Maxygen Added to NASDAQ Biotechnology Index

REDWOOD CITY, Calif., May 14  /PRNewswire-FirstCall/ -- Maxygen, Inc. (NASDAQ:MAXY), a biotechnology company focused on the development of improved protein drugs, today announced that it will be added to the NASDAQ Biotechnology Index (NASDAQ:NBI) effective May 21, 2007.

Companies are ranked for inclusion in the index in May and November of each year. Eligibility criteria include market capitalization minimums, trading volume minimums, and ICB classification. More information about ICB is available at http://www.ftse.com/icb. Information about the Nasdaq Biotechnology Index is available at http://www.nasdaq.com/

The first two protein drugs developed by Maxygen -- one for hepatitis C and one for neutropenia -- entered clinical trials during the past year. The company plans to enter a third protein drug, for hemophilia, into the clinic in the first half of next year.

About Maxygen

Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs. We look for opportunities where our proprietary protein modification technologies can address significant therapeutic needs. Products developed by Maxygen now in clinical trials include a novel interferon-alpha for the treatment of hepatitis C virus (HCV) infection and a novel G-CSF for the treatment of neutropenia. Maxygen's approach may allow us to leverage the established development and regulatory paths of approved drugs. We believe this advantage translates to a greater chance of successfully bringing important new drugs to market. http://www.maxygen.com/

Forward-Looking Statements

This news release contains forward-looking statements about our research and business prospects, our ability or plans to commence or continue the preclinical or clinical development of our product candidates, and the timing of any such development; whether our product candidates will exhibit improved properties in humans as compared to currently marketed drugs and whether our product candidates, if commercialized, will be competitive in their relevant markets. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Among other things these risks and uncertainties include, but are not limited to, the inherent uncertainties of pharmaceutical research and drug development. These and other risk factors are more fully discussed in our Form 10-K for the year ended December 31, 2006, including under the caption "Risk Factors," and in our other periodic SEC reports, all of which are available from Maxygen at http://www.maxygen.com/. Maxygen disclaims any obligation to update or revise any forward-looking statement contained in this release as a result of new information or future events or developments. 

DATASOURCE: Maxygen, Inc.



CONTACT:  Michele Boudreau, Investor and Public Relations of Maxygen, +1-

650-279-2088



Web site:  http://www.maxygen.com/

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