BERKELEY, Calif., Mar 11, 2009 (BUSINESS WIRE) -- Dynavax Technologies Corporation (Nasdaq:DVAX) today announced an extension of the term of its research collaboration with its pharmaceutical partner AstraZeneca until July 2010. Under this collaboration, the companies are developing novel therapies for the treatment of asthma and chronic obstructive pulmonary disease (COPD). After nominating the first candidate drug AZD1419, expected to enter Phase 1 clinical development in the second half of 2009, Dynavax and AstraZeneca currently are working on a second candidate drug and this extension includes research funding for a third candidate drug.
The first candidate drug AZD1419 utilizes Dynavax's proprietary immunostimulatory sequences (ISS) technology and represents a new strategy for the treatment of allergic respiratory diseases such as asthma. This therapy is designed to modify the course of these diseases by changing the basic immune response to environmental allergens, such as house dust and pollens, leading to a prolonged reduction in asthma symptoms.
About the Collaboration
In September 2006, Dynavax and AstraZeneca entered into a potential $136 million research and license agreement to discover, develop, and commercialize novel therapies for the treatment of asthma and COPD. Dynavax's Toll-like Receptor 9 (TLR9) agonist products are based on its proprietary ISS, which are short DNA sequences that specifically target TLR9 to stimulate the innate immune response.
AstraZeneca is responsible for the development and worldwide commercialization of any products arising out of the research program. Dynavax is eligible to receive a total of $136 million in payments and, upon commercialization of these products, royalties based on product sales and the opportunity to co-promote in the United States.
Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops a diversified pipeline of novel Toll-like Receptor (TLR) based product candidates. Based on Dynavax's proprietary technologies, these products specifically modify the innate immune response to infectious, respiratory, autoimmune, and inflammatory diseases. Dynavax has partnerships with leading pharmaceutical companies such as GlaxoSmithKline, AstraZeneca, and Novartis as well as funding from Symphony Dynamo, Inc. and the National Institutes of Health. For more information visit www.dynavax.com.
Forward Looking Statements
This press release contains "forward-looking statements," including statements about planned initiation of clinical trials and the potential for ISS to treat respiratory diseases and for Dynavax to receive payments. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including the ability to successfully discover, develop, obtain regulatory approval and commercialize innovative ISS-based drug candidates to treat respiratory disease; the therapeutic potential of our ISS technology to treat asthma and COPD; the ability to continue the collaboration in effect and earn milestones under the agreement with AstraZeneca; difficulties or delays in developing, testing and manufacturing products to support clinical development plans; the scope and validity of patent protection for product candidates; competition from other companies working with ISS technologies and products; the ability to obtain additional financing to support operations; and other risks detailed in the "Risk Factors" section of our Annual Report on Form 10-K. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
AstraZeneca is a major international healthcare business engaged in the research, development, manufacturing and marketing of meaningful prescription medicines and supplier for healthcare services. AstraZeneca is one of the world's leading pharmaceutical companies with healthcare sales of US$ 31.6 billion and is a leader in gastrointestinal, cardiovascular, neuroscience, respiratory, oncology and infectious disease medicines. For more information about AstraZeneca, please visit: www.astrazeneca.com.
SOURCE: Dynavax Technologies Corporation
Amy Figueroa, 510-665-7211
Investor Relations and Corporate Communications
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