Dynavax to begin 2007 with $100 million for product development

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Dynavax Technologies Corp. ended its third quarter with cash, cash equivalents, marketable securities and investments held by Symphony Dynamo, Inc. totaling $58.9 million, including a $10 million upfront payment from AstraZeneca. The total was down from $75.1 million at Dec. 31, 2005.

The company expects to begin 2007 with approximately $100 million in committed cash earmarked primarily for product development efforts, according to a news release.

At the end of 2006, Dynavax expects consolidated cash, cash equivalents, marketable securities and investments held by Symphony Dynamo in the range of $67 million to $71 million.

Total revenues for the quarter just completed were $1.6 million, up from $0.4 million for the prior-year period.

Dynavax reported a net loss for the third quarter of $12.2 million, or $0.40 per share, up from a net loss of $8.3 million, or $0.33 per share for the same period in 2005.

The company reported total revenue for the first nine months of 2006 of $2.4 million, compared to $14.1 million for the same period in 2005.

Net loss for the nine months ended Sept. 30 was $35.6 million, or $1.17 per share, compared to a net loss of $11.8 million, or $0.48 per share for the first nine months of 2005.

The increased net loss was attributed to clinical development expenditures on the company's lead product candidates as well as lower revenues.

Dynavax is a Berkeley, Calif.-based pharmaceutical company.

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