Maxygen Reports Shareholder Approval of Dissolution, Initial Liquidating Distribution of $2.50/Share

Maxygen, Inc. MAXY, today announced that at the company's annual meeting, held earlier today, the shareholders of Maxygen voted to approve the liquidation and dissolution of the company. As contemplated in connection with the approval of the dissolution, the company's Board of Directors has approved an initial liquidating distribution of $2.50 per share of Maxygen's common stock. The distribution will be paid on or about August 29, 2013. The Board has fixed the close of business on August 22, 2013 as the record date for determining shareholders entitled to receive the initial liquidating distribution. Subject to uncertainties inherent in the winding up of its business, Maxygen may make one or more additional liquidating distributions, which could total as much as $0.09 per share, as the company's required contingency reserves may be released over time. However, no assurances can be made as to the ultimate amounts to be distributed, if any, or the timing of any such distributions. Any additional liquidating distributions will be made to the shareholders of record as of the effective date of the certificate of dissolution. Maxygen intends to file a certificate of dissolution with the Delaware Secretary of State and to close its stock transfer books and discontinue recording transfers of its common stock as of the close of business on the August 29, 2013 payment date for the initial liquidating distribution. Maxygen also has submitted a request to The NASDAQ Stock Market to suspend trading of its common stock on The NASDAQ Global Market effective as of the close of trading on such date, and has requested that NASDAQ delist the common stock from The NASDAQ Global Market as soon as practicable thereafter.