BERKELEY, Calif., April 03, 2018 (GLOBE NEWSWIRE) -- 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).
Dynavax 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.
Director, Investor Relations & Corporate Communications