Dynavax Technologies Corp. priced an underwritten public offering of common stock, newly designated non-voting series B convertible preferred stock and warrants to raise $70.1 million.
The Berkeley, Calif.-based company is selling 18,525,000 common shares, 4,840 shares of series B stock and warrants to purchase 5,841,250 common shares.
Dynavax is selling each common share with a warrant to purchase 0.25 of a common share at a combined price of $3 per share. The company is also selling each share of series B stock together with warrants to buy 250 common shares at a combined price of $3,000 per preferred share and accompanying warrants.
Each share of series B stock will be convertible into 1,000 common shares at the holder's option subject to limitations, while the warrants are immediately exercisable at $4.50 per common share. The warrants will expire 30 months after issuance.
Net proceeds will be used to commercialize the company's hepatitis B vaccine, Heplisav-B, and to fund general corporate purposes. The offering will close on or about Aug. 12.
Heplisav-B was approved by the U.S. Food and Drug Administration in November 2017, while the European Medicines Agency accepted the company's marketing authorization application for the vaccine in March.
In May, the company said would lay off about 37% of its U.S. workforce as part of an organizational restructuring to focus on the commercialization of Heplisav-B.