Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 8:59 AM
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Slide #442. Dynavax Technologies Corporation — Preferred Stock Offering
Dynavax Technologies Corporation (NASDAQ:DVAX)
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Preferred Stock Offering Details:
Dynavax Technologies Corporation (NASDAQ: DVAX) today announced that it intends to concurrently offer to sell, subject to market and other conditions: (i) shares of its common stock in an underwritten public offering, and (ii) shares of its Series B Convertible Preferred Stock ("Series B") in a separate underwritten public offering. The Series B is non-voting and convertible into shares of Dynavax common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of shares of Dynavax common stock then outstanding. Dynavax anticipates using the net proceeds from the offerings primarily to fund development activities predominantly associated with conducting an additional Phase 3 study of HEPLISAV and seeking regulatory approval to commercialize the vaccine in the United States and Europe, and for other general corporate purposes, including working capital.
Dynavax Technologies is a commercial stage biopharmaceutical company engaged in developing and commercializing vaccines. Co.'s primary marketed product, Hepatitis B Vaccine (Recombinant), Adjuvanted (HEPLISAV-B), is approved in the U.S. and European Union for prevention of infection caused by known subtypes of hepatitis B virus in adults age 18 years and older. Co. also manufactures and sells CpG oligonucleotide (CpG) 1018 adjuvant, the vaccine adjuvant used in HEPLISAV-B. Co. developed CpG 1018 adjuvant to provide an increased vaccine immune response.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 91% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com