BERKELEY, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Dynavax Technologies Corporation (NASDAQ:DVAX) today announced that on May 1, 2018 the Compensation Committee of Dynavax’s Board of Directors (the “Committee”) approved the grant of inducement stock options to purchase an aggregate of 79,000 shares of common stock to 10 new employees, and on May 3, 2018, the Committee approved the grant of inducement stock options to purchase an additional 10,000 shares of common stock to two 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 $17.10 and $16.25 per share, the closing prices of Dynavax’s common stock on the respective effective dates of such grants, May 1, 2018 and May 3, 2018. The stock options awarded 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.
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