<SEC-DOCUMENT>0001193125-12-225702.txt : 20120510
<SEC-HEADER>0001193125-12-225702.hdr.sgml : 20120510
<ACCEPTANCE-DATETIME>20120510163236
ACCESSION NUMBER:		0001193125-12-225702
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120509
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120510
DATE AS OF CHANGE:		20120510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNAVAX TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0001029142
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				330728374
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34207
		FILM NUMBER:		12830752

	BUSINESS ADDRESS:	
		STREET 1:		2929 SEVENTH STREET
		STREET 2:		SUITE 100
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94710
		BUSINESS PHONE:		5108485100

	MAIL ADDRESS:	
		STREET 1:		2929 SEVENTH STREET
		STREET 2:		SUITE 100
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94710
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d349837d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Form 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Current Report </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported):&nbsp;5/9/2012 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Dynavax Technologies Corporation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Commission
File Number:&nbsp;001-34207 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>33-0728374</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2929 Seventh Street, Suite 100 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Berkeley, CA 94710-2753 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices, including zip code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(510)
848-5100 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;9, 2012, we entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with J.P. Morgan Securities LLC, as representative
of the several underwriters named therein (collectively, the &#147;Underwriters&#148;) relating to the issuance and sale of 17,500,000 shares of our common stock, par value $0.001 per share. The price to the public in this offering is $4.25 per
share and the Underwriters have agreed to purchase the shares from us pursuant to the Underwriting Agreement at a price of $3.995 per share. The net proceeds to us from this offering are expected to be approximately $69.6 million, after deducting
underwriting discounts and commissions and other estimated offering expenses payable by us.&nbsp;The closing of the offering is expected to take place on or about May&nbsp;14, 2012, subject to customary closing conditions. In addition, under the
terms of the Underwriting Agreement, we have granted the Underwriters an option, exercisable for 30 days from the date of the Underwriting Agreement, to purchase up to an additional 2,625,000 shares of our common stock to cover over-allotments, if
any. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Underwriting Agreement contains customary representations, warranties and agreements by us, customary conditions to closing,
indemnification obligations of Dynavax and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained
in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The offering is being made pursuant to two registration statements on Form S-3 (Registration Statement Nos. 333-169576 and 333-175645) previously filed
with and declared effective by the Securities and Exchange Commission and prospectus supplements thereunder. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this report, and the foregoing description of the Underwriting Agreement
does not purport to be complete and is qualified in its entirety by reference to such exhibit. A copy of the opinion of Cooley LLP relating to the legality of the issuance and sale of the shares in the offering is attached as Exhibit 5.1 hereto.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;8, 2012, we issued a press release announcing that we had commenced the offering. On May&nbsp;9, 2012, we issued a press release
announcing that we had priced the offering. Copies of the press releases are attached as Exhibits&nbsp;99.1 and 99.2 hereto, respectively. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Forward-Looking Statements </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This
report contains &#147;forward-looking statements,&#148; including those relating to Dynavax&#146;s expectations with respect to the completion, timing and size of its offering, and the expected net proceeds from the offering. Actual results may
differ materially from those set forth in this report due to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, as well as those inherent in our business,
including whether successful clinical and regulatory development and approval of HEPLISAV&#153; and our process for its manufacture can occur in a timely manner or without significant additional studies or difficulties or delays; whether our studies
can support registration for commercialization of HEPLISAV; the results of clinical trials and the impact of those results on the initiation and completion of subsequent trials and issues arising in the regulatory process, including whether the BLA
will be accepted for filing and if it is accepted, approved; our ability to obtain additional financing to support the development and commercialization of HEPLISAV and its other operations; possible claims against us based on the patent rights of
others; and other risks detailed in the &#147;Risk Factors&#148; section of our current periodic reports with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2012. We undertake no obligation to revise or
update information herein to reflect events or circumstances in the future, even if new information becomes available. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01
Financial Statements and Exhibits </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(d) Exhibits </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:39pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement, dated May 9, 2012.</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Cooley LLP.</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Cooley LLP (included in Exhibit 5.1).</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release, dated May 8, 2012, titled &#147;Dynavax Announces Proposed Public Offering of Common Stock.&#148;</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release, dated May 9, 2012, titled &#147;Dynavax Prices Public Offering of Common Stock.&#148;</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Signature(s) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>D<SMALL>YNAVAX</SMALL> T<SMALL>ECHNOLOGIES</SMALL> C<SMALL>ORPORATION</SMALL></B></FONT></TD></TR>


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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;10, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael S. Ostrach</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael S. Ostrach</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice
President</FONT></P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:39pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement, dated May 9, 2012.</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Cooley LLP.</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Cooley LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release, dated May 8, 2012, titled &#147;Dynavax Announces Proposed Public Offering of Common Stock.&#148;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release, dated May 9, 2012, titled &#147;Dynavax Prices Public Offering of Common Stock.&#148;</FONT></TD></TR>
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<TYPE>EX-1.1
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<FILENAME>d349837dex11.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
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<TITLE>Underwriting Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>17,500,000 Shares </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DYNAVAX TECHNOLOGIES CORPORATION </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Stock </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>UNDERWRITING AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;9, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. MORGAN SECURITIES LLC </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Representative of the several Underwriters </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">383 Madison Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10179 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Sirs: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <I>I<SMALL>NTRODUCTORY</SMALL></I><SMALL></SMALL>. Dynavax Technologies
Corporation, a Delaware corporation (the &#147;<B>Company</B>&#148;), proposes to sell, pursuant to the terms of this Agreement, to the several underwriters named in <U>Schedule A</U> hereto (the &#147;<B>Underwriters</B>,&#148; or, each, an
&#147;<B>Underwriter</B>&#148;), an aggregate of 17,500,000 shares of common stock, $0.001 par value (the &#147;<B>Common Stock</B>&#148;), of the Company. The aggregate of 17,500,000 shares so proposed to be sold is hereinafter referred to as the
&#147;<B>Firm Stock</B>&#148;. The Company also proposes to sell to the Underwriters, upon the terms and conditions set forth in <U>Section 3</U> hereof, up to an additional 2,625,000 shares of Common Stock (the &#147;<B>Optional Stock</B>&#148;).
