REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company focused on the development of improved protein drugs, today announced a stock repurchase program under which the company may purchase up to $10 million of its common stock through December 31, 2010. Since December 2009, Maxygen has repurchased a total of 8.8 million shares of its common stock, 7.3 million of which were purchased in a modified “Dutch auction” tender offer and 1.4 million of which were purchased in a private transaction, for a total cost of approximately $46.9 million.
Maxygen may repurchase its common stock from time to time, in amounts, at prices and at such times as it deems appropriate, all subject to market conditions and other considerations. Maxygen may make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The program will be conducted in compliance with the SEC's Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors. The company also expects to establish Rule 10b5-1 trading plans from time to time to effect such purchases when appropriate.
The program does not obligate Maxygen to acquire any particular amount of common stock and the program may be modified or suspended at any time at the company's discretion. Any repurchases would be funded from available cash on hand.
As of March 31, 2010, Maxygen had approximately $158.6 million in cash, cash equivalents and marketable securities (including $26.0 million held by its majority-owned subsidiary, Perseid Therapeutics LLC, as of such date).
Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs through both internal development and external collaborations and other arrangements. Maxygen uses its proprietary DNA shuffling technology and extensive protein modification expertise to pursue the creation of biosuperior proteins. For more information, please visit www.maxygen.com.
Cautionary Statement Regarding Maxygen Forward-Looking Statements
This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, any statements relating to the timing and extent of any stock repurchases and investments of available funds. These statements are based on the current expectations and beliefs of Maxygen’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Important factors that could cause actual results to differ materially include strategic alternatives, transactions or events related to Maxygen’s business or assets and global economic and market conditions, as well as other factors described in Maxygen’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, especially in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections, and its Current Reports on Form 8-K and other SEC filings. Maxygen is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
Linda Chrisman, 650-298-5351
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INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Oncology Pharmaceutical FDA