N@N

FRAMINGHAM, Mass.--([ BUSINESS WIRE ])--p-Value Capital Management, LLC today issued a notice to the fellow shareholders of Myrexis, Inc. (Nasdaq: MYRX) (the aCompanya) that it will withhold votes from the Companyas nominees for the Board of Directors at the annual meeting of stockholders scheduled for December 8, 2011.

Selecting aWITHHOLDa on the proxy ballot causes a shareholderas shares to not be counted in favor of a Director nominee. There is no slate of nominees other than those proposed for re-election by the Company and withholding votes will not result in any of the proposed Director candidates failing to be re-elected to the Board. However, p-Value believes this action should send an important signal to the entire Board of Myrexis about the continuing inability of the Company to create value and their failure to adequately protect the interests of the shareholders.

Since the Companyas spinout in June 2009, p-Value believes Myrexis has:

• Spent over $80 million of cash, with no success to show for it;
• Subjected shareholders to over $60 million of additional losses through the near 50% fall in the share price, from $5 to the recent less than $2.60;
• Terminated its lead programs, including the HIV program touted at the spinout and Azixa, and recently released disappointing data for the MPC-3100 program;
• Failed to partner any programs, despite an oft-stated focus on these efforts;
• Failed to adequately control cash spend, even taking into account the most recent headcount and cost reductions.

In p-Valueas opinion, Myrexis is still stunningly oversized for a company of its stage. The Company has demonstrated no ability to succeed in drug development, yet it still has 60 employees and is on track to spend over $25 million in cash in 2012 on its next set of early stage programs. The Board seemingly continues to endorse this folly.

p-Value has previously communicated these concerns to the Companyas Board. Specifically, p-Value believes that Myrexis should:

• Take much more drastic action to cut costs and cash burn. p-Value has substantial experience operating early stage development companies and believes Myrexis could operate with less than 50% of the employees it has now;
• Cease spending on all development activities other than the Cancer Metabolism Inhibitor program unless a strong rationale can be found for continuing work on MPC-3100;
• Publicly announce the engagement of an investment bank to review strategic alternatives and pursue the sale of the Company; and
• If no other promising alternatives are identified, take prompt action to wind up operations of the Company and return capital to the shareholders, rather than continue to endure future failures and spending that will inexorably drive the share price down further. If done soon, p-Value believes the cash return could significantly exceed the current share price.

p-Value believes that the management and Board of Myrexis have not done enough to earn the support or trust of the shareholders. p-Value believes it is critical that the shareholders of Myrexis take action to prevent the Company from following the path of wasteful spending and shareholder value destruction that has been taken all too often by companies in similar situations.

p-Value intends to consider all options for further action to protect our interests as shareholders. In the interim, p-Value will WITHHOLD its votes from the Companyas nominees as an initial step.

Shareholders have the right to vote their shares until the day of the meeting, December 8. Even if you have already voted your shares, you can change your proxy. Shareholders who have questions about p-Valueas view of the Company or the voting process are encouraged to contact: Ben Palleiko, Managing Member, p-Value Capital Management, LLC at 617.649.2005 or by email at: [ ben@pvaluecapital.com ].