The Firm Stock and the Optional Stock are hereinafter collectively referred to as the &#147;<B>Stock</B>&#148;. J.P. Morgan Securities LLC (&#147;<B>J.P. Morgan</B>&#148;) is acting as representative of the several Underwriters and in such capacity
is hereinafter referred to as the &#147;<B>Representative</B>.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has prepared and filed with the Securities
and Exchange Commission (the &#147;<B>Commission</B>&#148;) shelf registration statements on Form&nbsp;S-3 (File No.&nbsp;333-175645 and File No.&nbsp;333-169576), each of which contains a form of prospectus (each such base prospectus, a
&#147;<B>Base Prospectus</B>&#148; and collectively the &#147;<B>Base Prospectuses</B>&#148;) to be used in connection with the public offering and sale of the Stock. Each such registration statement, as amended, including the financial statements,
exhibits and schedules thereto, in the form in which it became effective under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the &#147;<B>Securities Act</B>&#148;), including all
documents incorporated or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the time of effectiveness pursuant to Rule&nbsp;430B or Rule 430C under the Securities Act, is called a &#147;<B>Registration
Statement</B>&#148; and collectively the &#147;<B>Registration Statements</B>.&#148; Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the &#147;<B>Rule 462(b) Registration
Statement</B>,&#148; and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term &#147;<B>Registration Statement</B>&#148; shall include the Rule 462(b) Registration Statement. Each preliminary prospectus
supplement, dated May&nbsp;8, 2012, describing any portion of the Stock and the offering thereof, together with the related Base Prospectus, is called a &#147;<B>Preliminary Prospectus</B>&#148; and collectively the &#147;<B>Preliminary
Prospectuses</B>&#148;, and each Preliminary Prospectus and any other preliminary prospectus supplement to a Base Prospectus that describes any portion of the Stock and the offering thereof and is used prior to the filing of the Prospectus (as
defined below), together with such Base Prospectus, is called a &#147;<B>preliminary prospectus</B>.&#148; As used herein, the term &#147;<B>Prospectus</B>&#148; shall mean a final prospectus supplement to a Base Prospectus that describes any
portion of the Stock and the offering thereof (each a &#147;<B>Final Prospectus Supplement</B>&#148; and collectively the &#147;<B>Final Prospectus Supplements</B>&#148;), together with such Base Prospectus, in the form first used by the
Underwriters to confirm sales of the Stock or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act. As used herein, &#147;<B>Applicable Time</B>&#148; is
8:25 A.M. (New York time) on May&nbsp;9, 2012. As used herein, &#147;<B>free writing prospectus</B>&#148; has </FONT></P>

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the meaning set forth in Rule 405 under the Securities Act, and &#147;<B>Time of Sale Disclosure Package</B>&#148; means the preliminary prospectuses, each as amended or supplemented immediately
prior to the Applicable Time, together with the free writing prospectuses, if any, identified in <U>Schedule B</U> hereto, the information identified on <U>Schedule C</U> hereto, and each &#147;road show&#148; (as defined in Rule 433 under the
Securities Act), if any, related to the offering of the Stock contemplated hereby that is a &#147;written communication&#148; (as defined in Rule 405 under the Securities Act) (each such road show, a &#147;<B>Road Show</B>&#148;). As used herein,
the terms &#147;<B>Registration Statement(s)</B>,&#148; &#147;<B>Rule 462(b) Registration Statement</B>,&#148; &#147;<B>Preliminary Prospectus(es)</B>,&#148; &#147;<B>preliminary prospectus(es)</B>,&#148; &#147;<B>Base Prospectus(es)</B>,&#148;
&#147;<B>Time of Sale Disclosure Package</B>&#148; and &#147;<B>Prospectus(es)</B>&#148; shall include the documents incorporated or deemed to be incorporated by reference therein. All references in this Agreement to amendments or supplements to any
Registration Statement, the Rule 462(b) Registration Statement, any Preliminary Prospectus, any preliminary prospectus, any Base Prospectus, the Time of Sale Disclosure Package or any Prospectus shall be deemed to mean and include the filing of any
document under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &#147;<B>Exchange Act</B>&#148;) which is or is deemed to be incorporated by reference in such Registration
Statement, the Rule 462(b) Registration Statement, such Preliminary Prospectus, any preliminary prospectus, such Base Prospectus, the Time of Sale Disclosure Package or such Prospectus, as the case may be. All references in this Agreement to any
Registration Statement, the Rule 462(b) Registration Statement, any Preliminary Prospectus, any other preliminary prospectus, any Base Prospectus or any Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy
thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#147;<B>EDGAR</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All references in this Agreement to financial statements and schedules and other information which are &#147;<B>contained</B>,&#148; &#147;<B>included</B>&#148; or &#147;<B>stated</B>&#148; in any
Registration Statement, any Preliminary Prospectus, any preliminary prospectus, any Base Prospectus, the Time of Sale Disclosure Package or any Prospectus (and all other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information which is or is deemed to be incorporated by reference in such Registration Statement, such Preliminary Prospectus, any preliminary prospectus, such Base Prospectus, the Time of Sale Disclosure
Package or such Prospectus, as the case may be. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company hereby confirms its agreements with the Underwriters as follows:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL>.
