Dynavax Technologies Announces Pricing of $70.1 Million Public Offering of Common Stock, Non Voting Preferred Stock and Warra...
08 August 2019 - 10:00PM
Dynavax Technologies Corporation (Nasdaq: DVAX), a fully-integrated
biopharmaceutical company focused on discovering, developing and
commercializing novel vaccines, today announced the pricing of an
underwritten public offering of 18,525,000 shares of its common
stock, 4,840 shares of its newly designated non-voting Series B
Convertible Preferred Stock (Series B stock), and warrants to
purchase an aggregate of 5,841,250 shares of its common
stock. Each share of common stock is being sold together with
a warrant to purchase 0.25 of a share of common stock, at a
combined price to the public of $3.00 per share of common stock and
accompanying warrant. Each share of Series B stock is being
sold together with warrants to purchase 250 shares of common stock,
at a combined price to the public of $3,000.00 per share of Series
B stock and accompanying warrants. Each share of Series B
stock will be convertible into 1,000 shares of common stock at the
holder’s option, subject to beneficial ownership limitations. All
of the warrants being sold in the offering will have an exercise
price of $4.50 per share of common stock, will be immediately
exercisable upon issuance and will expire on the 30-month
anniversary of the date of issuance. The offering is expected to
close on or about August 12, 2019, subject to customary closing
conditions. The gross proceeds to Dynavax from the offering are
expected to be $70.1 million, before deducting underwriting
discounts and commissions and other offering expenses payable by
Dynavax.
Cowen and William Blair are acting as joint book-running
managers for the offering.
Dynavax anticipates using the net proceeds from the offering to
fund activities associated with ongoing commercialization of
HEPLISAV-B® and for general corporate purposes, including working
capital.
The securities described above are being offered by Dynavax
pursuant to a shelf registration statement that automatically
became effective upon filing with the Securities and Exchange
Commission (SEC) on August 8, 2017. A final prospectus
supplement and the accompanying prospectus related to the offering
will be filed with the SEC and will be available on the SEC’s
website located at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
this offering, when available, may be obtained by contacting: Cowen
and Company, LLC, Attention: Prospectus Department, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
or by telephone at (631) 274-2806; or William Blair & Company,
L.L.C., Attention: Prospectus Department, 150 North Riverside
Plaza, Chicago, IL 60606, by telephone at (800) 621-0687 or by
email at prospectus@williamblair.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Dynavax
Dynavax is a biopharmaceutical company focused on
leveraging the power of the body's innate and adaptive immune
responses through toll-like receptor (TLR)
stimulation. Dynavax discovers, develops and
commercializes novel vaccines. Dynavax launched its first
commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant),
Adjuvanted], in February 2018, following
U.S. FDA approval for prevention of infection caused by
all known subtypes of hepatitis B virus in adults age 18 years and
older.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements related to Dynavax’s expectations regarding
the completion, timing and size of the offering and the anticipated
use of the net proceeds. These statements are only predictions
based on current information and expectations and involve a number
of risks and uncertainties. Actual events or results may differ
materially from those projected in any of such statements due to
various factors, including market risks and uncertainties and the
satisfaction of customary closing conditions for an offering of
securities. For a discussion of these and other factors, please
refer to Dynavax’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2019 as well as Dynavax’s subsequent
filings with the SEC. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All forward-looking statements are qualified in their entirety by
this cautionary statement and Dynavax undertakes no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof, except as required by law.
Contact:ir@dynavax.com510-665-7269
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