8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2008

Maxygen, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-28401	77-0449487
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

515 Galveston Drive
Redwood City, CA 94063
(Address of principal executive offices)

(650) 298-5300
(Registrant’s telephone number, including area code)

Not Applicable.
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.05 Costs Associated with Exit or Disposal Activities.

     On October 20, 2008, the Board of Directors of Maxygen, Inc. (the “Company”) approved a restructuring plan that will result in the reduction of approximately 30% of the Company’s workforce. Employees directly affected by the restructuring plan have received notification and will be provided with severance payments and outplacement assistance. The decision to restructure the Company’s operations was based primarily on the Company’s decision to reduce spending on its MAXY-G34 program and to preserve cash while it pursues a revised corporate strategy.

     As a result of this restructuring plan, the Company expects to record restructuring charges of approximately $2.0 million, primarily in the fourth quarter of 2008. The restructuring charges are primarily associated with one-time termination benefits, the majority of which will be paid out during the first quarter of 2009. The Company expects to complete the activities related to this restructuring plan by April 2009.

     The costs that the Company expects to incur in connection with the restructuring plan are subject to a number of assumptions, and actual results may materially differ. The Company may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, the restructuring plan.

Item 8.01 Other Events.

     On October 22, 2008, the Company issued a press release regarding the matters described in Item 2.05 of this Form 8-K. A copy of the press release is being filed as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits

Exhibit No.		Description
	99.1	Press release, dated October 22, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Maxygen, Inc.
Date: October 22, 2008	By:	/s/ Lawrence W. Briscoe
		Lawrence W. Briscoe
		Chief Financial Officer and Senior Vice President

EX-99.1

Exhibit 99.1

For Immediate Release

Maxygen Announces Plans to Reduce Spending and Revise Corporate Strategy
-Phase III Manufacturing for MAXY-G34 Delayed until Partner is Identified-
- -Reduction in Headcount Planned for First Quarter 2009-
- -Lazard Retained to Explore Strategic Options-
- -Conference Call Today at 4:30 p.m. ET-

REDWOOD CITY, Calif., October 22, 2008 — Maxygen, Inc. (Nasdaq: MAXY), a biotechnology company focused on the development of optimized protein drugs, today announced plans to reduce its spending on MAXY-G34 while seeking a partnership for the program. MAXY-G34 is the company’s next-generation long-acting G-CSF for the treatment of chemotherapy-induced neutropenia. Maxygen also plans to reduce headcount during the first quarter of 2009. The company has retained the investment bank Lazard to assist in exploring strategic options, including a sale or disposition of one or more corporate assets, a strategic business combination, or other transactions.

Maxygen will reduce spending on MAXY-G34 by delaying Phase III manufacturing until it identifies a partner who can share manufacturing costs. The Phase III manufacturing costs were anticipated to begin in September 2008, and delay of this expenditure is expected to have a material impact on the MAXY-G34 project timeline. In addition, Maxygen does not plan to take MAXY-G34 into Phase IIb trials without funding from a substantial collaborative partner. The company’s original schedule called for the Phase IIb trial to begin in the second half of 2009.

A Phase IIa trial of MAXY-G34 in breast cancer patients is currently being completed. The drug has been shown in Phase IIa to be safe, efficacious and lacking immunogenicity at all doses tested; however additional trials will be required to establish differentiation from existing therapeutics. Maxygen plans to present detailed audited results of the Phase IIa trial before the end of 2008.

“Although the preliminary Phase IIa data are encouraging, we do not believe it practical for Maxygen to take the MAXY-G34 program forward without a partner,” said Russell Howard, chief executive officer of Maxygen. “The uncertainty of partnering, the cash required for continuation of the program, and the current financial environment have together led us to the difficult decision to significantly reduce spending.”

As a consequence of decreasing investment in MAXY-G34, and in order to preserve cash, Maxygen is also announcing the termination of approximately 30% of its

workforce, with staggered terminations from January 1 through the end of April 2009. Positions will be terminated in operations and G&A. In order to facilitate employee transition to new opportunities, Maxygen will be providing outplacement support and a severance package for each affected employee.

