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


8/3/2012 9:43:35 AM

BERKELEY, CA--(Marketwire - August 01, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.

Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.

Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAV™.

General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known 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     Six Months Ended   
                                       June 30,              June 30,       
                                 --------------------  -------------------- 
                                    2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Collaboration revenue          $   1,623  $   6,363  $   2,552  $   6,729 
  Grant revenue                        882        890      1,969      1,779 
  Service and license revenue          179         16        513        505 
                                 ---------  ---------  ---------  --------- 
Total revenues                       2,684      7,269      5,034      9,013 
                                                                            
Operating expenses:                                                         
  Research and development          11,376     13,257     23,781     27,929 
  General and administrative         5,957      4,054     11,750      8,808 
  Amortization of intangible                                                
   assets                                -         54          -        299 
                                 ---------  ---------  ---------  --------- 
Total operating expenses            17,333     17,365     35,531     37,036 
                                 ---------  ---------  ---------  --------- 
                                                                            
Loss from operations               (14,649)   (10,096)   (30,497)   (28,023)
                                                                            
Interest income                         65         23        117         56 
Interest expense                      (589)      (487)    (1,176)      (977)
Other income (expense)                  63        (75)       (59)      (157)
                                 ---------  ---------  ---------  --------- 
                                                                            
Net loss                         $ (15,110) $ (10,635) $ (31,615) $ (29,101)
                                 =========  =========  =========  ========= 
                                                                            
Basic and diluted net loss per                                              
 share                           $   (0.09) $   (0.09) $   (0.20) $   (0.25)
                                 =========  =========  =========  ========= 
                                                                            
Shares used to compute basic and                                            
 diluted net loss per share        167,697    117,864    161,564    116,801 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                                                                            
                      DYNAVAX TECHNOLOGIES CORPORATION                      
                         SELECTED BALANCE SHEET DATA                        
                               (In thousands)                               
                                 (Unaudited)                                
                                                                            
                                                    June 30,    December 31,
                                                      2012          2011    
                                                 ------------- -------------
Assets                                                                      
  Cash and cash equivalents and marketable                                  
   securities                                    $     160,199 $     113,961
  Property and equipment, net                            6,833         6,163
  Goodwill                                               2,356         2,312
  Other assets                                           6,507        11,666
                                                 ------------- -------------
Total assets                                     $     175,895 $     134,102
                                                 ============= =============
                                                                            
Liabilities and stockholders' equity                                        
  Accounts payable                               $       1,155 $       2,040
  Accrued liabilities                                    7,956         8,776
  Current portion of deferred revenue                    2,859         4,210
  Non-current portion of deferred revenue                5,312         6,386
  Short-term note payable to Holdings                   13,905        12,810
  Stockholders' equity                                 144,708        99,880
                                                 ------------- -------------
Total liabilities and stockholders' equity       $     175,895 $     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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