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DewDiligence

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Re: DewDiligence post# 2209

Tuesday, 03/13/2007 8:45:26 PM

Tuesday, March 13, 2007 8:45:26 PM

Post# of 19309
Roche Terminates rFVIIa Collaboration with Maxygen

[MAXY-Seven, as this product candidate was called, was intended to be a recombinant variant of endogenous FVIIa that would have a longer half-life and an improved therapeutic index. As such, it was a loose competitor to the GTCB/LFB FVIIa program.

I’ve posted on various occasions that MAXY’s business model is very much riskier than GTC’s (e.g. #msg-15638633), and now we have hard evidence that this is indeed the case. In theory, MAXY has not (yet) dropped the MAXY-Seven program but has merely reacquired the full rights from Roche. In practice, however, I rather doubt that the program will go forward.

Endogenous FVIIa is a remarkable substance and it really doesn’t need to be enhanced with clever chemistry, as MAXY was trying to do. What FVIIa does need is a cheaper recombinant production method, and this is where the efforts of GTC and LFB are squarely focused.]

http://biz.yahoo.com/prnews/070313/sftu102.html?.v=87

>>
Maxygen Announces End of Co-Development Agreement

Tuesday March 13, 4:00 pm ET

REDWOOD CITY, Calif., March 13 /PRNewswire-FirstCall/ - Maxygen, Inc. (Nasdaq: MAXY ) today announced that it received notice from F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. ("Roche") that, effective April 12, 2007, Roche will terminate its Co-Development and Commercialization Agreement with Maxygen relating to Maxygen's pre-clinical stage MAXY-VII program. Under the terms of the agreement, Roche and Maxygen had been pursuing the development and commercialization of MAXY-VII, a next-generation Factor VII, for acute bleeding indications. Upon termination of the agreement, all rights to the MAXY-VII product candidates revert back to Maxygen.

Roche indicated that it was terminating the agreement based on the inability of the parties to establish an animal model intended to provide pre-clinical de-risking of the program.

"We are disappointed with Roche's decision to terminate their involvement in the Factor VII program" said Russell Howard, Maxygen's Chief Execute Officer, "Treatment options for acute bleeding conditions, such as trauma, are clearly needed. We plan to evaluate the situation carefully before determining the next steps for our MAXY-VII program."

The agreement between Maxygen and Roche relating to the development and commercialization of Maxygen's MAXY-alpha product candidates for the treatment of hepatitis C virus and hepatitis B virus infections is not impacted by this decision, and the parties continue this promising partnership entered into in 2003.

About Maxygen

Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs. We look for opportunities where our proprietary protein modification technologies can address significant therapeutic needs. Products developed by Maxygen now in clinical trials include a novel interferon-alpha for the treatment of hepatitis C virus (HCV) infection and a novel GCSF for the treatment of neutropenia. Maxygen's approach typically allows us to leverage the established development and regulatory paths of approved drugs. We believe this advantage translates to a greater chance of successfully bringing important new drugs to market. www.maxygen.com
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