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Company reports fourth-quarter, year-end 2001 financial results.(Brief Article)(Statistical Data Included)
1902 MAR 27 - (NewsRx.com & NewsRx.net) -- Maxygen, Inc., (MAXY) reported financial results for the fourth quarter and year ended December 31, 2001.
For the year ended December 31, 2001, Maxygen reported a pro forma net loss of $24.2 million, or $0.74 per share, compared with a pro forma net loss in 2000 of $11.2 million, or $0.37 per share, in both cases exclusive of stock compensation expense and amortization of intangible assets and, for 2000, a one-time charge for acquired in-process research and development. Including such charges, Maxygen reported a net loss of $45.0 million, or $1.38 per share for the year ended December 31, 2001, compared with a net loss of $59.6 million, or $1.96 per share, in 2000.
Revenue for the year ended December 31, 2001 was $30.5 million compared with $24.5 million in 2000, an increase of 25%. The increase in revenue was due to the addition of new alliances formed in 2001 and the ongoing success of existing alliances.
At December 31, 2001, cash, cash equivalents, and marketable securities totaled $234.9 million.
For the fourth quarter of 2001, Maxygen reported a pro forma net loss of $7.0 million, or $0.21 per share, compared with a pro forma net loss of $6.2 million, or $0.19 per share, in the same period in 2000 exclusive of stock compensation expense and amortization of intangible assets. Including such charges, Maxygen reported a net loss of $11.5 million, or $0.35 per share, for the fourth quarter of 2001 compared with a net loss of $12.9 million, or $0.40 per share, in the fourth quarter of 2000.
For the fourth quarter ended December 31, 2001, revenue was $8.5 million compared with $6.9 million for the same period in 2000, an increase of 23%. Expenses relating to research and development increased in the fourth quarter of 2001 to $14.8 million, compared with $12.9 ...
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