The Maxy-alpha program was fully funded by Roche, with no milestone payments expected in 2007 or 2008. As such, Maxygen expects no near-term impact on its financials as a result of the termination. Upon termination of the agreement, all rights to Maxygen’s interferon variant product candidates revert back to Maxygen.
Maxy-alpha was designed to be a next-generation alpha interferon for the treatment of hepatitis C and hepatitis B virus infections.
Russell Howard, CEO of Maxygen, said: “While we are disappointed, we recognized and had advised earlier that termination of the program was one of the likely possibilities. Tremendous potential remains in Maxygen’s portfolio and we look forward to 2008, a key year for our two lead programs, Maxy-G34 and Maxy-VII.”