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Maxygen Reports Third Quarter 2007 Financial Results
Date:11/1/2007

REDWOOD CITY, Calif., Nov. 1 /PRNewswire-FirstCall/ -- Maxygen, Inc. (Nasdaq: MAXY) today reported financial results for the quarter ended September 30, 2007. Maxygen reported a net loss of $14.7 million, or $0.40 per share, for the third quarter 2007 as compared to a net loss of $10.7 million, or $0.30 per share, for the comparable period in 2006. The net loss reflects continued investment in the company's lead program, MAXY-G34, for the treatment of chemotherapy-induced neutropenia.

"Our Phase II trial of MAXY-G34 in breast cancer patients is accelerating as we continue to initiate additional sites," said Russell Howard, chief executive officer of Maxygen. "We are also pleased to report that our MAXY-VII program for hemophilia is moving quickly and according to plan towards a European CTA filing in the first half of 2008."

"During the third quarter we announced a hold on our MAXY-alpha program, which is partnered with Roche," continued Dr. Howard. "We plan to provide an update on the status of this program as soon as information becomes available. Because the program is fully funded by Roche, our near-term financials are unaffected by the hold."

Excluding the impact of non-cash stock compensation expense under SFAS 123( R ), Maxygen reported a non-GAAP net loss (see Footnote A) of approximately $13.0 million, or $0.35 per share, in the third quarter of 2007, compared to a non-GAAP net loss of approximately $8.9 million, or $0.25 per share, in the third quarter of 2006.

Revenue for the third quarter of 2007 was $1.0 million, compared to $4.2 million for the same period in 2006. The decrease was primarily due to the discontinuation in the second quarter of this year of Maxygen's partnership wit
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SOURCE Maxygen, Inc.
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