Seeking Alpha

QualityStocks'  Instablog

QualityStocks
Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
QualityStocks
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • Maxygen, Inc. (MAXY) To Receive $30 Million From Bayer Healthcare For Hemophilia Treatment Product Candidate 0 comments
    May 15, 2012 10:19 AM | about stocks: MAXY

    Maxygen announced that it will receive a $30.0 million payment from Bayer HealthCare LLC in connection with Bayer's clinical development of a recombinant factor VIIa product candidate for the treatment of hemophilia. Maxygen sold the recombinant factor VIIa product candidate (previously designated by Maxygen as MAXY-VII) to Bayer in July 2008 for an upfront cash payment of $90.0 million. The purchase included all of its other hematology assets.

    As of Monday, the additional $30.0 million contingent payment was based on the product candidate's further development 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 outstanding shares of common stock.

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: MAXY
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.