Dynavax Prices Public Offering of Common Stock

BERKELEY, CA--(Marketwired - August 09, 2017) - Dynavax Technologies Corporation (NASDAQ: DVAX) today announced the pricing of a previously announced underwritten public offering of 5,000,000 shares of its common stock, offered at a price to the public of $15.00 per share. The gross proceeds to Dynavax from this offering are expected to be approximately $75 million, before deducting the underwriting discount and other estimated offering expenses payable by Dynavax. Dynavax has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 750,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about August 15, 2017, subject to customary closing conditions. Dynavax anticipates using the net proceeds from the proposed offering to fund activities associated with preparing for the anticipated U.S. commercial launch of HEPLISAV-B, should HEPLISAV-B gain approval by the Food and Drug Administration. In addition, net proceeds from the offering will support continuing the clinical development of its lead investigational cancer immunotherapeutic product candidates, SD-101 and DV281, continuing research and development activities, and for other general corporate purposes, including working capital.

Cowen, RBC Capital Markets and William Blair are acting as joint book-running managers for the offering. Cantor Fitzgerald & Co. is acting as lead manager for the offering.

The securities described above are being offered by Dynavax pursuant to a registration statement on Form S-3ASR (File No. 333-219781), which was filed with the Securities and Exchange Commission (the "SEC") and automatically became effective as of August 8, 2017. A preliminary prospectus supplement relating to this offering has been filed with the SEC and a final prospectus supplement relating to this offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by calling [phone] or by faxing [phone], or RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8^th Floor, New York, NY 10281-8098, or by telephone at [phone], or William Blair & Company, L.L.C., Attention: Prospectus Department, The William Blair Building, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at [phone], or by e-mail at [e-mail].