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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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