Dynavax Technologies (NASDAQ: DVAX) reported Tuesday that it raised $44 million in gross proceeds from a public offering of about 30.3 million in common units, according to Associated Press.
The pharmaceutical company plans to use the funds in part to further develop Heplisav, a hepatitis B vaccine candidate.
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The Food and Drug Administration removed a clinical hold on trials of Heplisav last year, allowing late stage trials to go forward after a delay of a year and a half.
Dynavax units were priced at $1.4525, with each unit containing one share of common stock and one warrant to purchase half of a share of common stock.
Each warrant has an exercise price of $1.50 per share and is exercisable for five years from the date of issuance.
Symphony Capital Partners LP and certain other investors will receive an additional 1.1 million shares and new warrants to buy 7 million shares with the same terms as the warrants sold in the offering. The warrants to buy 2 million shares of common stock previously issued to Symphony and its related investors in connection with an amended and restated purchase option agreement will be canceled.
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