Maxygen (MAXY) Announces Resignation of CEO & CFO

September 28, 2009 4:11 PM EDT

Maxygen, Inc. (Nasdaq: MAXY) announced that James Sulat, who currently serves as a director of the company, has been appointed to serve as Maxygen's Chief Executive Officer, effective October 1, 2009. Mr. Sulat will replace Russell Howard, who has served as Maxygen's Chief Executive Officer and as a director since June 1998. Dr. Howard will be leaving his positions as an officer and director of Maxygen on September 30, 2009. Larry Briscoe, Maxygen's Chief Financial Officer, will also be departing the company on September 30, 2009. These management changes are being made as part of Maxygen's restructuring in connection with the recently consummated joint venture transaction with Astellas Pharma Inc. Dr. Howard and Mr. Briscoe will each enter into consulting agreements with Maxygen and remain available to advise the company on various matters.

In addition to his role as Chief Executive Officer, Mr. Sulat will also assume the role of Chief Financial Officer and will continue to serve on Maxygen's Board of Directors. [SM]

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