Dynavax Reports First Quarter 2012 Financial Results

BERKELEY, CA--(Marketwire - Apr 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

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.

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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