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Dynavax Reports Fourth Quarter and Year End 2011 Financial Results

BERKELEY, CA -- (MARKET WIRE) -- 03/06/12 -- Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2011.

Dynavax reported $114 million in cash, cash equivalents and marketable securities, cumulatively referred to as total cash, at December 31, 2011. This compared to $72.2 million at December 31, 2010. Total cash at the end of 2011 included $64.5 million in net proceeds from a public offering completed in November 2011. Subsequent to the year end, the Company received $8.6 million in milestone payments from its collaboration partners, GlaxoSmithKline and AstraZeneca.

Total revenues were $11.4 million for the fourth quarter 2011, compared to $1.8 million for the fourth quarter 2010. Total revenues were $21.6 million for the year ended December 31, 2011, compared to $24.0 million for the same period of 2010. The increase in total revenues for the fourth quarter resulted from milestones achieved under the Company's partnered development programs. The decline in total revenues for the year was primarily due to the recognition during 2010 of deferred revenue.

Total operating expenses were $16.2 million for the fourth quarter 2011, compared to $17.4 million for the fourth quarter 2010. Total operating expenses were $69.2 million for the year ended December 31, 2011, compared to $71.5 million for the same period of 2010. The decrease in total operating expenses for the fourth quarter and full year was primarily related to lower clinical trial expenses for HEPLISAV™ following the completion of a pivotal phase 3 study.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist 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 higher 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        Years Ended

                                     December 31,          December 31,

                                 --------------------  --------------------

                                    2011       2010       2011       2010

                                 ---------  ---------  ---------  ---------

Revenues:

  Collaboration revenue          $  10,092  $     371  $  17,190  $  19,535

  Grant revenue                        673      1,243      3,110      3,940

  Service and license revenue          662        152      1,314        475

                                 ---------  ---------  ---------  ---------

Total revenues                      11,427      1,766     21,614     23,950



Operating expenses:

  Research and development          11,616     12,951     51,322     53,680

  General and administrative         4,545      4,185     17,570     16,879

  Amortization of intangible

   assets                                -        245        299        980

                                 ---------  ---------  ---------  ---------

Total operating expenses            16,161     17,381     69,191     71,539

                                 ---------  ---------  ---------  ---------



Loss from operations                (4,734)   (15,615)   (47,577)   (47,589)



Interest income                         29         32        103         85

Interest expense                      (495)      (425)    (1,957)    (1,654)

Other income (expense)                 933        886        834     (8,150)

                                 ---------  ---------  ---------  ---------



Net loss                         $  (4,267) $ (15,122) $ (48,597) $ (57,308)

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



Basic and diluted net loss per

 share                           $   (0.03) $   (0.14) $   (0.39) $   (0.69)

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



Shares used to compute basic and

 diluted net loss per share        142,482    106,035    125,101     82,463

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







                      DYNAVAX TECHNOLOGIES CORPORATION

                  SELECTED CONSOLIDATED BALANCE SHEET DATA

                               (In thousands)

                                 (Unaudited)



                                                   December 31, December 31,

                                                       2011         2010

                                                   ------------ ------------

Assets

  Cash, cash equivalents and marketable securities $    113,961 $     72,154

  Property and equipment, net                             6,163        6,404

  Goodwill                                                2,312        2,312

  Other intangible assets, net                                -          299

  Other assets                                           11,666        3,080

                                                   ------------ ------------

Total assets                                       $    134,102 $     84,249

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



Liabilities and stockholders'equity

  Accounts payable                                 $      2,040 $      2,329

  Accrued and other liabilities                           8,776       10,943

  Current portion of deferred revenue                     4,210        1,429

  Noncurrent portion of deferred revenue                  6,386        5,655

  Note payable to Holdings                               12,810       10,939

  Long-term contingent liability to Holdings                  -          843

  Stockholders' equity                                   99,880       52,111

                                                   ------------ ------------

Total liabilities and stockholders' equity         $    134,102 $     84,249

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



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

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