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Dynavax Announces Closing of Common Stock Offering Under Shelf Registration Statement

BERKELEY, Calif., Oct. 14 /PRNewswire-FirstCall/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today announced the closing of its underwritten public offering of 5,000,000 shares of its common stock at a price of $6.25 per share. The offering was made under the company's existing shelf registration statement and resulted in net proceeds to the company of approximately $29.4 million, after payment of underwriting discounts and commissions, but excluding estimated offering expenses. Dynavax has also granted the underwriters an option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

Bear, Stearns & Co. Inc. was lead manager for the offering, with CIBC World Markets Corp. and Pacific Growth Equities, LLC acting as co-managers. Copies of the final prospectus relating to the offering may be obtained from Bear, Stearns & Co. Inc. c/o Prospectus Department, 383 Madison Avenue, New York, New York 10179, 631-274-8321.

About Dynavax

Dynavax Technologies Corporation discovers, develops, and intends to commercialize innovative products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using versatile, proprietary approaches that alter immune system responses in highly specific ways. Our clinical development programs are based on immunostimulatory sequences, or ISS, which are short DNA sequences that enhance the ability of the immune system to fight disease and control chronic inflammation. Dynavax's pipeline includes: TOLAMBA™, a ragweed allergy immunotherapeutic, currently in a large-scale Phase 2b clinical trial, and in a supportive clinical trial in ragweed allergic children; HEPLISAV™, a hepatitis B vaccine that is currently in a pivotal Phase 3 clinical trial; a cancer therapy currently in a Phase 2 clinical trial; and an asthma immunotherapeutic that has shown preliminary safety and pharmacology in a Phase 2a clinical trial.

Forward-Looking Statements

Dynavax cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements, including without limitation statements related to the clinical progress of the Company's TOLAMBA and HEPLISAV programs, statements concerning the company's other clinical programs, and statements about the company's ability to demonstrate the potential of its ISS technology. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "slated," "goal" and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Dynavax that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent to completing the offering and risks related to Dynavax's business including, without limitation, the progress and timing of clinical trials for the company's other products in development; difficulties or delays in developing, testing, obtaining regulatory approval of, producing and marketing its Hepatitis B vaccine and other products; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; its ability to obtain additional financing to support its operations; its ability to maintain effective financial planning and internal controls; and other risks detailed in the "Risk Factors" sections of Dynavax's Annual Report on Form 10-K filed on March 18, 2005 and Dynavax's quarterly report on Form 10-Q filed on August 9, 2005. You are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date hereof. All forward- looking statements are qualified in their entirety by this cautionary statement and Dynavax undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

SOURCE Dynavax Technologies Corporation
10/14/2005
CONTACT: Jane M. Green, PhD, Vice President, Corporate Communications of Dynavax Technologies Corporation, +1-510-665-4630, jgreen@dvax.com
Web site: http://www.dynavax.com
(DVAX)


10/14/2005 12:01 EDT http://www.prnewswire.com

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