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Maxygen reports first quarter 2002 results.(Brief Article)(Statistical Data Included)
2002 JUN 5 - (NewsRx.com & NewsRx.net) -- Maxygen, Inc., (MAXY) reported that for the first quarter of 2002, Maxygen reported a pro forma net loss of $6.5 million, or $0.20 per share, compared with a pro forma net loss of $5.3 million, or $0.17 per share, in the same period in 2001, in each case exclusive of stock compensation expense and amortization of goodwill and other intangible assets.
Including such charges, Maxygen reported a net loss of $9.0 million, or $0.27 per share, for the first quarter of 2002 compared with a net loss of $11.1 million, or $0.34 per share, in the first quarter of 2001.
Revenue in the first quarter of 2002 was $9.3 million compared with $6.9 million for the same period in 2001, an increase of 35%. The increase in revenue was due to the addition of new alliances. Expenses relating to research and development increased in the first quarter of 2002 to $15.0 million, compared with $12.7 million for the same period in 2001.
At March 31, 2002, cash, cash equivalents, and marketable securities totaled $227.0 million.
"Maxygen is focused on advancing our product pipeline towards clinical development. This quarter, we were pleased to announce the unveiling of our improved interferon-(beta) product candidate to treat multiple sclerosis that we are developing with Lundbeck. We believe our product candidate has the potential for a superior therapeutic profile to all forms of interferon-(beta) on the market today," said Russell Howard, PhD, CEO of Maxygen. "Maxygen currently has four product candidates in preclinical development. In addition to our improved interferon-(beta) compound, we have three other product candidates in preclinical development advancing towards INDs in 2003 and 2004 for inflammatory and infectious diseases and cancer."
In the first quarter of 2002, Maxygen unveiled its improved ...
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