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April
25, 2002
Dynavax
Raises $34.8 Million In Private Equity Round Led By
Care Capital
Berkeley,
CA - Dynavax Technologies, a privately held biopharmaceutical
company, today announced that it had raised $34.8 million
in a private placement of its Series D Preferred Stock
from new and existing investors. The financing, led
by Care Capital LLC, includes commitments from Piper
Jaffray Ventures, BioVeda, HealthCap, and Lotus BioScience
Holdings, all new investors. Existing investors participating
in the Series D included Forward Ventures, Sanderling,
BA Ventures, WestLB Asset Management, JAFCO, Alta Partners,
InterWest, Axiom Venture Partners and Finedix. Jan Leschly,
of Care Capital will join Dynavax’ Board of Directors.
Banc of America Securities was the sole placement agent
for the equity financing.
"Dynavax
is applying proprietary technology to redirect in a
highly specific way the immune system both to prevent
disease and treat the underlying mechanisms of disease.
Their pioneering approach could revolutionize immunotherapy
not only in allergic disease - the area of most advanced
clinical development - but also in cancer and infectious
disease. I am impressed with both the breadth of potential
applications for Dynavax’ technology platform and
the company’s disciplined approach to product development.
The company’s research partners - The Johns Hopkins
Medical Institutions, the National Institutes of Health,
and the Dana Farber Cancer Center - are all leading
institutions whose affiliations speak to the quality
of the company’s approach," stated Jan Leschly,
former CEO of SmithKline Beecham and Chairman of Care
Capital.
"The
investors that we have attracted are all high quality
venture groups that recognize the value of Dynavax’
intellectual property position and development portfolio,"
commented Dino Dina, CEO of Dynavax. "We intend
to use the proceeds from the financing to expand the
clinical indications for our current products and capitalize
on the positive results obtained in our hepatitis B
and ragweed allergy immunotherapy programs. We also
plan to expand our new clinical development programs
in cancer and asthma. We are particularly excited by
the addition of Jan Leschly to our Board of Directors.
His proven track record in major pharmaceutical companies
adds an important new dimension to the company."
About
Dynavax Technologies
Dynavax Technologies is a privately held biopharmaceutical
company developing innovative products to treat allergy,
inflammation-mediated diseases, infectious diseases
and cancer. The company’s lead products are based
on ImmunoStimulatory Sequences (ISS), short DNA sequences
that enhance the ability of the immune system to fight
disease and prevent inflammation. The company’s
two most advanced products are AIC, which has provided
positive results in recently completed phase II clinical
trials for the treatment of ragweed allergy, and a next-generation
hepatitis B vaccine that may offer single-dose protection.
Dynavax is also developing an oral TNF-alpha synthesis
inhibitor initially for the treatment of rheumatoid
arthritis. The company has collaborations with Aventis-Pasteur,
Triangle Pharmaceuticals and Stallergenes.
Contact:
Andrew Gengos
Chief Financial Officer
Dynavax Technologies Corporation
(510) 848-5100
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