The Company represents and warrants to the several Underwriters, as of the date hereof and as of each Closing Date (as defined below), and agrees with the several Underwriters, that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <I>Compliance with Registration Requirements</I>. Each Registration Statement (including, for avoidance of doubt, any Rule 462(b)
Registration Statement) has become effective under the Securities Act. The Company has complied to the Commission&#146;s satisfaction with all requests of the Commission for additional or supplemental information, if any. No stop order suspending
the effectiveness of any Registration Statement (including, for avoidance of doubt, any Rule 462(b) Registration Statement) is in effect and no proceedings for such purpose have been instituted or are pending or, to the Company&#146;s knowledge, are
contemplated or threatened by the Commission. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each preliminary prospectus and each Prospectus when filed complied or will
comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the
Underwriters for use in connection with the offer and sale of the Stock. Each of the Registration Statements (including, for avoidance of doubt, any Rule 462(b) Registration Statement) and any post-effective amendment thereto, at the time it became
effective and at all subsequent times during which a prospectus is required by the Securities Act </FONT></P>

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to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Stock by any Underwriter or a dealer (such
times, the &#147;<B>Prospectus Delivery Period</B>&#148;), complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, the Time of Sale Disclosure Package (including any preliminary prospectus wrapper) did not, and at the time of each sale of the Stock and at
the Closing Date (as defined in <U>Section&nbsp;3</U>), the Time of Sale Disclosure Package, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Each Prospectus (including any Prospectus wrapper), as then amended or supplemented, as of the date of the related Final
Prospectus Supplement and at all subsequent times during the Prospectus Delivery Period, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from a Registration Statement or any
post-effective amendment thereto, or any preliminary prospectus, a Prospectus or the Time of Sale Disclosure Package, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to any Underwriter
furnished to the Company in writing by the Representative expressly for use therein, it being understood and agreed that the only such information furnished by the Representative to the Company consists of the information described in
<U>Section&nbsp;17</U> below. There are no contracts or other documents required to be described in the Time of Sale Disclosure Package or a Prospectus or to be filed as exhibits to a Registration Statement which have not been described or filed as
required. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is not an &#147;ineligible issuer&#148; in connection with the offering of the Stock pursuant to Rules
164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the
Securities Act. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply
in all material respects with the requirements of Rule 433 under the Securities Act including timely filing with the Commission or retention where required and legending, and each such free writing prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Stock did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in any Registration Statement, any
Prospectus or any preliminary prospectus. Except for the free writing prospectuses, if any, identified in <U>Schedule B</U> hereto, and electronic road shows, if any, furnished to you before first use, the Company has not prepared, used or referred
to, and will not, without your prior consent, prepare, use or refer to, any free writing prospectus. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <I>Offering Materials
Furnished to Underwriters</I>. If so requested by the Representative, the Company has delivered to the Representative one manually signed copy of each of the Registration Statements (including exhibits thereto), each amendment thereto and each
consent and certificate of experts filed as a part thereof. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <I>Distribution of Offering Material By the Company</I>. The
Company has not distributed and will not distribute, prior to the later of (i)&nbsp;the expiration or termination of the option granted to the several Underwriters in <U>Section&nbsp;3</U> and (ii)&nbsp;the completion of the Underwriters&#146;
distribution of the Stock, any offering material in connection with the offering and sale of the Stock other than a preliminary prospectus, the Time of Sale Disclosure Package, any Prospectus, any free writing prospectus reviewed and consented to by
the Representative, or the Registration Statements. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <I>The Underwriting Agreement</I>. This Agreement has been duly authorized, executed and
delivered by, and is a valid and binding agreement of, the Company, enforceable against the Company in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <I>Authorization of the Stock</I>. The Stock has been duly authorized for issuance and sale pursuant to this Agreement and, when
issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and the issuance and sale of the Stock is not subject to any preemptive rights, rights of first refusal or
other similar rights to subscribe for or purchase the Stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <I>No Applicable Registration or Other Similar Rights</I>.
