Maxygen, Inc. (NASDAQ: MAXY), a biotech company focused on the development of improved versions of protein drugs, is the largest single owner of the company.  On a separate basis, Maxygen recently said that it expected to accept for payment an aggregate of approximately 7,345,103 shares of its common stock at a purchase price of $5.30 per share, for a total cost of approximately $38.9 million in a tender representing approximately 18.5% of its company stock.  Maxygen is listed as a 21.57% holder prior to the offering as follows: James R. Sulat includes 8,935,664 shares and 46,224 shares that may be acquired pursuant to the exercise of a warrant held prior to this offering by Maxygen, Inc. Mr. Sulat is the Chief Executive Officer, Chief Financial Officer and a member of the board of directors of Maxygen and may be deemed to be the beneficial owner of our securities held by Maxygen. Mr. Sulat disclaims beneficial ownership of all our securities held by Maxygen, except to the extent of his pecuniary interest therein. Mr. Sulat will resign from our board of directors in connection with the closing of our initial public offering. Equilon Enterprises LLC, d.b.a. Shell Oil Products US, and tied to Royal Dutch Shell (NYSE: RDS-A) is also listed as a top holder with 19.95% of the company prior to this offering.

Codexis has a proprietary technology platform enables the creation of optimized biocatalysts which is supposed to make existing industrial processes faster, cleaner and more efficient than current methods.  The company also claims that this has the potential to make new industrial processes possible at commercial scale. The company has commercialized its biocatalysts in the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels under a multi-year research and development collaboration with Shell. Further, it is using its technology platform to pursue biocatalyst-enabled solutions in other bioindustrial markets, including carbon management, water treatment and chemicals.

The company is not yet profitable, but revenues in grants, collaborative R&D, and products combined was $31.88 million for the first nine months in 2008 and so far it has been $58.67 million for the nine-month period ended September 30, 2009; Its total 2008 revenue was $50.478 million.

JON C. OGG

• STOCK TICKERS: ABT, BSX, MDT, JNJ, SRDX, ANPI, BAYRY, MAXY, AMGN, CRA, INGN, CELG, MRK, SNY, GSK, AKRX, ARYX

This week we saw another FDA Approval in stents as Abbott’s (NYSE: ABT) XIENCE drug-eluting coronary stent was approved for marketing.  While this is causing a resurgence in stents, this space is about to become highly competitive (stocks covered: ABT, BSX, MDT, JNJ, SRDX, ANPI).  Introgen (NASDAQ: INGN) has a new twist for head and neck cancer… give it a cold, literally.  Celgene Corp. (NASDAQ: CELG) actually won out as a competitor’s bone marrow disease trials failed to meet expectations.  Merck (NYSE: MRK) was an FDA decision winner as it gets to keep its lead on the cervical cancer vaccine market in the U.S. tied up for at least 6-months longer than it was anticipated (stocks covered: MRK, SNY, GSK).

This may be a tiny company, but a patent was awarded in bone marrow and stem cell transplants.  While a biotech turned over its hemophelia treatments to a larger company, hemophelia treatments may be better off now (stocks covered: BAYRY, MAXY, AMGN).  Vaccine awards are going to keep sales up at one small vaccine maker.  One Alzheimer’s Disease treatment that originally had high hopes has bitten the dust.  P&G walked away from a partner this week, killing a tiny biotech (stocks covered: PG, ARYX).

And on the front for reviews:

• Do you remember all the hype and hopes for synthetic blood?  This looks like the last player has gone on to greener pastures.
• What is a good investment that has backed way off from highs that should show steady growth in the China health care sector?  We evaluated one potential company for this.

These issues are more stock issues than anything else:

• Celera Corporation (NASDAQ: CRA) completed its journey to independence and took its 3-letter ticker over to NASDAQ.
• Bayhill Therapeutics withdrew its plans for an IPO.  MS and diabetes patients will have to look elsewhere, for now.

Have a happy and safe LONG Fourth of July weekend.  I think there is a new treatment on the market for burnt hand trauma from fireworks, but the FDA has it on hold until next February.

Jon C. Ogg
July 4, 2008