Dynavax secures $50 million from financing with warrants

By Sheri Kasprzak

New York, April 19 - Dynavax Technologies Corp. said it has received $20 million and expects to receive another $30 million from a financing arrangement with Symphony Capital Partners, LP through the newly created Symphony Dynamo, Inc.

The full financing terms could not be determined Wednesday evening.

Symphony Dynamo has purchased Dynavax's immunostimulatory DNA sequence-based compounds to treat diabetes and cardiac disorders.

The proceeds from the financing will be used to advance Dynavax's cancer, hepatitis B and hepatitis C therapeutic programs through clinical development.

The investor will receive warrants for 2 million shares, exercisable for five years at $7.32 each, a 25% premium to the 60-day trading range average of $5.86 per share.

Dyanvax has the option to acquire all of the programs through the purchase of all of the equity of Symphony Dynamo, exercisable any time starting one year after the closing date.

Based in Berkeley, Calif., Dynavax is a biopharmaceutical company focused on treatments for cancer, diabetes and other disorders.

The stock lost 4 cents to end at $4.94 Wednesday (Nasdaq: DVAX).

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