Dynavax Technologies Corporation
) suffered a loss of 11 cents per share in the first quarter of
2013, wider than the Zacks Consensus Estimate of a loss of 10
cents per share but flat year over year.
Dynavax reported revenues of $2.1 million, down 11.3% from a
year ago but marginally beating the Zacks Consensus Estimate of
Collaboration revenues came in at $0.8 million, down 5.0% from
the year-ago quarter. Grant revenue from Dynavax's contract for
adjuvant development awarded by the National Institutes of Health
declined 30.1% to $0.8 million from the prior year.
Research and development expenses came in at $14.2 million in
the first quarter of 2013, up 14.2% driven primarily by the
purchase of components for candidate Heplisav along with increase
in severance expenses.
General and administrative expenses came in at $8.8 million, a
significant jump of 52% from the first quarter of 2012.
Incremental severance expenses contributed to the increase.
Dynavax is developing Heplisav, in collaboration with
). We note that Heplisav is currently under review in the US and
In Feb 2013, Dynavax received a setback in its efforts to get
the candidate approved in the US. The US Food and Drug
Administration (FDA) issued a Complete Response Letter to the
company refusing to approve Heplisav in patients in the age group
18-70 without further evaluation of safety.
Dynavax intends to meet the FDA in Jun 2013 to discuss the
steps necessary to get the candidate approved. Apart from
Heplisav, Dynavax is also developing AZD1419, for the treatment
of asthma, in partnership with
Dynavax carries a Zacks Rank #3 (Hold). Right now,
Anika Therapeutics Inc
) looks well placed with a Zacks Rank #1 (Strong Buy).
ANIKA THERAPEUT (ANIK): Free Stock Analysis
ASTRAZENECA PLC (AZN): Free Stock Analysis
DYNAVAX TECH CP (DVAX): Free Stock Analysis
GLAXOSMITHKLINE (GSK): Free Stock Analysis
To read this article on Zacks.com click here.