Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - DYNAVAX TECHNOLOGIES CORP | d8k.htm |
| EX-99.2 - PRESS RELEASE, DYNAVAX PHASE 3 DEMONSTRATES SUPERIORITY AND SAFETY - DYNAVAX TECHNOLOGIES CORP | dex992.htm |
Exhibit 99.1
| ||
| 2929 Seventh Street, Suite 100 | ||
| Berkeley, CA 94710 | ||
| Contacts: | ||
| Jennifer Lew | Michael Ostrach | |
| Vice President, Finance | Vice President and Chief Business Officer | |
| 510-665-7217 | 510-665-7257 | |
| jlew@dynavax.com | mostrach@dynavax.com | |
DYNAVAX REPORTS SECOND QUARTER 2011 FINANCIAL RESULTS
BERKELEY, CA – July 20, 2011 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2011. Cash, cash equivalents and marketable securities were $61.7 million at June 30, 2011, compared to $53.2 million at March 31, 2011 and $72.2 million at December 31, 2010. During the second quarter, the Company raised approximately $18.7 million through its At-the-Market common stock purchase agreement with Aspire Capital and received a $6 million milestone payment from GlaxoSmithKline from the initiation of a Phase 1 trial in the partnered lupus program.
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 HEPLISAVTM, a Phase 3 investigational adult hepatitis B vaccine designed to provide rapid and superior protection with fewer doses than current licensed vaccines. For more information visit www.dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Collaboration revenue |
$ | 6,363 | $ | 1,341 | $ | 6,729 | $ | 8,762 | ||||||||
| Grant revenue |
890 | 617 | 1,779 | 1,479 | ||||||||||||
| Service and license revenue |
16 | 233 | 505 | 294 | ||||||||||||
| Total revenues |
7,269 | 2,191 | 9,013 | 10,535 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Research and development |
13,257 | 14,045 | 27,929 | 26,525 | ||||||||||||
| General and administrative |
4,054 | 4,173 | 8,808 | 8,743 | ||||||||||||
| Amortization of intangible assets |
54 | 245 | 299 | 490 | ||||||||||||
| Total operating expenses |
17,365 | 18,463 | 37,036 | 35,758 | ||||||||||||
| Loss from operations |
(10,096 | ) | (16,272 | ) | (28,023 | ) | (25,223 | ) | ||||||||
| Interest income |
23 | 39 | 56 | 41 | ||||||||||||
| Interest expense |
(487 | ) | (431 | ) | (977 | ) | (830 | ) | ||||||||
| Other expense |
(75 | ) | (11,340 | ) | (157 | ) | (11,176 | ) | ||||||||
| Net loss |
$ | (10,635 | ) | $ | (28,004 | ) | $ | (29,101 | ) | $ | (37,188 | ) | ||||
| Basic and diluted net loss per share |
$ | (0.09 | ) | $ | (0.34 | ) | $ | (0.25 | ) | $ | (0.54 | ) | ||||
| Shares used to compute basic and diluted net loss per share |
117,864 | 82,012 | 116,801 | 68,264 | ||||||||||||
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DYNAVAX TECHNOLOGIES CORPORATION
RECONCILIATION OF GAAP OPERATING EXPENSES TO PRO FORMA OPERATING
EXPENSES
(In thousands)
(Unaudited)
| Three Months
Ended June 30, |
Six Months
Ended June 30, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| GAAP operating expenses |
$ | 17,365 | $ | 18,463 | $ | 37,036 | $ | 35,758 | ||||||||
| LESS: Stock-based compensation expense |
1,167 | 425 | 2,647 | 966 | ||||||||||||
| Amortization of intangible assets |
54 | 245 | 299 | 490 | ||||||||||||
| Pro forma operating expenses(1) |
$ | 16,144 | $ | 17,793 | $ | 34,090 | $ | 34,302 | ||||||||
| (1) | These pro forma amounts are intended to illustrate the Company’s operating expenses excluding certain non-cash charges in accordance with the financial statements that management uses to evaluate the Company’s operations. These pro forma results are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from pro forma measures used by other companies. |
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
| June 30, 2011 |
December 31, 2010 |
|||||||
| Assets |
||||||||
| Cash and cash equivalents and marketable securities |
$ | 61,724 | $ | 72,154 | ||||
| Property and equipment, net |
6,570 | 6,404 | ||||||
| Goodwill |
2,312 | 2,312 | ||||||
| Other intangible assets, net |
— | 299 | ||||||
| Other assets |
3,824 | 3,080 | ||||||
| Total assets |
$ | 74,430 | $ | 84,249 | ||||
| Liabilities and stockholders’ equity |
||||||||
| Accounts payable |
$ | 1,742 | $ | 2,329 | ||||
| Accrued liabilities |
7,755 | 10,943 | ||||||
| Current portion of deferred revenue |
1,429 | 1,429 | ||||||
| Noncurrent portion of deferred revenue |
4,940 | 5,655 | ||||||
| Long-term note payable to Holdings |
11,874 | 10,939 | ||||||
| Long-term contingent liability to Holdings |
860 | 843 | ||||||
| Total stockholders’ equity |
45,830 | 52,111 | ||||||
| Total liabilities and stockholders’ equity |
$ | 74,430 | $ | 84,249 | ||||
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