Dynavax Technologies Corporation
Apr 27, 2012

Dynavax Reports First Quarter 2012 Financial Results

BERKELEY, CA -- (Marketwire) -- 04/27/12 -- Dynavax Technologies Corporation (NASDAQ: DVAX) 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.

- tables to follow -


                      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

                                                 ============= =============

Contacts:

Jennifer Lew

Vice President, Finance

510-665-7217

Email Contact



Michael Ostrach

Vice President and Chief Business Officer

510-665-7257

Email Contact



Source: Dynavax Technologies

News Provided by Acquire Media