Maxygen Says It Will Liquidate, Pay Off Shareholders

Law360, New York (June 3, 2013, 1:46 PM EDT) -- California-based biopharmaceutical company Maxygen Inc. announced Monday that it will liquidate and dissolve following a first-quarter net loss of $2.1 million, saying it will distribute all available cash to shareholders after its debts are paid off.

The company says it will begin the dissolution process once it receives approval from its shareholders, which is expected to happen in the third quarter. In addition to winding down, the company's CEO and Chief Financial Officer James Salut will resign as of June 30 and Board Chairman Isaac Stein...
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