EMERYVILLE, Calif.,
July 2, 2021 /PRNewswire/ -- Dynavax
Technologies Corporation (Nasdaq: DVAX) today reported that it has
granted nonstatutory stock options to purchase an aggregate of
51,000 shares of Dynavax common stock as inducements to 5
newly-hired employees in connection with commencement of employment
with the Company.
The stock options were granted on July 1,
2021 at an exercise price of $10.23 per share, which is equal to the closing
price of Dynavax common stock on the date of grant. Each stock
option granted has a 7-year term and vests over three years, with
one-third of the shares underlying the option vesting on the
one-year anniversary of the grant date, and the remaining shares
vesting 1/36 per month in equal installments, subject to continued
service with Dynavax through the applicable vesting dates. The
options were granted as a material inducement to employment in
accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to
the terms and conditions of a stock option agreement covering the
grant and Dynavax' 2021 Inducement Award Plan, which was adopted
January 9, 2021 and provides for the granting of stock options to
new employees.
About Dynavax
Dynavax is a commercial stage
biopharmaceutical company developing and commercializing novel
vaccines. The Company's first commercial product,
HEPLISAV-B® [Hepatitis B Vaccine (Recombinant),
Adjuvanted], is approved in the U.S. and the European Union for
prevention of infection caused by all known subtypes of hepatitis B
virus in adults age 18 years and older. Dynavax is also advancing
CpG 1018 adjuvant as a premier vaccine adjuvant through research
collaborations and partnerships. Current collaborations are focused
on adjuvanted vaccines for COVID-19, pertussis and universal
influenza. For more information, visit www.dynavax.com and follow
the company on LinkedIn.
Dynavax Contacts:
Nicole
Arndt, Senior Manager, Investor Relations
narndt@dynavax.com
510-665-7264
Derek Cole, President
Investor Relations Advisory Solutions
derek.cole@IRadvisory.com
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SOURCE Dynavax Technologies