Myrexis Adopts Tax Benefits Preservation Rights Plan to Protect Use of Net Operating Losses Replacing Existing Shareholder Rights Plan

Myrexis, Inc. MYRX announced today that its Board of Directors has adopted a Tax Benefits Preservation Rights Plan in the form of a Rights Agreement designed to help protect and preserve its substantial tax attributes primarily associated with net operating loss carryforwards (NOLs) and research tax credits, under Sections 382 and 383 of the Internal Revenue Code. The Tax Benefits Preservation Rights Plan is similar to plans adopted by numerous other public companies with significant NOLs. The Tax Benefits Preservation Rights Plan replaces the Shareholder Rights Plan that Myrexis adopted in 2009, which the Myrexis Board of Directors terminated immediately prior to the adoption of the plan announced today. As of December 31, 2011, Myrexis had tax attributes, including net operating losses and research tax credits, of approximately $107,000,000 that could be used in certain circumstances to offset Myrexis' future taxable income and reduce its federal and state income tax liability. Myrexis' ability to generate a tax benefit through the use of its tax attributes would be substantially limited in the event of an "ownership change" under Sections 382 and 383 of the Internal Revenue Code, including if shareholders who own (or are deemed to own) 5% or more of Myrexis' stock increase their collective ownership in Myrexis by more than 50 percentage points over a rolling three-year period. The Tax Benefits Preservation Rights Plan is intended to reduce the likelihood of an unintended 50% "ownership change" occurring through the buying and selling of Myrexis common stock. The Board of Directors believes that the plan serves the interests of all stockholders as it is designed to protect the use of its tax attributes.