Dynavax Technologies Corporation Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
April 03 2018 - 4:30PM
Dynavax Technologies Corporation (NASDAQ:DVAX) today announced that
on March 29, 2018 the Compensation Committee of Dynavax’s Board of
Directors approved the grant of (i) inducement stock options to
purchase an aggregate 114,000 shares of common stock and (ii) an
inducement restricted stock unit award covering 1,800 shares of
common stock, to nine new employees. These awards were
granted pursuant to the Dynavax Technologies Corporation Inducement
Plan, as an inducement material to the new employees entering into
employment with Dynavax, in accordance with the NASDAQ Listing Rule
5635(c)(4).
Dynavax granted stock options to purchase shares of Dynavax’s
common stock to the new employees with an exercise price of $18.80
per share, the closing price of Dynavax’s common stock on April 2,
2018, the effective date of such grants. The stock options
and restricted stock units vest as follows: (a) the stock options
vest over a three-year period, with one-third of the shares
subject to such awards vesting on the first anniversary of the
award’s vesting commencement date, and 1/36th of the shares subject
to such awards vesting monthly thereafter, subject to each such
employee’s continued employment with Dynavax on such vesting dates;
and (b) the restricted stock units vest on April 2, 2018, the
effective date of such award.
Dynavax is providing this information in accordance with NASDAQ
Listing Rule 5635(c)(4).
About DynavaxDynavax is a
fully-integrated biopharmaceutical company focused on leveraging
the power of the body's innate and adaptive immune responses
through toll-like receptor (TLR) stimulation. Dynavax discovers and
develops novel vaccines and immuno-oncology therapeutics. The
Company’s first commercial product, HEPLISAV-B® [Hepatitis B
Vaccine (Recombinant), Adjuvanted], is approved in the United
States. Dynavax's lead immunotherapy product, SD-101, is an
investigational cancer immunotherapeutic currently being evaluated
in Phase 1/2 studies and its second cancer immunotherapeutic,
DV281, is in Phase 1 development. For more information, visit
www.dynavax.com.
Contact:David BurkeDirector, Investor Relations
& Corporate Communications510.665.7269dburke@dynavax.com
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