BERKELEY, CA--(Marketwire - November 12, 2010) - Dynavax Technologies Corporation (NASDAQ: DVAX) reported that the Company's independent compensation committee approved the granting of equity awards to 11 new employees under the Company's 2010 Employment Inducement Award Plan ("the 2010 Plan") as a material inducement for each individual to become an employee of the Company. The employees were granted a total of 15 options to purchase an aggregate of 174,500 shares of the Company's common stock at an exercise price of $1.98 per share, the closing price of Dynavax common stock on the date of grant, and a total of two restricted stock unit awards covering 75,000 shares of the Company's common stock. Dynavax's Board of Directors adopted the 2010 Plan to grant equity awards as a material inducement to new employees. NASDAQ Marketplace Rule 5635(c)(4) requires a public announcement to be issued when awards are made under the 2010 Plan.
About Dynavax
Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious diseases. The Company's lead product candidate is HEPLISAV™, a Phase 3 investigational adult hepatitis B vaccine designed to enhance protection more rapidly and with fewer doses than current licensed vaccines. For more information visit www.dynavax.com.
Contact Information:
Contact:
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257