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To: Jenna who wrote (100)	10/25/2000 7:00:26 PM
From: 2MAR$	Respond to of 6445

Maxygen Announces Strategic Agreement to Develop New Bulk Chemical Bioprocesses With Chevron REDWOOD CITY, Calif., Oct. 25 /PRNewswire/ -- Maxygen (Nasdaq: MAXY) announced today that it has signed a three year agreement with Chevron Research and Technology Co. to develop novel bioprocesses for specific petrochemical products. Chevron will have commercialization rights in exchange for license fees, technology access fees, full research funding, milestones, annual fees and product royalties. "Biological materials are likely to play an increasing role as a carbon source for fuels and chemical processes going forward," according to Maxygen's VP of Chemicals, Dr. Keith Powell. "Maxygen's work with Chevron will initially focus on the bioconversion of methane to methanol and on replacing costly chemical processes with cheaper, more environmentally friendly bioprocesses. The efficiency of our technologies allows us to contribute to the highly competitive, price sensitive commodity chemical sector. We are happy to be working with a visionary company such as Chevron in this area." "A critical aspect of our business strategy is to continue to partner with the leaders in relevant segments of the chemical industry where capital investment, large-scale manufacturing, access to raw materials and a channel to market are impractical to develop internally," said Tassos Gianakakos, business development manager for Maxygen's Chemical Division. "In addition to Chevron, Maxygen has established strategic alliances with other chemical segment leaders such as Novo Nordisk, Pfizer, DSM and Rio Tinto. We will continue to enter into alliances with leaders in various other sectors in the industry while aggressively advancing our internal programs." Maxygen, Inc. headquartered in Redwood City, California, is focused on creating novel products using its integrated proprietary technologies for a broad range of industries. Maxygen's technologies bring together advances in molecular biology and protein modification to capitalize on the large amount of genetic information generated by genomics. Maxygen currently has a pipeline of over 40 potential products in its four major target markets of protein pharmaceuticals, preventative and therapeutic vaccines, chemicals and agriculture. Maxygen has strategic collaborations with leading companies including Novo Nordisk, DuPont, Pfizer, DSM, AstraZeneca, Lundbeck and Rio Tinto as well as U.S.A. government funding from DARPA and NIST-ATP. Except for the historical information contained herein, this news release contains forward-looking statements including those relating to the ability of Maxygen and Chevron to develop and commercialize novel bioprocesses for petrochemical products; the potential payments resulting from the collaboration; the future role of biological materials as a carbon source for fuels and chemical processes; the focus of the research under the collaboration; the ability of our technologies to produce commercially viable bioprocesses and the attributes of those bioprocesses and the future ability of Maxygen to enter into and/or maintain research and commercialization collaborations. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Among other things these risks and uncertainties include, but are not limited to the inability to produce viable product candidates; the inability to commercialize product candidates; the inherent uncertainties of biological research; competitors producing superior products; the future research and business priorities of Maxygen and Chevron and the potential reluctance of the chemical industry to accept biologically based chemical processing. These and other risk factors are more fully discussed in Maxygen's Annual Report on Form 10-K for the year ended December 31, 1999, including under the caption "Risk Factors," and in Maxygen's other periodic reports filed with the SEC, all of which are available from Maxygen or from the SEC's website (www.sec.gov). Maxygen disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in Maxygen's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. MolecularBreeding(TM) and Maxygen are U.S trademarks used by Maxygen. SOURCE Maxygen Inc. -0- 10/25/2000 /CONTACT: Alison Trollope, Investor and Public Relations of Maxygen, Inc., 650-298-5853, or fax, 650-298-5877, or alison.trollope@maxygen.com/ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 121470/ /Web site: maxygen.com (MAXY) CO: Maxygen Inc.; Chevron Research and Technology Co. ST: California IN: MTC BIO OIL SU: CON * end of story *