UPDATE 1-Maxygen to explore strategic options, cut 30 pct jobs

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Oct 22 (Reuters) - Biotechnology company Maxygen Inc (MAXY.O) said it would explore strategic options, plans to cut nearly 30 percent of its workforce and delay the late-stage manufacturing of its drug for a chemotherapy-induced blood disorder.

The company said it will reduce spending on the drug, MAXY-G34, by delaying the late-stage manufacturing until it identifies a partner who can share the costs.

Maxygen said it retained investment bank Lazard to assist it in exploring strategic options, including sale of assets.

The decision to reduce spending was based on the "uncertainty of partnering, the cash required for continuation of the program and the current financial environment," the company said in a statement.

Shares of the company closed at $3.27 Wednesday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore; Editing by Vinu Pilakkott)