| FEBRUARY
18, 2004
Dynavax Prices IPO at $7.50 Per Share
FOR IMMEDIATE RELEASE
BERKELEY, Calif., Feb. 18 /PRNewswire-FirstCall/
-- Dynavax Technologies Corporation
(Nasdaq: DVAX) announced today that
it has priced its initial public offering
of 6,000,000 shares of its common
stock at $7.50 per share, below the
estimated range.
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
The shares will commence trading
tomorrow, February 19th, on the Nasdaq
National Market under the symbol DVAX.
Dynavax Technologies Corporation has
granted the underwriters a 30-day
option to purchase an additional 900,000
shares of its common stock to cover
over-allotments, if any. Bear, Stearns
& Co. Inc. and Deutsche Bank Securities
are acting as joint book-running managers,
with Piper Jaffray & Co. as co-manager.
Shares are being offered only by prospectus.
Copies of the prospectus relating
to this 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.
This announcement shall not constitute
an offer to sell or the solicitation
of an offer to buy nor shall there
be any sales of these securities in
any state or other jurisdiction in
which such offer, solicitation or
sale would be unlawful prior to registration
or qualification under the securities
law of any such state or other jurisdiction.
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.
|