Dynavax secures $30M equity injection

USA-based Dynavax Technologies Corp has secured an equity financing commitment of up to $30.0 million from Azimuth Opportunity. During the 18-month term of the equity commitment, Dynavax may sell registered shares of its newly-issued common stock to Azimuth at a small, pre-negotiated discount to the market price and will determine, at its sole discretion, the timing and amount of any sales of its stock, subject to conditions.

Dynavax says it will use net proceeds from sales of its stock to support the the development activities for its lead programs, Tolamba for ragweed-induced allergic rhinitis and the hepatitis B vaccine Heplisav, as well as for general R&D activities, capital expenditures and corporate purposes.