UPDATE 1-Dynavax sinks on discounted offering, CEO exit

Wed May 9, 2012 11:13am EDT

May 9 (Reuters) - Shares of Dynavax Technologies Corp , which priced its public offering at a steep discount, fell as much as 22 percent a day after the biopharmaceutical company said its chief executive intends to step down.

Dynavax priced its public offering of 17.5 million shares at $4.25 each, a 17 percent discount to Tuesday's close, and said it plans to use the net proceeds for the anticipated launch of its experimental hepatitis B vaccine.

The company, which intends to independently launch the vaccine Heplisav in the United States, said on Tuesday it will begin looking for a successor to Chief Executive Dino Dina.

Dynavax had filed a marketing application with the U.S. Food and Drug Administration in April for the vaccine in adults aged 18 to 70 years.

Shares of the company fell 21 percent to $4 in morning trade on Wednesday on the Nasdaq.

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