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BERKELEY, Calif.--(BUSINESS WIRE)-Dynavax Technologies corporation (Nasdaq: DVAX) today reported financial results for the first quarter ended March 31, 2009.

Over the coming year, Dynavax intends to advance the development of its diversified pipeline of products to meaningful value inflection points while stringently managing its cash and the resources from partnerships and funding agreements. The Company is in active discussions with regulatory agencies to resolve the U.S. Food and Drug Administration's clinical hold on HEPLISAV TM hepatitis B vaccine and identify an appropriate path for its approval in the United States, Europe and the rest of the world. The Company continues to work towards clarifying the remaining regulatory and development requirements in the first half of 2009.

Dynavax reported $60.5 million in cash, cash equivalents,
marketable securities and investments held by Symphony Dynamo,
Inc(SDI),collectively referred to as total cash, at March 31, 2009. This compared to $68.5 million at December 31, 2008.

Total revenues were $19.3 million for the first quarter 2009, compared to $6.3 million for the first quarter 2008. The significant increase in revenues for the first quarter 2009
was primarily attributable to the recognition of $15.5 million
of non-cash deferred revenue following the announcement of the termination of the Merck & Co., Inc. collaboration for
HEPLISAV. The Company expects to recognize the remaining $12.9 million of non-cash deferred revenue from this collaboration agreement in the second quarter 2009.

On a pro forma basis, including collaboration funding from SDI,revenues were $20.1 million for the first quarter 2009, compared to $7.8 million for the first quarter 2008.

Total operating expenses were $15.0 million for the first quarter 2009,compared to $19.9 million for the first quarter 2008. The decrease in operating expenses for the first quarter 2009 was primarily due to a reduction in clinical development costs associated with HEPLISAV and the discontinuation of development for the TOLAMBA TM ragweed allergy program in May 2008.

On a pro forma basis, excluding the one-time and other non-cash charges for stock-based compensation and amortization of intangible assets,operating expenses were $14.2 million for the first quarter 2009, compared to $19.0 million for the first
quarter 2008.


The tables included as part of this press release provide a reconciliation of GAAP revenues and operating expenses to pro forma revenues and operating expenses.

Net income was $5.1 million or $0.13 per share, for the first quarter 2009, compared to a net loss of $12.4 million, or $0.31 per share, for the first quarter 2008. The net income for the first quarter 2009 is due to the recognition of non-cash deferred revenue and a decrease in total operating expenses.