Dynavax Pops on Stock Purchase Agreement (DVAX)

Shares of Dynavax Technologies Corporation

are popping in the after-hours by 5.88% on news of a $30 million stock purchase agreement. Interestingly, shares ended the regular session higher by 4.94%, at $1.70. The company announced that Aspire Capital Fund, LLC, an Illinois limited liability company, has purchased 1,000,000 shares of Dynavax common stock at $2.00 per share, representing a 23% premium to the closing market price on September 17, 2010. The investment was made in connection with a $30 million At-The-Market common stock purchase agreement under which Aspire Capital has committed to purchase up to an additional $28 million of Dynavax common stock over the next 25 months. During the term of the purchase agreement, Dynavax will control the timing and amount of any sales of its common stock to Aspire Capital. Dynavax Technologies Corporation is a biopharmaceutical company that discovers and develops products to prevent and treat infectious diseases, asthma and inflammatory and autoimmune diseases. The company's principal product candidate is HEPLISAV, a Phase III investigational adult hepatitis B vaccine. Its pipeline of product candidate includes HEPLISAV; its Universal Flu vaccine; clinical-stage programs for hepatitis C and hepatitis B therapies, and preclinical programs partnered with AstraZeneca and GlaxoSmithKline. In January 2010, the company announced the completion of the acquisition of Symphony Dynamo, Inc.