There are no persons with registration or other similar rights to have any equity or debt securities registered for sale under the Registration Statements or included in the offering contemplated by this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <I>No Material Adverse Change</I>. Except as otherwise disclosed in the Time of Sale Disclosure Package, subsequent to the respective
dates as of which information is given in the Time of Sale Disclosure Package: (i)&nbsp;there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition,
financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity (any such change is called a
&#147;<B>Material Adverse Change</B>&#148;); (ii)&nbsp;the Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor
entered into any material transaction or agreement not in the ordinary course of business; and (iii)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for dividends paid to the Company or
other subsidiaries, its subsidiaries on any class of capital stock or repurchase or redemption by the Company or its subsidiaries of any class of capital stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) <I>Independent Accountants</I>. Ernst&nbsp;&amp; Young LLP, who have expressed their opinion with respect to the financial statements (which term as used in this Agreement includes the related notes
thereto) filed with the Commission and incorporated by reference into each Registration Statement, each Preliminary Prospectus, each Prospectuses and Time of Sale Disclosure Package (each, an &#147;<B>Applicable Prospectus</B>&#148; and
collectively, the &#147;<B>Applicable Prospectuses</B>&#148;), are (i)&nbsp;independent registered public accountants as required by the Securities Act and the Exchange Act, (ii)&nbsp;in compliance with the applicable requirements relating to the
qualification of accountants under Rule 2-01 of Regulation S-X under the Securities Act and (iii)&nbsp;a registered public accounting firm as defined by the Public Company Accounting Oversight Board (&#147;<B>PCAOB</B>&#148;) whose registration has
not been suspended or revoked and, to the Company&#146;s knowledge, who has not requested such registration to be withdrawn. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) <I>Preparation of the Financial Statements and Data</I>. The financial statements filed with the Commission and incorporated by
reference into each Registration Statement, each Preliminary Prospectus, the Time of Sale Disclosure Package and each Prospectus present fairly the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated
and the results of their operations, stockholders&#146; equity and cash flows for the periods </FONT></P>

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specified. Such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods
involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included in any Registration Statement or any Applicable Prospectus. The financial data set forth in
each Applicable Prospectus fairly present the information set forth therein on a basis consistent with that of the audited financial statements incorporated by reference in each Registration Statement and each Applicable Prospectus. The financial
data set forth in each Registration Statement and each Base Prospectus under the caption &#147;Ratio of Earnings to Fixed Charges and Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings&#148; and in Exhibit 12.1 to each
Registration Statement under the caption &#147;Statement of Computation of Ratio of Earnings to Fixed Charges&#148; have been calculated in compliance with Item&nbsp;503(d) of Regulation S-K under the Securities Act. To the Company&#146;s knowledge,
no person who has been suspended or barred from being associated with a registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the PCAOB, has participated in or otherwise aided the
preparation of, or audited, the financial statements, supporting schedules or other financial data filed with the Commission as a part of any Registration Statement and included in any Applicable Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) <I>Company&#146;s Accounting System</I>. The Company and its subsidiaries make and keep accurate books and records and maintain a
system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company is
unaware of any significant deficiency or material weakness in the Company&#146;s internal control over financial reporting (whether or not remediated) as of December&nbsp;31, 2011 or at any time since such date; since December&nbsp;31, 2011, there
has been no change in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) <I>Incorporation and Good Standing of the Company and its Subsidiaries</I>. Each of the Company and each of its subsidiaries has been
duly incorporated or organized, as the case may be, and is validly existing as a corporation or other entity, as applicable, in good standing under the laws of the jurisdiction of its incorporation or organization and has the power and authority
(corporate or other) to own, lease and operate its properties and to conduct its business as described in each Applicable Prospectus and, in the case of the Company, to enter into and perform its obligations under this Agreement, except where the
failure to be in good standing would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. Each of the Company and each of its subsidiaries is duly qualified as a foreign corporation or other entity,
as applicable, to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to be so
qualified or in good standing would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. All of the issued and outstanding capital stock or other equity or ownership interests of each of the
Company&#146;s subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company (directly or through the Company&#146;s other subsidiaries) free and clear of any security interest, mortgage,
pledge, lien, encumbrance or adverse claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity, and the Company does not have any &#147;subsidiary&#148; (as defined in Rule 405 under the
Securities Act), other than Rhein Biotech GmbH. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) <I>Capitalization and Other Capital Stock Matters</I>. The authorized, issued and
outstanding capital stock of the Company is as set forth in each Applicable Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in the Time of Sale Disclosure Package or upon the exercise of
outstanding options or warrants described in each Applicable Prospectus). The Common Stock (including the Stock) conform in all material respects to the description thereof contained in the Time of Sale Disclosure Package. All of the issued and
outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock was issued in
violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other
rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or its subsidiaries other than those accurately described in each Applicable Prospectus. The description of the
Company&#146;s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in each Applicable Prospectus accurately and fairly presents the information required to be shown with
respect to such plans, arrangements, options and rights. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) <I>Stock Exchange Listing</I>. The Common Stock is registered
pursuant to Section&nbsp;12(b) of the Exchange Act and is listed on The NASDAQ Capital Market, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act
or delisting the Common Stock from The NASDAQ Capital Market, nor has the Company received any notification that the Commission or The NASDAQ Capital Market is contemplating terminating such registration or listing. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) <I>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</I>. Neither the Company nor any of its
subsidiaries is in violation of its charter or by-laws, or similar organizational documents, as applicable, or is in default (or, with the giving of notice or lapse of time, would be in default) (&#147;<B>Default</B>&#148;) under any indenture,
mortgage, loan or credit agreement, note, contract or other agreement, franchise, lease or other instrument to which the Company or any of its subsidiaries is a party or by which either of them may be bound (including, without limitation, any credit
agreement, indenture, pledge agreement, security agreement or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness of the Company or any of its subsidiaries), or to which any of the property or assets of the
Company or any of its subsidiaries is subject (each, an &#147;<B>Existing Instrument</B>&#148;), except for such Defaults as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change. The
Company&#146;s execution, delivery and performance of this Agreement, consummation of the transactions contemplated hereby and by each Applicable Prospectus and the issuance and sale of the Stock (i)&nbsp;have been duly authorized by all necessary
corporate action and will not result in any violation of the provisions of the charter or by-laws, or similar organizational documents, as applicable, of the Company or any of its subsidiaries, (ii)&nbsp;will not conflict with or constitute a breach
of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or require
the consent of any other party to, any Existing Instrument and (iii)&nbsp;will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company or any of its subsidiaries, except, in the
case of clauses (ii)&nbsp;and (iii), for such breaches, Defaults, results or violations as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change and adversely affect the consummation of the
</FONT></P>

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transactions contemplated by this Agreement. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or
agency, is required for the Company&#146;s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by each Applicable Prospectus, except such as have been obtained or made or will be made by
the Company under the Securities Act or that may be required under applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority, Inc. (&#147;<B>FINRA</B>&#148;). As used herein, a &#147;<B>Debt Repayment
Triggering Event</B>&#148; means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf)
the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(o) <I>No Material Actions or Proceedings</I>. There are no legal or governmental actions, suits or proceedings pending or, to the Company&#146;s knowledge, threatened (i)&nbsp;against or affecting the
Company or any of its subsidiaries, (ii)&nbsp;which have as the subject thereof any officer or director of, or property owned or leased by, the Company or any of its subsidiaries or (iii)&nbsp;relating to environmental or discrimination matters,
where in any such case (A)&nbsp;there is (in the case of pending actions, suits or proceedings, to the Company&#146;s knowledge) a substantial likelihood that such action, suit or proceeding will be determined adversely to the Company, any of its
subsidiaries or such officer or director, (B)&nbsp;any such action, suit or proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions
contemplated by this Agreement or (C)&nbsp;any such action, suit or proceeding is or would be material in the context of the sale of shares of Common Stock. No material labor dispute with the employees of the Company or any of its subsidiaries, or,
to the Company&#146;s knowledge, with the employees of any principal supplier, manufacturer, customer or contractor of the Company, exists or (in the case of labor disputes with the employees of the Company or any of its subsidiaries, to the
Company&#146;s knowledge) is threatened or imminent. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) <I>Intellectual Property Rights</I>. Except as otherwise disclosed in
the each Applicable Prospectus, the Company and each of its subsidiaries own or possess (or can acquire on reasonable terms) sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses, approvals, trade secrets and other
similar rights (collectively, &#147;<B>Intellectual Property Rights</B>&#148;) reasonably necessary to conduct their businesses as now conducted, except to the extent the failure to own, possess or acquire on reasonable terms would not reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Change. Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Change, and except as disclosed in each Applicable
Prospectus, (i)&nbsp;there are no third parties who have or, to the Company&#146;s knowledge, will be able to establish rights to any Intellectual Property Rights; (ii)&nbsp;to the Company&#146;s knowledge, there is no infringement by third parties
of any Intellectual Property Rights; (iii)&nbsp;there is no pending or, to the Company&#146;s knowledge, threatened action, suit, proceeding or claim by others challenging the Company&#146;s rights in or to any Intellectual Property Rights, and the
Company is unaware of any facts that would form a reasonable basis for any such action, suit, proceeding or claim; (iv)&nbsp;there is no pending or, to the Company&#146;s knowledge, threatened action, suit, proceeding or claim by others challenging
the validity, enforceability or scope of any Intellectual Property Rights, and the Company is unaware of any facts that would form a reasonable basis for any such action, suit, proceeding or claim; and (v)&nbsp;there is no pending or, to the
