Maxim Pharmaceuticals, Inc. (Nasdaq:MAXM)(SSE:MAXM) today announced results for the quarter ended December 31, 2004, the first quarter of the Company's 2005 fiscal year. The net loss applicable to common stock for the first quarter totaled $9.6 million, or $0.34 per share, compared to a loss applicable to common stock of $9.9 million, or $0.35 per share, for the same period of the prior year. The current quarter net loss primarily resulted from the Company's ongoing research, development and regulatory activities, as well as costs associated with the restructuring announced on October 18, 2004.

At December 31, 2004, the Company had cash, cash equivalents and investments totaling $40.5 million. Maxim used net cash of $11.6 million in its operations during the quarter ended December 31, 2004, compared to $10.6 million used in operations for the same period of the prior year.

Maxim Overview

Maxim Pharmaceuticals is a biopharmaceutical company with a pipeline of therapeutic candidates for life-threatening cancers and liver diseases. Maxim's research and development programs are designed to offer hope to patients by developing safe and effective therapeutic candidates that have the potential to extend survival while maintaining quality of life. Ceplene, Maxim's lead drug candidate, is an immune-modulator that reverses immune suppression and protects critical immune cells. Because Ceplene modifies basic immune functions, it has the potential to be used in a range of diseases. Additionally, Maxim is developing small-molecule apoptosis modulators for cancer, cardiovascular disease and degenerative diseases.

Ceplene and the apoptosis compounds are investigational drugs and have not been approved by the U.S. Food and Drug Administration or any international regulatory agency.