Attached files
| file | filename |
|---|---|
| 8-K - 8-K - DYNAVAX TECHNOLOGIES CORP | rrd343262.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 FIRST QUARTER 2012 FINANCIAL RESULTS
BERKELEY, CA - April 27, 2012 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2012, including $106.9 million in cash, cash equivalents and marketable securities at March 31, 2012. This compared to $114 million at December 31, 2011. Total cash for the first quarter of 2012 included $8.6 million in milestone payments from Dynavax's collaborative partners.
Total revenues were $2.4 million for the first quarter 2012, an increase over the $1.7 million reported for the first quarter of 2011 due primarily to the recognition of collaboration revenue under the Company's partnership with AstraZeneca.
Total operating expenses of $18.2 million for the first quarter 2012 decreased from the $19.7 million reported for the first quarter of 2011, resulting primarily from the completion of certain clinical activities for HEPLISAV.
Net loss for the first quarter 2012 of $16.5 million improved from the loss of $18.5 million reported for the same period in 2011.
About HEPLISAV
HEPLISAVTM is an investigational adult hepatitis B vaccine. In earlier Phase 3 trials, HEPLISAV demonstrated increased, rapid protection with fewer doses than current licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known as 1018 ISS 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 March 31, |
||
|
|
2012 |
2011 |
|
Revenues: |
||
Collaboration revenue |
$ 929 |
$ 366 |
Grant revenue |
1,087 |
889 |
Service and license revenue |
334 |
489 |
|
Total revenues |
2,350 |
1,744 |
|
Operating expenses: |
|
|
Research and development |
12,405 |
14,672 |
General and administrative |
5,793 |
4,754 |
Amortization of intangible assets |
- |
245 |
|
Total operating expenses |
18,198 |
19,671 |
|
Loss from operations |
(15,848) |
(17,927) |
|
Interest income |
52 |
33 |
|
Interest expense |
(587) |
(490) |
|
Other expense |
(122) |
(82) |
|
Net loss |
$ (16,505) |
$ (18,466) |
|
Basic and diluted net loss per share |
$ (0.11) |
$ (0.16) |
|
Shares used to compute basic and diluted net loss per share |
155,431 |
115,726 |
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
|
March 31, |
December 31, |
|
|
|
2012 |
2011 |
|
Assets |
||
Cash and cash equivalents and marketable securities |
$ 106,881 |
$ 113,961 |
Property and equipment, net |
6,962 |
6,163 |
Goodwill |
2,498 |
2,312 |
Other assets |
4,335 |
11,666 |
|
Total assets |
$ 120,676 |
$ 134,102 |
|
Liabilities and stockholders' equity |
|
|
Accounts payable |
$ 2,358 |
$ 2,040 |
Accrued liabilities |
6,932 |
8,776 |
Current portion of deferred revenue |
3,801 |
4,210 |
Non-current portion of deferred revenue |
5,849 |
6,386 |
Short-term note payable to Holdings |
13,357 |
12,810 |
Stockholders' equity |
88,379 |
99,880 |
|
Total liabilities and stockholders' equity |
$ 120,676 |
$ 134,102 |
# # #