| FEBRUARY
24, 2004
Dynavax Announces Exercise of Underwriters'
Over-Allotment Option
FOR IMMEDIATE RELEASE
BERKELEY, Calif., Feb. 24 /PRNewswire-FirstCall/
-- Dynavax Technologies Corporation
(Nasdaq: DVAX), today announced that
the underwriters of its previously
announced initial public offering
of 6,000,000 shares of common stock
have fully exercised their over-allotment
option and acquired 900,000 common
shares to cover over-allotments. Total
net proceeds to the Company from the
exercise of the over-allotment option
were $6,277,500. Bear, Stearns &
Co. Inc. and Deutsche Bank Securities
were joint book-running manaSxgers
for the offering, with Piper Jaffray
& Co. as co-manager. Copies of
the final prospectus relating to the
offering may be obtained from Bear,
Stearns & Co. Inc. at 383 Madison
Avenue, New York, New York 10179,
212-272-2000 and from Deutsche Bank
Securities at 60 Wall Street, 4th
Floor, New York, New York 10005.
A registration statement relating
to these securities was declared effective
by the Securities and Exchange Commission
on Feuary 11, 2004. The public offering
is being made by means of a prospectus.
This press release shall not constitute
an offer to sell or the solicitation
of an offer to buy, nor shall there
be any sale of these securities in
any state or jurisdiction in which
such offer, solicitation or sale would
be unlawful prior to registration
or qualification under the securities
laws of any such state or jurisdiction.
Dynavax Technologies Corporation
discovers, develops, and intends to
commercialize innovative products
to treat and prevent allergies, infectious
diseases, and chronic inflammatory
diseases using versatile, proprietary
approaches that alter immune system
responses in highly specific ways.
Our clinical development programs
are based on immunostimulatory sequences,
or ISS, which are short DNA sequences
that enhance the ability of the immune
system to fight disease and control
chronic inflammation.
This release contains forward-looking
statements that are subject to risks
and uncertainties. Although Dynavax
Technologies Corporation believes
that the expectations reflected in
its forward-looking statements are
reasonable, actual results could differ
materially from those expectations.
Important cautionary statements and
risk factors that would affect actual
results are discussed in materials
filed by Dynavax Technologies Corporation
with the Securities and Exchange Commission.
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 companys
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 companys 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
Note: This press
release contains "forward looking
statements" within the meaning
of the federal securities laws. These
forward-looking statements include
without limitation, statements relating
to the potential success of product
development, subsequent regulatory
approvals and potential product sales.
These statements are subject to risks
and uncertainties that could cause
actual results and events to differ
materially from those anticipated.
Readers are cautioned not to place
undue reliance on these forward-looking
statements that speak only as of the
date of this release. Dynavax undertakes
no obligation to update publicly any
forward-looking statements to reflect
new information, events or circumstances
after the date of this release except
as required by law.
|