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Maxygen Reports Fourth Quarter and Year End 2007 Financial Results
Date:2/12/2008

s offset in part by the loss of revenues from Maxygen's collaboration with Roche to develop a Factor VIIa for acute bleeding conditions. That collaboration ended in the second quarter of 2007.

Expenses for the fourth quarter 2007 were $23.7 million, an increase of $5.4 million compared to the fourth quarter 2006. This increase was primarily due to the restructuring charges related to the Denmark facility closure.

Full Year 2007 Results

Maxygen reported a net loss of $49.3 million, or $1.34 per share, for the year ended December 31, 2007, as compared to a net loss of $16.5 million, or $0.46 per share, for the prior year.

Excluding the impact of SFAS 123(R), Maxygen reported a non-GAAP net loss of approximately $42.8 million, or $1.16 per basic and diluted share, in 2007. In 2006, excluding the impact of SFAS 123(R) and the gain on sale of equity investment, Maxygen reported a non-GAAP net loss of approximately $27.4 million, or $0.76 per basic and diluted share.

Conference Call

Maxygen will host a conference call today to discuss fourth quarter and 2007 financial results at 11:30 a.m. ET (8:30 a.m. PT). Participants in the U.S. can access the call by dialing 866.825.3209 and using the passcode 31366535. International participants can dial 617.213.8061 and use the same passcode. A live webcast of the conference call will be available at http://www.maxygen.com/webcasts.

A telephone replay of the conference call will be available until March 12, 2008. To access the replay, please call 888.286.8010 (U.S.) or 617.801.6888 (international) and use the passcode 60709469. An archived version of the webcast will be available until March 12, 2008 at http://www.maxygen.com/webcasts.

About Maxygen

Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs. The com
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SOURCE Maxygen, Inc.
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