REDWOOD CITY, Calif., July 12 /PRNewswire/ -- Maxygen, Inc. (Nasdaq: MAXY - news) today announced updated 2001 financial guidance. The new financial guidance reflects the efficiencies of Maxygen's integrated platform of technologies, and Maxygen's ability to rapidly achieve continuous improvements in its discovery and development systems for advancement of its product pipeline.
As a result of these efficiencies Maxygen is projecting a 2001 net operating cash burn of $35-40 million compared to previous guidance of $50-55 million. Maxygen's previous guidance for its 2001 net loss, excluding stock compensation and amortization of intangible assets of approximately $21 million was approximately $43 million. Net loss, excluding stock compensation and amortization of intangible assets, is currently expected to be approximately $32 million in 2001. Accordingly, 2001 net operating cash burn is expected to be approximately $35-40 million.
The Company's revenue forecast for 2001 remains the same at $30 million, and it expects its total expenses to be approximately $95 million, a ten percent decrease from previous forecasts.
Maxygen's guidance for its 2001 selling, general and administrative expenses was approximately $20 million as of December 2000. Selling, general and administrative expenses are now anticipated to be approximately $16 million in 2001.
The Company's guidance for its 2001 research and development expenses was approximately $65 million as of December 2000. Research and development expenses are now anticipated to be approximately $58 million in 2001... |
