BERKELEY, CA -- (Marketwired) -- 11/07/13 --
Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2013. The Company had $76.5 million in cash, cash equivalents and marketable securities as of September 30, 2013, compared to $125.1 million at December 31, 2012.
For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.
General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.
Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.
On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.
About Dynavax
Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.
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| DYNAVAX TECHNOLOGIES CORPORATION |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (In thousands, except per share amounts) |
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| (Unaudited) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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| Revenues: |
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Collaboration revenue |
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$ |
1,110 |
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|
$ |
1,050 |
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$ |
3,349 |
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|
$ |
3,602 |
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Grant revenue |
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1,700 |
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1,219 |
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3,855 |
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3,188 |
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Service and license revenue |
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117 |
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|
605 |
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|
1,200 |
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|
1,118 |
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| Total revenues |
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2,927 |
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|
2,874 |
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8,404 |
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7,908 |
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| Operating expenses: |
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Research and development |
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11,770 |
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12,850 |
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38,739 |
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36,631 |
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General and administrative |
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5,807 |
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7,121 |
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22,243 |
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18,871 |
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Unoccupied facility expense |
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|
918 |
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-- |
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|
918 |
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-- |
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| Total operating expenses |
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18,495 |
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19,971 |
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61,900 |
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55,502 |
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| Loss from operations |
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(15,568 |
) |
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(17,097 |
) |
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(53,496 |
) |
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(47,594 |
) |
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| Interest income |
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37 |
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|
91 |
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|
163 |
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|
208 |
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| Interest expense |
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(24 |
) |
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(589 |
) |
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(83 |
) |
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(1,765 |
) |
| Other income (expense) |
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|
(120 |
) |
|
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(196 |
) |
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(248 |
) |
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(255 |
) |
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| Net loss |
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$ |
(15,675 |
) |
|
$ |
(17,791 |
) |
|
$ |
(53,664 |
) |
|
$ |
(49,406 |
) |
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| Basic and diluted net loss per share |
|
$ |
(0.09 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.30 |
) |
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| Shares used to compute basic and diluted net loss per share |
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183,022 |
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|
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177,870 |
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|
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182,960 |
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|
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167,039 |
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| DYNAVAX TECHNOLOGIES CORPORATION |
| SELECTED CONSOLIDATED BALANCE SHEET DATA |
| (In thousands) |
| (Unaudited) |
| |
| |
|
September 30, |
|
December 31, |
| |
|
2013 |
|
2012 |
| Assets |
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|
|
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Cash, cash equivalents and marketable securities |
|
$ |
76,474 |
|
$ |
125,130 |
| |
Property and equipment, net |
|
|
8,454 |
|
|
7,965 |
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Goodwill |
|
|
2,532 |
|
|
2,475 |
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Other assets |
|
|
4,238 |
|
|
4,182 |
| Total assets |
|
$ |
91,698 |
|
$ |
139,752 |
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| Liabilities and stockholders'equity |
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Deferred revenues |
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$ |
8,877 |
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$ |
12,068 |
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Other liabilities |
|
|
10,425 |
|
|
12,858 |
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Total liabilities |
|
|
19,302 |
|
|
24,926 |
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Stockholders' equity |
|
|
72,396 |
|
|
114,826 |
| Total liabilities and stockholders' equity |
|
$ |
91,698 |
|
$ |
139,752 |
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Contacts:
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact
Source: Dynavax Technologies
News Provided by Acquire Media
