April 25, 2002

Dynavax Raises $34.8 Million In Private Equity Round Led By Care Capital

Berkeley, CA - Dynavax Technologies, a privately held biopharmaceutical company, today announced that it had raised $34.8 million in a private placement of its Series D Preferred Stock from new and existing investors. The financing, led by Care Capital LLC, includes commitments from Piper Jaffray Ventures, BioVeda, HealthCap, and Lotus BioScience Holdings, all new investors. Existing investors participating in the Series D included Forward Ventures, Sanderling, BA Ventures, WestLB Asset Management, JAFCO, Alta Partners, InterWest, Axiom Venture Partners and Finedix. Jan Leschly, of Care Capital will join Dynavax’ Board of Directors. Banc of America Securities was the sole placement agent for the equity financing.

"Dynavax is applying proprietary technology to redirect in a highly specific way the immune system both to prevent disease and treat the underlying mechanisms of disease. Their pioneering approach could revolutionize immunotherapy not only in allergic disease - the area of most advanced clinical development - but also in cancer and infectious disease. I am impressed with both the breadth of potential applications for Dynavax’ technology platform and the company’s disciplined approach to product development. The company’s research partners - The Johns Hopkins Medical Institutions, the National Institutes of Health, and the Dana Farber Cancer Center - are all leading institutions whose affiliations speak to the quality of the company’s approach," stated Jan Leschly, former CEO of SmithKline Beecham and Chairman of Care Capital.

"The investors that we have attracted are all high quality venture groups that recognize the value of Dynavax’ intellectual property position and development portfolio," commented Dino Dina, CEO of Dynavax. "We intend to use the proceeds from the financing to expand the clinical indications for our current products and capitalize on the positive results obtained in our hepatitis B and ragweed allergy immunotherapy programs. We also plan to expand our new clinical development programs in cancer and asthma. We are particularly excited by the addition of Jan Leschly to our Board of Directors. His proven track record in major pharmaceutical companies adds an important new dimension to the company."

About Dynavax Technologies
Dynavax Technologies is a privately held biopharmaceutical company developing innovative products to treat allergy, inflammation-mediated diseases, infectious diseases and cancer. The company’s lead products are based on ImmunoStimulatory Sequences (ISS), short DNA sequences that enhance the ability of the immune system to fight disease and prevent inflammation. The company’s two most advanced products are AIC, which has provided positive results in recently completed phase II clinical trials for the treatment of ragweed allergy, and a next-generation hepatitis B vaccine that may offer single-dose protection. Dynavax is also developing an oral TNF-alpha synthesis inhibitor initially for the treatment of rheumatoid arthritis. The company has collaborations with Aventis-Pasteur, Triangle Pharmaceuticals and Stallergenes.

Contact:
Andrew Gengos
Chief Financial Officer
Dynavax Technologies Corporation
(510) 848-5100