FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Rabson Michael	2. Issuer Name and Ticker or Trading Symbol Maxygen, Inc. (MAXY)		6. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Senior Vice President & General Counsel
(Last) (First) (Middle) c/o Maxygen, Inc. 515 Galveston Drive	3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)	4. Statement for Month/Day/Year 10/01/2002
(Street) Redwood City, CA 94063		5. If Amendment, Date of Original (Month/Day/Year)	7. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person
(City) (State) (Zip)	Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Trans- action Date (Month/ Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	3. Trans- action Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 & 5)			5. Amount of Securities Beneficially Owned Follow- ing Reported Transactions(s) (Instr. 3 & 4)	6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Trans- action Date (Month/ Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	Code	V	Amount	(A) or (D)	Price		6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								156,489⁽¹⁾	D
Common Stock								209,611⁽²⁾	I	⁽³⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

Employee Stock Option (right to buy)

$14.14

01/18/2002

22,054

⁽⁴⁾

01/17/12

Common Stock

22,054

Employee Stock Option (right to buy)

$12.44

04/01/02

22,054

⁽⁵⁾

03/31/12

Common Stock

22,054

Employee Stock Option (right to buy)

$10.51

07/01/02

22,054

⁽⁶⁾

06/30/12

Common Stock

22,054

Employee Stock Option (right to buy)

$6.74

10/01/02

22,054

⁽⁷⁾

09/30/12

Common Stock

22,054

163,216

Explanation of Responses:

(1) Since the reporting person's last report 209,100 shares previously held directly have been transferred to the Rabson/Moritz 1999 Family Trust, of which the reporting person is a trustee. Includes 1,911 shares acquired under the Maxygen, Inc. employee stock purchase plan on February 28, 2002.
(2) Includes 134 shares acquired under the Maxygen, Inc. 401(k) plan on June 30, 2001, 151 shares acquired under the Maxygen, Inc. 401(k) plan on December 31, 2001 and 226 shares acquired under the Maxygen, Inc. 401(k) plan on June 30, 2002.
(3) Consists of 209,100 shares held by the Rabson/Moritz 1999 Family Trust, of which the reporting person is a trustee and 511 shares held by the Maxygen, Inc. 401(k) plan.
(4) The option vests and is exercisable as to 1/4 of the underlying shares on January 1, 2003 and as to 1/48 of the underlying shares monthly thereafter beginning February 1, 2003.
(5) The option vests and is exercisable as to 1/4 of the underlying shares on January 1, 2003 and as to 1/48 of the underlying shares monthly thereafter beginning February 1, 2003.
(6) The option vests and is exercisable as to 1/4 of the underlying shares on January 1, 2003 and as to 1/48 of the underlying shares monthly thereafter beginning February 1, 2003.
(7) The option vests and is exercisable as to 1/4 of the underlying shares on January 1, 2003 and as to 1/48 of the underlying shares monthly thereafter beginning February 1, 2003.

By: /s/ Michael Rabson

**Signature of Reporting Person

10/01/02
Date

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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RABSON MICHAEL 4