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UPDATE 1-Dynavax to raise $44 mln from public offering
April 13, 2010 / 11:29 AM / 7 years ago

UPDATE 1-Dynavax to raise $44 mln from public offering

* Says will use proceeds to further advance Heplisav

* Says 30,293,000 units are being sold at $1.4525/unit

April 13 (Reuters) - Dynavax Technologies Corp (DVAX.O) said it would raise $44 million from a public offering of common stocks and warrants.

The biopharmaceutical company, which will use the proceeds for development of its experimental hepatitis B vaccine Heplisav, said it was offering about 30.3 million units at a price of $1.4525 per unit.

Each unit consisted of one share of common stock and one warrant to purchase 0.5 of a common share.

The warrants have a term of five years and an exercise price of $1.50 per share.

The offering, managed by Wedbush PacGrow LifeSciences, is expected to close by April 16.

Shares of the company closed at $1.39 Monday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Don Sebastian)

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