and Year End 2012 Financial Results
SAN MATEO, Calif., March 12, 2013 Maxygen, Inc. (Nasdaq: MAXY), a biopharmaceutical company, today announced financial and business results for the quarter and year ended December 31, 2012.
Fourth Quarter 2012 Financial Results
Maxygen reported a net loss of $1.8 million, or $0.06 per basic and diluted share, for the fourth quarter of 2012, compared to $2.2 million, or $0.08 per basic and diluted share, for the same period in 2011. The net loss for the fourth quarter of 2012 reflects a loss before income taxes of $0.9 million and income tax expense of $0.9 million. The net loss for the fourth quarter of 2011 primarily reflects a loss from continuing operations before income taxes of $2.8 million, plus a net tax benefit of $559,000. The net tax benefit consists of a $1.2 million tax benefit reported within continuing operations, partially offset by a $593,000 tax expense recorded within discontinued operations.
Maxygen had no revenue in the fourth quarter of 2012, compared to total revenue of $3,000 for the same period in 2011, which consisted of miscellaneous licensing fees.
Total operating expenses from continuing operations for the fourth quarter of 2012 were $1.8 million, compared to operating expenses of $2.8 million for the same period in 2011. The decrease in operating expenses primarily reflects a decrease in stock based compensation expense, salaries and related costs, and accounting fees.
The fourth quarter of 2012 included a $790,000 gain associated with the sale of substantially all remaining shares of Codexis, Inc. common stock.
At December 31, 2012, Maxygen held approximately $82.8 million in cash, cash equivalents and short-term investments. At December 31, 2012, Maxygen had 27,512,340 shares of common stock outstanding, which excludes 285,596 shares underlying unvested restricted stock awards.
Full Year 2012 Results
Maxygen reported net income of $20.1 million, or $0.74 per basic share and $0.73 per diluted share, for the year ended December 31, 2012, compared to $51.4 million, or $1.80 per basic and diluted share, for the prior year.
Total revenues for 2012 were $30.0 million, compared to total revenues from continuing operations of $561,000 for the same period in 2011. Revenue in the 2012 period consisted primarily of the $30.0 million payment received in May 2012 from Bayer in connection with the sale of certain hematology assets in July 2008. Revenue in the 2011 period consisted primarily of the final payment Maxygen received in July 2011 from Altravax, Inc. in connection with its acquisition of substantially all of Maxygens vaccine assets in January 2010.
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Ticker: MAXY
CIK: 1068796
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-103219
Submitted to the SEC: Tue Mar 12 2013 4:37:49 PM EST
Accepted by the SEC: Tue Mar 12 2013
Period: Monday, December 31, 2012
Industry: Commercial Physical And Biological Research