REDWOOD CITY, Calif.--Maxygen late last month announced its initial public offering of 6.9 million shares of common stock at $16 per share. Shares opened at $36 and climbed on volume of 7.7 million to close at $42. Net proceeds to Maxygen totaled $102 million. The company said its proprietary MolecularBreeding directed molecular evolution technologies bring together advances in molecular biology and classical breeding while capitalizing on information generated by genomics research. One week after its IPO, Maxygen shares were being traded at over $68.