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8-K - DYNAVAX REPORTS SECOND QUARTER 2012 FINANCIAL RESULTS - DYNAVAX TECHNOLOGIES CORP | rrd352096.htm |
Dynavax Technologies
2929 Seventh Street, Suite 100
Berkeley, CA 94710
Contacts: |
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Jennifer Lew |
Michael Ostrach |
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Vice President, Finance |
Vice President and Chief Business Officer |
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510-665-7217 |
510-665-7257 |
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jlew@dynavax.com |
mostrach@dynavax.com |
DYNAVAX REPORTS SECOND QUARTER 2012 FINANCIAL RESULTS
BERKELEY, CA - August 1, 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 HEPLISAVTM.
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 June 30, |
Six Months Ended June 30, |
|||||
|
2012 |
2011 |
2012 |
2011 |
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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 |
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