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Biotech / Medical : MAXY - Maxygen, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: dr.praveen who wrote (218)	3/13/2007 5:20:01 PM
From: dr.praveen	Respond to of 262

"Under the terms of the Agreement, the Company and Roche had agreed to share the costs of worldwide research and development activities in connection with the development of the MAXY-VII product candidates. The Company was to lead early stage clinical development of these product candidates and Roche was to lead late stage clinical development, with exclusive worldwide rights to commercialize the MAXY-VII products subject to the Agreement. In the United States, the Company had the option to co-fund marketing activities in exchange for increased royalty amounts. Under the Agreement, the Company received an up-front fee of $8 million from Roche and, in 2006, the Company received a $5 million payment from Roche for the achievement of a manufacturing process development milestone. The Company was eligible to receive additional milestone payments of up to $82 million upon the achievement of development and other milestones, as well as royalties on any product sales. The Agreement provides that, until the effective date of termination, Roche and the Company will share certain exit costs, such as the costs of certain non-cancelable obligations for activities ongoing as of the date of the notice from Roche. As a result of the termination of the Agreement, the Company expects to recognize approximately $5.6 million of deferred revenue in 2007 relating to the up-front fee of $8 million received from Roche in 2005."