Shares of Dynavax Technologies Corporation (NASDAQ: DVAX) Climb on Successful Phase 3 Trial and Second Quarter Financial Results
Source: http://Blog.QualityStocks.net/?p=11624Posted on Thursday, August 7th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Dynavax Technologies Corporation (NASDAQ: DVAX), a developer of innovative TLR9 agonist-based products to treat and prevent infectious diseases, allergy, cancer and chronic inflammatory diseases by utilizing versatile, proprietary approaches to alter immune system responses, recently announced the results form a Phase 3 clinical trial and the company’s second quarter financial results.
Shares of Dynavax Technologies climbed higher earlier this week after the company announced positive top line results from a Phase 3 clinical trial comparing HEPLISAV™, an investigational hepatitis B virus vaccine, to a currently marketed HBV vaccine, GlaxoSmith Kline’s Engerix-B®. This clinical trial showed that 95.1 percent of subjects who received two doses of HEPLISAV™ developed protective antibodies to hepatitis B when measured at 12 weeks. HEPLISAV™ is currently being jointly developed by Dynavax and Merck for use in adults and in patients with end-stage renal disease.
Dynavax Technologies also released financial results for the second quarter ended June 30, 2008. For the quarter, total revenues climbed to $10.0 million, compared to $1.8 million reported for the second quarter of 2007. The increase in revenues for the second quarter reflects the positive impact of research and development funding under a collaboration with Merck for HEPLISAV™. Senior management believe that the company’s ability to support research programs and strategic partnerships with Merck, AstraZeneca and Novartis will continue to support significant revenue growth in the quarters ahead.
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