Shawshank, VA 5/14/12 (StreetBeat) -- Maxygen, Inc. (Nasdaq:MAXY), a biopharmaceutical company, today announced that it will receive a $30.0 million payment from Bayer HealthCare LLC in connection with Bayer’s continued clinical development of a recombinant factor VIIaproduct candidate for the treatment of hemophilia.
Maxygen sold the recombinant factor VIIa product candidate (previously designated by Maxygen as MAXY-VII) to Bayer, together with its other hematology assets, in July 2008 for an upfront cash payment of $90.0 million. The additional $30.0 million contingent payment was based on the further clinical development of the factor VIIa product candidate by Bayer and was also subject to the satisfaction of certain patent related conditions, all of which have been satisfied. Maxygen is not eligible for any further payments from Bayer related to these assets.
“The receipt of the full payment from Bayer represents a significant milestone in our continuing efforts to maximize returns for our stockholders,” said James Sulat, Chief Executive Officer of Maxygen. “We congratulate our colleagues at Bayer for this achievement and are pleased to see a program originally developed by Maxygen continue in clinical development.”
At March 31, 2012, Maxygen held approximately $155.3 million in cash, cash equivalents and short-term investments. As of April 30, 2012, the company had 27,756,742 shares of common stock outstanding.
Maxygen is a biotechnology company focused on the potential further development of its MAXY-G34 product candidate, a next-generation pegylated, granulocyte colony stimulating factor, or G-CSF, for the treatment of chemotherapy-induced neutropenia and acute radiation syndrome, or ARS. For more information, please visit the company’s website at www.maxygen.com.
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