REDWOOD CITY, Calif., Dec. 5 /PRNewswire-FirstCall/ -- Maxygen, Inc. announced that it has expanded the scope of exclusive licenses previously granted to Codexis, Inc. to Maxygen's Molecular Breeding(TM) directed evolution platform for certain applications relating to energy, including biofuels. Maxygen will receive an undisclosed percentage of revenues received by Codexis for the sale of energy products and the use of processes in the energy field.
On November 16, 2006, Shell Oil Products US and Codexis announced that Codexis and Shell Oil Products US had entered into an agreement for a collaboration to explore enhanced methods of converting biomass to biofuels using Codexis proprietary technology. Terms of the agreement between Codexis and Shell Oil Products US were not disclosed.
Maxygen established Codexis, Inc. in 2003, as a spin-out company, and granted to Codexis exclusive licenses to use the Molecular Breeding(TM) directed evolution platform for certain chemical applications, including biofuels. Codexis has raised more than $72 million to date, most recently completing a Series D private financing of $37 million. As of September 30, 2006, Maxygen's ownership interest of Codexis' currently outstanding capital stock was approximately 33 percent.
About Maxygen
Maxygen Inc., headquartered in Redwood City, California, is committed to the discovery, development and commercialization of improved, next-generation protein pharmaceuticals for the treatment of human disease and serious medical conditions.
To date, Maxygen has raised more than $80 million in non-dilutive funds from the sale of Maxygen non-core assets, including proceeds from the sale of its agricultural subsidiary, Verdia, Inc., to Pioneer Hi-Bred International (DuPont), and proceeds from its equity interest in Avidia, Inc. As of September 30, 2006, Maxygen had cash and cash equivalents of approximately $170 million. Maxygen last raised money from investors in a secondary public offering in March 2000.
Maxygen retains exclusive rights to apply the Molecular Breeding(TM) directed evolution platform for a wide variety of applications outside of human therapeutics.
For additional information on Maxygen, including access to Maxygen's SEC filings, please visit Maxygen's website at www.maxygen.com. Maxygen, Molecular Breeding, and the Maxygen logo are trademarks of Maxygen, Inc.
Forward Looking Statements
This news release contains forward-looking statements about our research and business prospects, including those relating to: our receipt of any payments from Codexis based on revenues received by Codexis for the sale of energy products or the use of processes in the energy field; and our plans or ability to apply our Molecular Breeding(TM) directed evolution platform for applications outside of human therapeutics in connection with our retained rights. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Among other things these risks and uncertainties include, but are not limited to: the changing research and business priorities of Maxygen and/or Codexis; whether Codexis will receive any revenues, through its collaboration with Shell Oil Products US or otherwise, for the sale of energy products or the use of processes in the energy field; and the inherent uncertainties in developing applications relating to energy, including biofuels. Additional information regarding factors that could cause results to differ can be found in our Form 10-K for the year ended December 31, 2005, including under the caption "Risk Factors," and in our other periodic SEC reports, all of which are available from Maxygen at www.maxygen.com. Maxygen disclaims any obligation to update or revise any forward-looking statements contained in this release as a result of new information or future events or developments.
Maxygen, Inc.CONTACT: Linda Chrisman of Maxygen, Inc., +1-650-298-5351, or fax,+1-650-364-2715
Web site: http://www.maxygen.com//
