Maxygen, Inc. (MAXY)

I think that this is one of the few stocks which can't go down much from here ($5.5). Because - They have $5 in cash, Have stripped away essentially all their expenses by transferring their people to a joint venture and have curtailed their R&D. So what you end up with a small stream of revenue and interest in a number of technologies through JV's which the market currently values at six bits, Not a bad deal when you look at the terms of their latest JV and see that their partner in the JV, which along with Maxy kicked in $10M in cash, valued Maxy's techology at a about a $1 share based on the split. They also have other tecnologies where fees are possible and losses are not, Expect these guys to throw off a $4-$4.50 cash dividend as they don't appear to have any use for the cash now that they have restructured, I own MAXY in real life

MAXY is great value under $6. $220 market value with $180 million of cash, a joint venture with Astellas, MAXY G34, a potential $30 million milestone from Bayer plus 22% ownership in Codexis. In addition they have their Molecular Breeding technology and a grant funded vaccine program.. Russell really delivered value to shareholders before he left. I shall miss his fantastic australian accent.