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



11/1/2012 12:45:12 PM

BERKELEY, CA--(Marketwire - November 01, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2012. The Company had $148.3 million in cash, cash equivalents and marketable securities as of September 30, 2012.

Total revenues for the quarter ended September 30, 2012 were $2.9 million compared to $1.2 million for the quarter ended September 30, 2011, due primarily to higher collaboration and grant revenue recognized as a result of research and development reimbursable under Dynavax's partnerships with AstraZeneca and the National Institute of Allergy and Infectious Diseases.

Research and development expenses for the quarter ended September 30, 2012 were $12.9 million compared to $11.8 million for the quarter ended September 30, 2011. Increased research and development expenses in the third quarter of 2012 were primarily attributed to manufacturing and regulatory activities for HEPLISAV™.

General and administrative expenses for the quarter ended September 30, 2012 were $7.1 million compared to $4.2 million for the quarter ended September 30, 2011. General and administrative expenses increased primarily due to growth in the organization and activities to prepare for and support the commercial launch of HEPLISAV in the United States.

Recent Developments

Dynavax reported the following recent developments:

  • In June 2012, we reported that the FDA has established February 24, 2013, as the Prescription Drug User Fee Act (PDUFA) action date for our HEPLISAV Biologics License Application, pursuing an indication for immunization against infection caused by all known subtypes of hepatitis B virus in adults 18 through 70 years of age. In August 2012, the FDA informed the Company that its Vaccines and Related Biological Advisory Committee is scheduled to discuss HEPLISAV at its meeting on November 15, 2012.

  • In July 2012, the American Medical Association Current Procedural Terminology (CPT) Panel established a CPT code for an adult two dose hepatitis B vaccination schedule. CPT codes are designed to communicate uniform information about medical services and procedures among physicians and payers for administrative and financial purposes. If approved, HEPLISAV will be reported using the new two dose code, differentiating it from a three dose hepatitis B vaccine schedule.

  • In July 2012, we filed a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) for HEPLISAV for use in adults 18 through 70 years of age and in patients with chronic kidney disease. The Company was subsequently notified in August 2012 by the EMA that its MAA was accepted for review. The EMA is a European Union agency responsible for the evaluation of medicinal products that allows companies to submit a single application for marketing authorization in all European Union and European Economic Area European Free Trade Association states.

  • In October 2012, we and AstraZeneca agreed to advance AZD1419, a proprietary second generation TLR-9 agonist for asthma, towards a Phase 1 clinical trial, which entitles us to a development milestone payment of $6 million.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine for which U.S. and European licensure applications have been accepted for review by the FDA and EMA. 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 higher 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 Nine Months Ended September 30, September 30, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- --------- Revenues: Collaboration revenue $ 1,050 $ 369 $ 3,602 $ 7,098 Grant revenue 1,219 658 3,188 2,437 Service and license revenue 605 147 1,118 652 --------- --------- --------- --------- Total revenues 2,874 1,174 7,908 10,187 Operating expenses: Research and development 12,850 11,777 36,631 39,706 General and administrative 7,121 4,217 18,871 13,025 Amortization of intangible assets - - - 299 --------- --------- --------- --------- Total operating expenses 19,971 15,994 55,502 53,030 --------- --------- --------- --------- Loss from operations (17,097) (14,820) (47,594) (42,843) Interest income 91 18 208 74 Interest expense (589) (485) (1,765) (1,462) Other income (expense) (196) 58 (255) (99) --------- --------- --------- --------- Net loss $ (17,791) $ (15,229) $ (49,406) $ (44,330) ========= ========= ========= ========= Basic and diluted net loss per share $ (0.10) $ (0.12) $ (0.30) $ (0.37) ========= ========= ========= ========= Shares used to compute basic and diluted net loss per share 177,870 124,069 167,039 119,244 ========= ========= ========= ========= DYNAVAX TECHNOLOGIES CORPORATION SELECTED BALANCE SHEET DATA (In thousands) (Unaudited) September 30, December 31, 2012 2011 ------------- ------------- Assets Cash and cash equivalents and marketable securities $ 148,279 $ 113,961 Property and equipment, net 6,948 6,163 Goodwill 2,408 2,312 Other assets 7,187 11,666 ------------- ------------- Total assets $ 164,822 $ 134,102 ============= ============= Liabilities and stockholders' equity Deferred revenues $ 8,947 $ 10,596 Short-term note payable 14,452 12,810 Other liabilities 11,365 10,816 ------------- ------------- Total liabilities 34,764 34,222 Stockholders' equity 130,058 99,880 ------------- ------------- Total liabilities and stockholders' equity $ 164,822 $ 134,102 ============= =============


Contacts:
Cris Larson
Chief Financial Officer
510-665-7222
Email Contact

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


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