October 24, 2002

Dynavax Technologies Corporation Files Registration Statement
For Initial Public Offering

BERKELEY, Calif., Oct. 24 /PRNewswire/ -- Dynavax Technologies Corporation announced today that it has filed a registration statement with the Securities and Exchange Commission for the initial public offering of its common stock. All of the shares are to be sold by the Company. The underwriters for the offering are Bear, Stearns & Co. Inc., Deutsche Bank Securities, and U.S. Bancorp Piper Jaffray Inc. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to this offering may be obtained from Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, New York 10179, 212-272-2000.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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