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 FOURTH QUARTER AND YEAR END 2011 FINANCIAL RESULTS
BERKELEY, CA - March 6, 2012 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2011.
Dynavax reported $114 million in cash, cash equivalents and marketable securities, cumulatively referred to as total cash, at December 31, 2011. This compared to $72.2 million at December 31, 2010. Total cash at the end of 2011 included $64.5 million in net proceeds from a public offering completed in November 2011. Subsequent to the year end, the Company received $8.6 million in milestone payments from its collaboration partners, GlaxoSmithKline and AstraZeneca.
Total revenues were $11.4 million for the fourth quarter 2011, compared to $1.8 million for the fourth quarter 2010. Total revenues were $21.6 million for the year ended December 31, 2011, compared to $24.0 million for the same period of 2010. The increase in total revenues for the fourth quarter resulted from milestones achieved under the Company's partnered development programs. The decline in total revenues for the year was primarily due to the recognition during 2010 of deferred revenue.
Total operating expenses were $16.2 million for the fourth quarter 2011, compared to $17.4 million for the fourth quarter 2010. Total operating expenses were $69.2 million for the year ended December 31, 2011, compared to $71.5 million for the same period of 2010. The decrease in total operating expenses for the fourth quarter and full year was primarily related to lower clinical trial expenses for HEPLISAV following the completion of a pivotal phase 3 study.
About HEPLISAV
HEPLISAV is an investigational adult hepatitis B vaccine. 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 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 higher and earlier protection with fewer doses than currently licensed vaccines. For more information visit www.dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31, | Years Ended December 31, | |||
2011 | 2010 | 2011 | 2010 | |
Revenues: | ||||
$ 10,092 | $ 371 | $ 17,190 | $ 19,535 | |
Grant revenue | 673 | 1,243 | 3,110 | 3,940 |
Service and license revenue | 662 | 152 | 1,314 | 475 |
Total revenues | 11,427 | 1,766 | 21,614 | 23,950 |
Operating expenses: | ||||
Research and development | 11,616 | 12,951 | 51,322 | 53,680 |
General and administrative | 4,545 | 4,185 | 17,570 | 16,879 |
Amortization of intangible assets | - | 245 | 299 | 980 |
Total operating expenses | 16,161 | 17,381 | 69,191 | 71,539 |
Loss from operations | (4,734) | (15,615) | (47,577) | (47,589) |
Interest income | 29 | 32 | 103 | 85 |
Interest expense | (495) | (425) | (1,957) | (1,654) |
Other income (expense) | 933 | 886 | 834 | (8,150) |
Net loss | $ (4,267) | $ (15,122) | $ (48,597) | $ (57,308) |
Basic and diluted net loss per share | $ (0.03) | $ (0.14) | $ (0.39) | $ (0.69) |
Shares used to compute basic and diluted net loss per share | 142,482 | 106,035 | 125,101 | 82,463 |
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
December 31, | December 31, | |
2011 | 2010 | |
Assets | ||
Cash, cash equivalents and marketable securities | $ 113,961 | $ 72,154 |
Property and equipment, net | 6,163 | 6,404 |
Goodwill | 2,312 | 2,312 |
Other intangible assets, net | - | 299 |
Other assets | 11,666 | 3,080 |
Total assets | $ 134,102 | $ 84,249 |
Liabilities and stockholders'equity | ||
Accounts payable | $ 2,040 | $ 2,329 |
Accrued and other liabilities | 8,776 | 10,943 |
Current portion of deferred revenue | 4,210 | 1,429 |
Noncurrent portion of deferred revenue | 6,386 | 5,655 |
Note payable to Holdings | 12,810 | 10,939 |
Long-term contingent liability to Holdings | - | 843 |
Stockholders' equity | 99,880 | 52,111 |
Total liabilities and stockholders' equity | $ 134,102 | $ 84,249 |