REDWOOD CITY, Calif.--Maxygen announced that it has signed a Cooperative Research and Development Agreement with the US National Cancer Institute for pharmaceutical protein development. In the three-year deal, the company will apply its MolecularBreed-ing directed evolution technologies to the development of novel protein pharmaceuticals for cancer treatments. NCI will provide expertise in characterizing and evaluating the proteins for therapeutic potential. The specific target proteins and indications were not disclosed.
Separately, Maxygen filed with the US Securities and Exchange Commission to sell 1.5 million shares of common stock in what will be its second public offering. Maxygen went public last December with an offering of 6.9 million shares at $16 each, resulting in net proceeds of $102 million.