Dynavax Reports First Quarter 2012 Financial Results

Marketwired

BERKELEY, CA--(Marketwire -04/27/12)- Dynavax Technologies Corporation (DVAX - News) today reported financial results for the first quarter ended March 31, 2012, including $106.9 million in cash, cash equivalents and marketable securities at March 31, 2012. This compared to $114 million at December 31, 2011. Total cash for the first quarter of 2012 included $8.6 million in milestone payments from Dynavax's collaborative partners.

Total revenues were $2.4 million for the first quarter 2012, an increase over the $1.7 million reported for the first quarter of 2011 due primarily to the recognition of collaboration revenue under the Company's partnership with AstraZeneca.

Total operating expenses of $18.2 million for the first quarter 2012 decreased from the $19.7 million reported for the first quarter of 2011, resulting primarily from the completion of certain clinical activities for HEPLISAV.

Net loss for the first quarter 2012 of $16.5 million improved from the loss of $18.5 million reported for the same period in 2011.

About HEPLISAV

HEPLISAV™ is an investigational adult hepatitis B vaccine. In earlier Phase 3 trials, HEPLISAV demonstrated increased, rapid protection with fewer doses than current licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known as 1018 ISS to enhance the immune response.

About Dynavax

Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine designed to provide rapid and earlier protection with fewer doses than currently licensed vaccines. For more information visit www.dynavax.com.

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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
March 31,
--------------------
2012 2011
--------- ---------
Revenues:
Collaboration revenue $ 929 $ 366
Grant revenue 1,087 889
Service and license revenue 334 489
--------- ---------
Total revenues 2,350 1,744

Operating expenses:
Research and development 12,405 14,672
General and administrative 5,793 4,754
Amortization of intangible assets - 245
--------- ---------
Total operating expenses 18,198 19,671
--------- ---------

Loss from operations (15,848) (17,927)

Interest income 52 33
Interest expense (587) (490)
Other expense (122) (82)
--------- ---------

Net loss $ (16,505) $ (18,466)
========= =========

Basic and diluted net loss per share $ (0.11) $ (0.16)
========= =========

Shares used to compute basic and diluted net loss per
share 155,431 115,726
========= =========


DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)

March 31, December 31,
2012 2011
------------- -------------
Assets
Cash and cash equivalents and marketable
securities $ 106,881 $ 113,961
Property and equipment, net 6,962 6,163
Goodwill 2,498 2,312
Other assets 4,335 11,666
------------- -------------
Total assets $ 120,676 $ 134,102
============= =============

Liabilities and stockholders'equity
Accounts payable $ 2,358 $ 2,040
Accrued liabilities 6,932 8,776
Current portion of deferred revenue 3,801 4,210
Non-current portion of deferred revenue 5,849 6,386
Short-term note payable to Holdings 13,357 12,810
Stockholders' equity 88,379 99,880
------------- -------------
Total liabilities and stockholders' equity $ 120,676 $ 134,102
============= =============
Contact:

Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact

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