Dynavax Technologies Corporation Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
03 February 2018 - 8:30AM
Dynavax Technologies Corporation (NASDAQ:DVAX) today announced that
on February 1, 2018 the Compensation Committee of Dynavax’s Board
of Directors approved the grant of (i) inducement stock options to
purchase an aggregate 98,000 shares of common stock and (ii)
inducement restricted stock unit awards covering an aggregate of
2,000 shares of common stock, to six new employees. These
awards were granted pursuant to the Dynavax Technologies
Corporation Inducement Plan, as an inducement material to the new
employees entering into employment with Dynavax, in accordance with
the NASDAQ Listing Rule 5635(c)(4).
Dynavax granted stock options to purchase shares of Dynavax’s
common stock to the new employees with an exercise price of $16.45
per share, the closing price of Dynavax’s common stock on February
1, 2018, the effective date of such grants. The stock options
vest over a three-year period, with one-third of the shares subject
to such awards vesting on the first anniversary of the award’s
vesting commencement date, and 1/36th of the shares subject to such
awards vesting monthly thereafter, subject to each such employee’s
continued employment with Dynavax on such vesting dates. The
restricted stock units vest upon achievement of one or more
performance conditions.
Dynavax is providing this information in accordance with NASDAQ
Listing Rule 5635(c)(4).
About Dynavax
Dynavax is a commercial-stage biopharmaceutical company focused
on leveraging the power of the body's innate and adaptive immune
responses through toll-like receptor (TLR) stimulation. Dynavax
discovers and develops novel vaccines and immuno-oncology
therapeutics. The Company’s first commercial product, HEPLISAV-B™
[Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the
United States. Dynavax's lead immunotherapy product, SD-101, is an
investigational cancer immunotherapeutic currently being evaluated
in Phase 1/2 studies and its second cancer immunotherapeutic,
DV281, is in Phase 1 development. For more information, visit
www.dynavax.com.
Contact:Ryan SpencerVP, Corporate Strategy
& Communications510.665.4618rspencer@dynavax.com
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