0001181431-12-026091.txt : 20120430 0001181431-12-026091.hdr.sgml : 20120430 20120427173627 ACCESSION NUMBER: 0001181431-12-026091 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120430 DATE AS OF CHANGE: 20120427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNAVAX TECHNOLOGIES CORP CENTRAL INDEX KEY: 0001029142 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 330728374 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34207 FILM NUMBER: 12791268 BUSINESS ADDRESS: STREET 1: 2929 SEVENTH STREET STREET 2: SUITE 100 CITY: BERKELEY STATE: CA ZIP: 94710 BUSINESS PHONE: 5108485100 MAIL ADDRESS: STREET 1: 2929 SEVENTH STREET STREET 2: SUITE 100 CITY: BERKELEY STATE: CA ZIP: 94710 8-K 1 rrd343262.htm 8-K Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  04/27/2012
 
Dynavax Technologies Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number:  001-34207
 
Delaware
  
33-0728374
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
2929 Seventh Street, Suite 100
Berkeley, CA 94710-2753
(Address of principal executive offices, including zip code)
 
(510) 848-5100
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
On April 27, 2012, Dynavax Technologies Corporation ("Dynavax") issued a press release announcing its financial results for the first quarter ended March 31, 2012. A copy of the press release is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.

The information with respect to item 2.02 in this current report and its accompanying exhibit shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this current report and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Dynavax, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 
 
Item 9.01.    Financial Statements and Exhibits
 
(d) Exhibit
Exhibit No.        Description
99.1        Press Release, dated April 27, 2012 titled "Dynavax Reports First Quarter 2012 Financial Results."
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
Dynavax Technologies Corporation
 
 
Date: April 30, 2012
     
By:
 
/s/    Jennifer Lew
               
Jennifer Lew
               
Vice President, Finance
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
Press Release, dated April 27, 2012 titled "Dynavax Reports First Quarter 2012 Financial Results"
EX-99 2 rrd343262_37638.htm PRESS RELEASE, DATED APRIL 27, 2012 TITLED "DYNAVAX REPORTS FIRST QUARTER 2012 FINANCIAL RESULTS"

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

 

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