Company&#146;s knowledge, threatened action, suit, proceeding or claim by others that the Company or any of its subsidiaries infringes or otherwise violates, or would, upon the commercialization of products or services described in any Registration
Statement, the Time of Sale Disclosure Package and any Prospectus as under development and as currently configured, infringe or violate, any currently issued patent, trademark, tradename, service name, copyright,
</FONT></P>

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trade secret or other proprietary rights of others, and the Company is unaware of any facts that would form a reasonable basis for any such action, suit, proceeding or claim. None of the
technology employed by the Company or any of its subsidiaries has been obtained or is being used by the Company or any of its subsidiaries in violation of any contractual obligation binding on the Company or any of its subsidiaries or, to the
Company&#146;s knowledge, any of its or its subsidiaries&#146; officers, directors or employees or otherwise in violation of the rights of any persons, except in each case for such violations as would not reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Change. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) <I>Clinical Trials</I>. The clinical and pre-clinical trials
conducted by or on behalf of or sponsored by the Company or its subsidiaries, or in which the Company or its subsidiaries have participated, that are described in the Time of Sale Disclosure Package or the results of which are referred to in the
Time of Sale Disclosure Package, as applicable, and are intended to be submitted to Regulatory Authorities as a basis for product approval, were and, if still pending, are being conducted by the Company or, to the knowledge of the Company on behalf
of the Company, in all material respects in accordance with the medical and scientific research procedures described in the applicable trial protocols and all applicable statutes, rules and regulations of the United States Food and Drug
Administration and comparable drug regulatory agencies outside of the United States to which they are subject (collectively, the &#147;Regulatory Authorities&#148;), including, without limitation, 21 C.F.R. Parts 50, 54, 56, 58, and 312. The
descriptions in the Time of Sale Disclosure Package of the results of such studies and tests are accurate and complete in all material respects and fairly present the data derived from such trials. The Company has no knowledge of any other clinical
trials the results of which reasonably call into question the results described or referred to in the Time of Sale Disclosure Package. The Company and its subsidiaries have operated and are currently in compliance with all applicable statutes, rules
and regulations of the Regulatory Authorities, except as would not reasonably be expected to have a Material Adverse Effect. In the last two years, neither the Company nor any of its subsidiaries has received any written notices, correspondence or
other written communication from the Regulatory Authorities or any other governmental agency requiring or threatening the premature termination or suspension of any clinical or pre-clinical trials that are described in the Time of Sale Disclosure
Package or the results of which are referred to in the Time of Sale Disclosure Package, and, to the Company&#146;s knowledge, there are no reasonable grounds for same. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(r) <I>All Necessary Permits, Etc</I>. The Company and each of its subsidiaries possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign
regulatory agencies or bodies necessary to conduct their respective businesses as currently conducted by them and described in the Time of Sale Disclosure Package; and neither the Company nor any of its subsidiaries has received, or has any reason
to believe that it will receive, any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, individually or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would reasonably be expected to result in a Material Adverse Change. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s) <I>Title to
Properties</I>. Except as otherwise disclosed in the Time of Sale Disclosure Package, the Company and each of its subsidiaries have good and marketable title to all of the real and personal property and other assets reflected as owned in the
financial statements referred to in <U>Section&nbsp;2(h)</U> above (or elsewhere in any Applicable Prospectus), in each case that are material to the business of the Company and its subsidiaries taken as a whole and in each case free and clear of
any security interests, mortgages, liens, encumbrances, equities, adverse claims and other defects, except such as do not materially and adversely affect the value of such property and assets and do not materially interfere with the use made or
proposed to be made of such </FONT></P>

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property and assets by the Company or any of its subsidiaries. To the Company&#146;s knowledge, the real property, improvements, equipment and personal property held under lease by the Company or
any of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal
property by the Company or any of its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) <I>Tax Law Compliance</I>. The Company and its consolidated
subsidiaries have filed all necessary federal, state and foreign income and franchise tax returns (or have properly requested extensions thereof) and have paid all taxes required to be paid by any of them and, if due and payable, any related or
similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements
referred to in <U>Section&nbsp;2(h)</U> above in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or its consolidated subsidiaries has not been finally determined.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(u) <I>Company Not an &#147;Investment Company&#148;</I>. The Company is not, and will not, either after receipt of payment
for the Stock or after the application of the proceeds therefrom as described under &#147;Use of Proceeds&#148; in each Applicable Prospectus, be, required to register as an &#147;investment company&#148; or an entity &#147;controlled&#148; by an
&#147;investment company&#148; under the Investment Company Act of 1940, as amended (the &#147;<B>Investment Company Act</B>&#148;), and will, during the Prospectus Delivery Period, conduct its business in a manner so that it will not become subject
to the Investment Company Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) <I>Insurance</I>. Except as otherwise disclosed in the Time of Sale Disclosure Package,
