By Sheri Kasprzak
New York, Aug. 31 - Dynavax Technologies Corp. received a $30 million equity line from Azimuth Opportunity Ltd.
Under the 18-month line, Azimuth may buy shares of Dynavax at discounts ranging from 5.2% to 7% to the volume weighted average price of the company's stock for the 10 trading days before a draw. The exact discount will be determined based on the company's trading volume.
Proceeds from the draws will be used for development of the company's lead programs, including Tolamba, Dynavax's product for allergic rhinitis, and Heplisav, a hepatitis B vaccine.
Dynavax, based in Berkeley, Calif., develops treatments for cancer and allergies and is developing a vaccine for hepatitis B.
| Issuer: | Dynavax Technologies Corp.
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| Issue: | Equity line
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| Amount: | $30 million
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| Tenor: | 18 months
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| Price: | Discounts between 5.2% and 7% to the VWAP for the 10 trading days before a draw
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| Warrants: | No
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| Investor: | Azimuth Opportunity Ltd.
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| Settlement date: | Aug. 31
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| Stock symbol: | Nasdaq: DVAX
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| Stock price: | $3.99 at close Aug. 31
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