Dynavax Reports First Quarter 2012 Financial Results
BERKELEY, CA, Apr 27, 2012 (MARKETWIRE via COMTEX) -- Dynavax Technologies
Corporation (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
HEPLISAV(TM) 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 dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
--------------------
20122011
------------------
Revenues:
Collaboration revenue$929$366
Grant revenue1,087889
Service and license revenue334489
------------------
Total revenues2,3501,744
Operating expenses:
Research and development12,40514,672
General and administrative5,7934,754
Amortization of intangible assets-245
------------------
Total operating expenses18,19819,671
------------------
Loss from operations(15,848)(17,927)
Interest income5233
Interest expense(587)(490)
Other expense(122)(82)
------------------
Net loss$ (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
share155,431115,726
==================
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
March 31,December 31,
20122011
------------- -------------
Assets
Cash and cash equivalents and marketable
securities$106,881 $113,961
Property and equipment, net6,9626,163
Goodwill2,4982,312
Other assets4,33511,666
------------- -------------
Total assets$120,676 $134,102
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Liabilities and stockholders'equity
Accounts payable$2,358 $2,040
Accrued liabilities6,9328,776
Current portion of deferred revenue3,8014,210
Non-current portion of deferred revenue5,8496,386
Short-term note payable to Holdings13,35712,810
Stockholders' equity88,37999,880
------------- -------------
Total liabilities and stockholders' equity$120,676 $134,102
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Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact |
