News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Dynavax Technologies Corporation (DVAX) Reports Third Quarter 2013 Financial Results



11/8/2013 9:19:27 AM

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

BERKELEY, CA--(Marketwired - November 07, 2013) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2013. The Company had $76.5 million in cash, cash equivalents and marketable securities as of September 30, 2013, compared to $125.1 million at December 31, 2012.

For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.

General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.

Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.

On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.

About Dynavax

Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.

                                                                            
                      DYNAVAX TECHNOLOGIES CORPORATION                      
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                            
                                  Three Months Ended     Nine Months Ended  
                                     September 30,         September 30,    
                                 --------------------  -------------------- 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Collaboration revenue          $   1,110  $   1,050  $   3,349  $   3,602 
  Grant revenue                      1,700      1,219      3,855      3,188 
                                                                            
  Service and license revenue          117        605      1,200      1,118 
                                 ---------  ---------  ---------  --------- 
Total revenues                       2,927      2,874      8,404      7,908 
                                                                            
Operating expenses:                                                         
  Research and development          11,770     12,850     38,739     36,631 
                                                                            
  General and administrative         5,807      7,121     22,243     18,871 
  Unoccupied facility expense          918         --        918         -- 
                                 ---------  ---------  ---------  --------- 
Total operating expenses            18,495     19,971     61,900     55,502 
                                 ---------  ---------  ---------  --------- 
                                                                            
Loss from operations               (15,568)   (17,097)   (53,496)   (47,594)
                                                                            
Interest income                         37         91        163        208 
Interest expense                       (24)      (589)       (83)    (1,765)
Other income (expense)                (120)      (196)      (248)      (255)
                                 ---------  ---------  ---------  --------- 
                                                                            
Net loss                         $ (15,675) $ (17,791) $ (53,664) $ (49,406)
                                 =========  =========  =========  ========= 
                                                                            
Basic and diluted net loss per                                              
 share                           $   (0.09) $   (0.10) $   (0.29) $   (0.30)
                                 =========  =========  =========  ========= 
                                                                            
Shares used to compute basic and                                            
 diluted net loss per share        183,022    177,870    182,960    167,039 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                      DYNAVAX TECHNOLOGIES CORPORATION                      
                  SELECTED CONSOLIDATED BALANCE SHEET DATA                  
                               (In thousands)                               
                                 (Unaudited)                                
                                                                            
                                                 September 30,  December 31,
                                                      2013          2012    
                                                 ------------- -------------
Assets                                                                      
  Cash, cash equivalents and marketable                                     
   securities                                    $      76,474 $     125,130
  Property and equipment, net                            8,454         7,965
  Goodwill                                               2,532         2,475
  Other assets                                           4,238         4,182
                                                 ------------- -------------
Total assets                                     $      91,698 $     139,752
                                                 ============= =============
                                                                            
Liabilities and stockholders'equity                                         
  Deferred revenues                              $       8,877 $      12,068
  Other liabilities                                     10,425        12,858
                                                 ------------- -------------
  Total liabilities                                     19,302        24,926
  Stockholders' equity                                  72,396       114,826
                                                 ------------- -------------
Total liabilities and stockholders' equity       $      91,698 $     139,752
                                                 ============= =============
                                                                            

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



Help employers find you! Check out all the jobs and post your resume.



comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES