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Maxygen Inc (MAXY) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2013

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

LOGO

Maxygen Reports First Quarter 2013 Financial Results

SAN MATEO, Calif., May 3, 2013 – Maxygen, Inc. (Nasdaq: MAXY), a biopharmaceutical company, today announced financial and business results for the quarter ended March 31, 2013.

First Quarter 2013 Financial Results

Maxygen reported a net loss of $2.1 million, or $0.08 per basic and diluted share, for the first quarter of 2013, compared to a net loss of $2.6 million, or $0.09 per basic and diluted share, for the same period in 2012.

Total operating expenses were $2.2 million in the first quarter of 2013, compared to $2.8 million in the first quarter of 2012. The decrease in operating expenses was primarily attributable to a decrease in salary and related costs resulting from lower headcount, as well as reductions in fees for consulting and other professional services.

At March 31, 2013, Maxygen held approximately $81.1 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 Results

Over the past several years, Maxygen has focused its efforts on maximizing stockholder value through sales, distributions and other arrangements involving 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 distribution in September 2012 of approximately $100.0 million in cash to stockholders have all been part of this multi-year process.

Since 2009, Maxygen has returned over $250.0 million in cash and property to its stockholders through stock repurchases and distributions of cash and Codexis common stock, and, as of March 31, 2013, the company held cash, cash equivalents and short-term investments totaling $81.1 million.

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, and to date,

the company has not been successful in identifying any potential transaction for the


The following information was filed by Maxygen Inc (MAXY) on Friday, May 3, 2013 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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Maxygen Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

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Ticker: MAXY
CIK: 1068796
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-13-197902
Submitted to the SEC: Fri May 03 2013 9:20:52 AM EST
Accepted by the SEC: Fri May 03 2013
Period: Sunday, March 31, 2013
Industry: Commercial Physical And Biological Research

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