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Dynavax Technologies Corporation (DVAX) Reports First Quarter 2012 Financial Results



4/30/2012 8:40:05 AM

BERKELEY, CA--(Marketwire - 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

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.

- tables to follow -

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


Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact

Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact


Read at BioSpace.com


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