Dynavax Technologies Corp. (NASDAQ: DVAX) has received stockholder approval on its acquisition of Symphony Dynamo, Inc. (SDI). The acquisition consists of about $20 million in cash and all the right's to Dynavax's hepatitis C and cancer therapy programs. The company plans on using its proceeds to contribute towards the completion of the HEPLISAV registration trials.
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Pursuant to the agreement:
· Dynavax acquired about $20 million in cash held by SDI and issued 13 million shares of Dynavax Common Stock.
· 5 year warrants were issued to Symphony for 2 million shares of Dynavax common stock at a price of $1.94 per share.
· The rights to its proprietary technology for its hepatitis C and cancer therapies will be reacquired by Dynavax.
· A $15 million obligation due to Symphony was deferred by 20 months and converted the obligation previously payable in only cash, to payable in stock and/or cash.
About Dynavax
Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious diseases. The Company's lead product candidate is HEPLISAV, an investigational adult hepatitis B vaccine designed to provide more rapid and increased protection with fewer doses than current licensed vaccines.
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