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Delaware
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33-0728374
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The information with respect to item 2.02 in this current report and its accompanying exhibit shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this current report and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Dynavax, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
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Dynavax Technologies Corporation
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Date: April 30, 2012
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By:
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/s/ Jennifer Lew
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Jennifer Lew
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Vice President, Finance
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Exhibit No.
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Description
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EX-99.1
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Press Release, dated April 27, 2012 titled "Dynavax Reports First Quarter 2012 Financial Results"
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Exhibit 99.1
2929 Seventh Street, Suite 100
Berkeley, CA 94710
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Contacts: |
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Jennifer Lew |
Michael Ostrach |
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Vice President, Finance |
Vice President and Chief Business Officer |
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510-665-7217 |
510-665-7257 |
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jlew@dynavax.com |
mostrach@dynavax.com |
DYNAVAX REPORTS FIRST QUARTER 2012 FINANCIAL RESULTS
BERKELEY, CA - April 27, 2012 - 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
HEPLISAVTM 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)
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Three Months Ended March 31, |
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2012 |
2011 |
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Revenues: |
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Collaboration revenue |
$ 929 |
$ 366 |
Grant revenue |
1,087 |
889 |
Service and license revenue |
334 |
489 |
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Total revenues |
2,350 |
1,744 |
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Operating expenses: |
|
|
Research and development |
12,405 |
14,672 |
General and administrative |
5,793 |
4,754 |
Amortization of intangible assets |
- |
245 |
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Total operating expenses |
18,198 |
19,671 |
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Loss from operations |
(15,848) |
(17,927) |
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Interest income |
52 |
33 |
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Interest expense |
(587) |
(490) |
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Other expense |
(122) |
(82) |
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Net loss |
$ (16,505) |
$ (18,466) |
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Basic and diluted net loss per share |
$ (0.11) |
$ (0.16) |
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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)
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March 31, |
December 31, |
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|
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2012 |
2011 |
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Assets |
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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 |
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Total assets |
$ 120,676 |
$ 134,102 |
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Liabilities and stockholders' equity |
|
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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 |
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Total liabilities and stockholders' equity |
$ 120,676 |
$ 134,102 |
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