Dynavax Technologies Corporation (NASDAQ:DVAX) announced today that on November 10, 2008, the Company received a notice from The Nasdaq Stock Market indicating that the Company is not in compliance with the continued listing requirements of The Nasdaq Global Market under Nasdaq Marketplace Rule 4450(a)(3), which is the $10 million minimum stockholders’ equity requirement. This notification has no immediate effect on the listing of the Company’s common stock on The Nasdaq Global Market.
The notice further states that the staff of the Nasdaq Stock Market (the “Staff”) is reviewing the Company's eligibility for continued listing on The Nasdaq Global Market. To facilitate this review, the Company may provide the Staff with a specific plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements. Alternatively, the Company may apply to transfer its securities to The Nasdaq Capital Market. In order to transfer, the Company must satisfy the continued inclusion requirements for that market. If the Company submits a transfer application, the initiation of delisting proceedings will be stayed pending the Staff’s review of the transfer application.
Should the Company choose to present a plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements, there can be no assurance that such plan will be sufficient to avoid delisting. Should the Company choose to apply to transfer its securities to The Nasdaq Capital Market, there can be no assurance that such application will be approved.
About Dynavax
Dynavax Technologies Corporation is a clinical-stage biopharmaceutical company that develops innovative products for the treatment of infectious diseases, respiratory diseases and cancer. The company’s novel Toll-like Receptor 9 (TLR9) agonist products are based on its proprietary immunostimulatory sequences (ISS), which are short DNA sequences that stimulate the innate immune response. Dynavax’s clinical product candidates include: HEPLISAV, a hepatitis B vaccine partnered with Merck & Co., Inc.; a therapy for hepatitis B; and therapies for cancer and hepatitis C funded by Symphony Dynamo, Inc. The company’s preclinical pipeline includes an asthma and COPD drug candidate partnered with AstraZeneca AB and a Universal Flu vaccine. For more information, visit www.dynavax.com.
Forward-looking Statements
This press release contains “forward-looking statements”, including statements about the timing of and our ability to present an acceptable plan to achieve and sustain compliance with applicable Nasdaq Global Market continued listing requirements. Actual results may also differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business and the current industry environment; our ability to obtain additional financing to support our operations; and other risks detailed in the "Risk Factors" section of our Quarterly Report on Form 10-Q. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
Contacts:
Deborah A. Smeltzer, 510-665-7222
VP
Operations & Chief Financial Officer
dsmeltzer@dynavax.com
