Myrexis Announces Corporate Reorganization to Focus on Development Objectives

Myrexis, Inc. MYRX, today announced a corporate reorganization to realign the Company's resources with its development strategy and clinical initiatives following the suspension of further development of Azixa. The reorganization includes an immediate reduction in the Company's workforce by 15 employees, or approximately 20%, and follows a 41% reduction earlier this year. As a result of the current reorganization, the Company estimates it will generate annual expense savings of approximately $1.8 million. The Company will record one-time severance costs of approximately $0.6 million, which will be recorded in the second fiscal quarter ending December 31, 2011.