Dynavax Prices Public Offering of 24M Shares at $2.50
Dynavax Technologies Corporation (NASDAQ: DVAX) today announced the pricing of a previously announced underwritten public offering of 24,000,000 shares of its common stock, offered at a price to the public of $2.50 per share. The gross proceeds to Dynavax from this offering are expected to be $60 million, before deducting the underwriting discount and other estimated offering expenses payable by Dynavax. Dynavax has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 3,600,000 additional shares of its common stock to cover overallotments, if any.
The offering is expected to close on or about November 8, 2011, subject to customary closing conditions. Dynavax anticipates using the net proceeds from the offering primarily to fund activities in connection with the anticipated approval and commercial launch of HEPLISAV™, and for other general corporate purposes, including working capital.
