Maxygen reports $10.7 million loss for Q3, $170.2 million of cash

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Maxygen, Inc. said it had a loss of $10.7 million, or $0.30 per share, for the third quarter ended Sept. 30, which is nearly unchanged from the $10.6 million, or $0.30 per share, loss the company reported for the prior-year period.

The company's non-GAAP loss for the third quarter was about $8.9 million, or $0.25 per diluted share.

Third-quarter revenues were up at $4.2 million, compared with $735,000 for the same period in 2005. Maxygen attributed the increase to its ongoing collaboration with Roche for Maxygen's MAXY-VII development program.

Research and development expenses rose to $12.0 million for the third quarter from $10.0 million for the third quarter of 2005 due to contract manufacturing and research related to the MAXY-G34 and MAXY-VII development programs.

Maxygen had cash, cash equivalents and marketable securities totaling $170.2 million at Sept. 30.

"We expect to complete the phase 1 trial with MAXY-G34 by the end of 2006, and we look forward to Roche commencing the phase 1 clinical trial with MAXY-alpha before the end of the year," chief executive officer Russell Howard said in a company news release.

"We also expect to receive approximately $17.8 million in cash this year as a result of the acquisition of Avidia, a Maxygen spinout, by Amgen."

Maxygen is a Redwood City, Calif., pharmaceutical company.

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