Maxygen, Inc. (Nasdaq:MAXY) announced that its Board of Directors has approved an increase to the company's current stock repurchase program from $10.0 million to $20.0 million. The repurchase program expires on December 31, 2011. Since December 2009, Maxygen has repurchased approximately 11.7 million shares of its common stock at an aggregate cost of approximately $63.5 million, including approximately 1.7 million shares repurchased under the current repurchase program since June 2011 at an aggregate cost of approximately $9.5 million.

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