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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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