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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio
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To: tuck who started this subject10/27/2003 3:47:11 AM
From: nigel bates   of 1005
 
UPDATE - Dynavax seeks to raise $90 million in IPO

WASHINGTON, Oct 24 (Reuters) - Biopharmaceutical company Dynavax Technologies Corp. on Friday filed with the Securities and Exchange Commission (News - Websites) to raise as much as $90 million in an initial public stock offering.

The Berkeley, California-based company, which makes products to treat allergies, infectious diseases and chronic inflammatory diseases, did not say in a preliminary prospectus how many shares it plans to offer or estimate a price. Those details are expected in future changes to the IPO document.

Dynavax said it plans to apply to lists its shares on Nasdaq under the symbol "DVAX."

The underwriters for the offering are Bear, Stearns & Co. Inc., Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray, according to the prospectus.

Dynavax said its lead product candidates, which are based on proprietary immunostimulatory sequences which are short DNA sequences, include treatments for ragweed allergy, Hepatitis B and asthma.

It plans to use the proceeds from the IPO for development and general corporate purposes. It said it will make a one-time cash payment to the University of California, with which it has license agreements.
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