Maxygen will retain approximately 65 employees, with a primary focus on the company’s MAXY-4 program with Astellas Pharma, Inc. The company plans to continue minimal activities on MAXY-G34, and a small team will continue protein drug discovery for autoimmune disease therapies using Maxygen’s MolecularBreeding™ platform.

“We regret the loss of our valuable colleagues who have built Maxygen over the past few years,” said Dr. Howard. “We wish them well as they seek new opportunities to use their energy and skills elsewhere.”

Including the savings from cost reductions on MAXY-G34, Maxygen will end 2008 with approximately $200 million in cash, with no debt. The company is projecting operating cash utilization of approximately $17 million for 2009, not including restructuring charges, which are projected to be approximately $2.0 million. Operating cash utilization is a non-GAAP financial measure that is defined as net loss excluding stock compensation and depreciation less capital expenditures and change in deferred revenues.

Dr. Howard concluded “Maxygen assets include year-end cash of approximately $200 million, a 25% ownership stake in Codexis, a licensing agreement with Codexis for biofuels and other applications of the MolecularBreeding™ platform, the MAXY-4 partnership with Astellas in autoimmune disease and transplant rejection, the MAXY-G34 program, a vaccine discovery program funded by grants, a widely cited intellectual property estate, and a technology platform to generate novel protein drugs for autoimmune disease. We are well positioned to work with Lazard to maximize shareholder value.”

Conference Call
Management will host a conference call today at 4:30 p.m. ET (1:30 p.m. PT) to discuss these announcements. Participants in the U.S. can access the call by dialing 800.435.1261 and using the passcode 71527206. International participants can dial 617.614.4076 and use the same passcode. A live webcast of the conference call will be available on the Maxygen web site at www.maxygen.com/webcasts.

Telephone and webcast replays of the conference call will be available until November 22, 2008. To access the telephone replay, dial 888.286.8010 (U.S.) or 617.801.6888 (international) and use the passcode 59335961. To access the webcast archive, go to www.maxygen.com/webcasts.

About MAXY-G34
MAXY-G34 is a novel, long-acting granulocyte colony stimulating factor (G-CSF) designed to treat chemotherapy-induced neutropenia. MAXY-G34 is currently in Phase II

clinical trials. Preclinical and Phase I studies show MAXY-G34 to have novel and potentially superior properties compared to the current G-CSF therapy, Neulasta^®. G-CSF is a natural protein that stimulates the body’s bone marrow to produce neutrophils, a specific type of white blood cell that plays an important role in the defense against bacterial infections. Worldwide sales of G-CSF products were approximately $5 billion in 2007.

About Maxygen
Maxygen is a biopharmaceutical company focused on developing optimized versions of protein drugs. The company’s portfolio includes a MAXY-4 program, partnered with Astellas Pharma, Inc., under which the company and Astellas are exploring new CTLA4-Ig product candidates for the treatment of a broad array of autoimmune disorders and transplantation rejection. Maxygen also has MAXY-G34, designed to be an improved long-acting G-CSF for the treatment of neutropenia. MAXY-G34 is currently in Phase II clinical trials. Maxygen uses its proprietary DNA shuffling technology and extensive protein modification expertise to pursue the creation of biosuperior proteins. www.maxygen.com

Maxygen Forward Looking Statements Disclaimer
This news release contains forward-looking statements about our research and business prospects and financial position, including our ability or plans to continue the development of our MAXY-G34 product candidate or enter into a collaborative or other arrangement with a third party to fund the further development of this product candidate; our continued evaluation of strategic options and whether such evaluation will result in any specific transactions or outcomes; our plans to present detailed audited results of the Phase IIa trial of our MAXY-G34 product candidate; our ability or plans to retain certain employees or continue the alliance with Astellas for our MAXY-4 program or any activities related to our MAXY-G34 program or drug discovery programs; our anticipated restructuring costs and projected savings related to the delay of our MAXY-G34 program and staff reductions; our projected cash balance at the end of 2008; and our projected operating cash utilization for 2009. These and other risk factors are more fully discussed in Maxygen’s Annual Report on Form 10-K for the year ended December 31, 2007, 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™ and Maxygen are U.S. trademarks used by Maxygen, Inc.

###

Contact:
Michele Boudreau
Investor and Public Relations
650.279.2088
michele.boudreau@maxygen.com

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