Maxygen Reports First Quarter 2008 Financial Results
Tuesday May 6, 9:06 am ET
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Maxygen, Inc. (Nasdaq:MAXY - News), a biotechnology company focused on the development of improved protein drugs, today reported financial results and business milestones for the quarter ended March 31, 2008.
“Our major achievement in Q1 was the progress of MAXY-G34, our long-acting G-CSF for treatment of neutropenia,” said Russell Howard, chief executive officer of Maxygen. “During the quarter we completed enrollment of all patients at the 10, 30, and 60 microgram/kilogram dose levels and have seen no safety issues or immunogenicity so far. Good activity at the 30 and 60 microgram/kilogram doses prompted us to explore an additional 45 microgram/kilogram dose, which is also now fully enrolled. We feel confident that we will achieve our goal, on schedule, of identifying a suitable dose to take into Phase IIb studies.”
“Our MAXY-VII and MAXY-4 programs also are progressing well. Our team should be congratulated for successfully transitioning operations from Denmark to the U.S. without interrupting the important work of moving these programs forward.”
In November 2007 Maxygen announced plans to close Maxygen ApS, its subsidiary in Denmark, and consolidate all operations at its U.S. headquarters in Redwood City, CA. Effective February 29, 2008, the company ceased operations at the Denmark site.
First Quarter 2008 Financial Results
Maxygen reported a net loss of $13.7 million, or $0.37 per share, for the first quarter 2008 as compared to a net loss of $7.7 million, or $0.21 per share, for the comparable period in 2007.
Revenue for the first quarter was $1.4 million, compared to $9.1 million for the same period in 2007. The change was due primarily to loss of revenues from a Roche collaboration agreement to develop a novel Factor VIIa for trauma indications. The agreement ended in April 2007.
Total operating expenses for the quarter were $17.2 million compared to $18.9 million in the first quarter of 2007. The decrease in expenses was due to the cessation of operations at Maxygen’s Denmark site on February 29, 2008.
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 $12.5 million, or $0.34 per share, in the first quarter of 2008, compared to a non-GAAP net loss of approximately $5.8 million, or $0.16 per share, in the first quarter of 2007.
At March 31, 2008, cash, cash equivalents and marketable securities totaled $133.6 million.
surf's up......crikey