each of the Company and each of its subsidiaries is insured by recognized, financially sound and reputable institutions with policies in such amounts and with such deductibles and covering such risks as are reasonably adequate and customary for
their businesses as currently conducted and described in the Time of Sale Disclosure Package, including, but not limited to, policies covering real and personal property owned or leased by the Company and its subsidiaries against theft, damage,
destruction and acts of vandalism and policies covering the Company and its subsidiaries for product liability claims and clinical trial liability claims. The Company has no reason to believe that it or its subsidiaries will not be able (i)&nbsp;to
renew its existing insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not
result in a Material Adverse Change. During the past three years, neither of the Company nor any of its subsidiaries has been denied any insurance coverage material to the Company or such subsidiary, respectively, which it has sought or for which it
has applied. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(w) <I>No Price Stabilization or Manipulation; Compliance with Regulation M</I>. The Company has not taken,
directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of the Common Stock or any other &#147;reference security&#148; (as defined in Rule 100 of
Regulation M under the Exchange Act (&#147;<B>Regulation M</B>&#148;)) whether to facilitate the sale or resale of the Stock or otherwise, and has taken no action which would directly or indirectly violate Regulation M. The Company acknowledges that
the Underwriters may engage in passive market making transactions in the Stock on The NASDAQ Capital Market in accordance with Regulation M. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(x) <I>Related Party Transactions</I>. There are no business relationships or related-party transactions involving the Company or any of its subsidiaries or any other person required to be described in
any Applicable Prospectus which have not been described as required. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(y) <I>S-3 Eligibility</I>. At the time each Registration Statement was originally declared
effective, the Company met the then applicable requirements for use of Form S-3 under the Securities Act (without reliance on General Instruction I.B.6 of Form S-3). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(z) <I>Exchange Act Compliance</I>. The documents incorporated or deemed to be incorporated by reference in any Prospectus, at the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in such Prospectus, at the time the related Registration Statement and any amendments thereto became effective and at
the Closing Date and the applicable Option Closing Date, as the case may be, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(aa) <I>FINRA Matters</I>. All of the information
provided to the Underwriters or to counsel for the Underwriters by the Company, its officers and directors and, to the Company&#146;s knowledge, the holders of any securities (debt or equity) or options to acquire any securities of the Company in
connection with letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rule 5110 or Conduct Rule 2720 of the National Association of Securities Dealers, Inc. (the &#147;<B>NASD</B>&#148;), is true, complete and
correct. In accordance with FINRA Conduct Rule 5110(b)(7)(C)(i), the Stock has been registered with the Commission on Form S-3 under the Securities Act pursuant to the standards for such Form S-3 in effect prior to October&nbsp;21, 1992. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(bb) <I>Parties to Lock-Up Agreements</I>. Each of the Company&#146;s directors and executive officers has executed and delivered to the
Representative a lock-up agreement in the form of <U>Exhibit I</U> hereto. <U>Schedule D</U> hereto contains a true, complete and correct list of all directors and executive officers of the Company. If any additional persons shall become directors
or executive officers of the Company prior to the end of the Company Lock-up Period (as defined below), the Company shall cause each such person, prior to or contemporaneously with their appointment or election as a director or executive officer of
the Company, to execute and deliver to the Representative an agreement in the form attached hereto as <U>Exhibit I</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(cc)
<I>Statistical and Market-Related Data</I>. The statistical, demographic and market-related data included in each Registration Statement and each Applicable Prospectus are based on or derived from sources that the Company believes to be reliable and
accurate or represent the Company&#146;s good faith estimates that are made on the basis of data derived from such sources. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(dd) <I>No Unlawful Contributions or Other Payments</I>. Neither the Company nor any of its subsidiaries nor, to the Company&#146;s
knowledge, any employee or agent of the Company or any of its subsidiaries, has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character required to
be disclosed in any Registration Statement and each Applicable Prospectus. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ee) <I>Disclosure Controls and Procedures;
Deficiencies in or Changes to Internal Control Over Financial Reporting</I>. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), which (i)&nbsp;are
designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the Company&#146;s principal executive officer and its principal financial officer by others within those entities,
particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii)&nbsp;have been evaluated by management of the Company for effectiveness as of the end of the Company&#146;s most recent fiscal
quarter; and (iii)&nbsp;the Company&#146;s principal executive officer and principal financial officer have concluded to be effective at the reasonable assurance level. Based on the most recent evaluation
</FONT></P>

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of its disclosure controls and procedures (in accordance with Rule 13a-15(b)), the Company is not aware of (x)&nbsp;any significant deficiencies or material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information or (y)&nbsp;any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ff) <I>Compliance with Environmental Laws</I>. Except as described in each Applicable Prospectus and except as would not reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Change, (i)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code,
policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including,
without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &#147;<B>Hazardous Materials</B>&#148;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials (collectively, &#147;<B>Environmental Laws</B>&#148;), (ii)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with
their requirements, (iii)&nbsp;there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any
Environmental Law against the Company or any of its subsidiaries and (iv)&nbsp;there are, to the Company&#146;s knowledge, no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an
action, suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(gg) <I>ERISA Compliance</I>. The Company and its subsidiaries and any &#147;employee benefit plan&#148; (as defined under the Employee
Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &#147;<B>ERISA</B>&#148;)) established or maintained by the Company, and of its subsidiaries or their ERISA Affiliates
(as defined below) are in compliance in all material respects with ERISA. &#147;<B>ERISA Affiliate</B>&#148; means, with respect to the Company or any of its subsidiaries, any member of any group of organizations described in Sections 414(b),(c),(m)
or (o)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the &#147;<B>Code</B>&#148;) of which the Company or any of its subsidiaries is a member. No &#147;reportable event&#148; (as
defined under ERISA) has occurred or is reasonably expected to occur with respect to any &#147;employee benefit plan&#148; established or maintained by the Company, any of its subsidiaries or any of their ERISA Affiliates. No &#147;employee benefit
plan&#148; established or maintained by the Company, any of its subsidiaries or any of their ERISA Affiliates, if such &#147;employee benefit plan&#148; were terminated, would have any &#147;amount of unfunded benefit liabilities&#148; (as defined
under ERISA). Neither the Company nor any of its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any
&#147;employee benefit plan&#148; or (ii)&nbsp;Sections 412, 4971, 4975 or 4980B of the Code. Each &#147;employee benefit plan&#148; established or maintained by the Company, any of its subsidiaries or any of their ERISA Affiliates that is intended
to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing has occurred, whether by action or failure to act, which would reasonably be expected to result in the loss of such qualification. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(hh) <I>Brokers</I>. Except as contemplated by this Agreement, there is no broker, finder or
other party that is entitled to receive from the Company any brokerage or finder&#146;s fee or other fee or commission as a result of any transactions contemplated by this Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) <I>No Outstanding Loans or Other Extensions of Credit</I>. Since the adoption of Section&nbsp;13(k) of the Exchange Act, neither the
Company nor any of its subsidiaries has extended or maintained credit, arranged for the extension of credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer (or equivalent thereof) of
the Company or any of its subsidiaries except for such extensions of credit as are expressly permitted by Section&nbsp;13(k) of the Exchange Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(jj) <I>Dividend Restrictions</I>. None of the subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other
distribution with respect to such subsidiary&#146;s equity securities or from repaying to the Company or any other subsidiary any amounts that may from time to time become due under any loans or advances to such subsidiary from the Company or from
transferring any property or assets to the Company or any other subsidiary. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(kk) <I>Foreign Corrupt Practices Act</I>. Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is aware of or has taken any action, directly
or indirectly, that has resulted or would result in a violation of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &#147;<B>FCPA</B>&#148;), including, without limitation, making use of the mails
or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company and its subsidiaries
and, to the knowledge of the Company, the Company&#146;s affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ll) <I>Money Laundering Laws</I>. The operations of the Company and
its subsidiaries are, and have been conducted at all times, in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all applicable jurisdictions, the rules and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;<B>Money Laundering
Laws</B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the
Company&#146;s knowledge, threatened. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(mm) <I>OFAC</I>. Neither the Company nor any of its subsidiaries nor, to the knowledge
of the Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (&#147;<B>OFAC</B>&#148;); and the Company will not directly or indirectly use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any of its subsidiaries or any joint venture partner
or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <I>P<SMALL>URCHASE</SMALL>, S<SMALL>ALE</SMALL> <SMALL>AND</SMALL> D<SMALL>ELIVERY</SMALL>
<SMALL>OF</SMALL> O<SMALL>FFERED</SMALL> S<SMALL>ECURITIES</SMALL></I><SMALL></SMALL>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to
sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Company the respective numbers of shares of Firm Stock set forth opposite the names of the Underwriters in <U>Schedule A</U> hereto. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purchase price per share to be paid by the Underwriters to the Company for the Stock will be $3.995 per share (the &#147;<B>Purchase
Price</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company will deliver the Firm Stock to the Representative for the respective
accounts of the several Underwriters, through the facilities of The Depository Trust Company, issued in such names and in such denominations as the Representative may direct by notice in writing to the Company given at or prior to 12:00 Noon, New
York time, on the second (2</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;full business day
preceding the Closing Date against payment of the aggregate Purchase Price therefor by wire transfer in federal (same day) funds to an account at a bank acceptable to the Represenative payable to the order of the Company at the offices of Davis
Polk&nbsp;&amp; Wardwell LLP, 1600 El Camino Real, Menlo Park, California. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder.
The time and date of the delivery and closing shall be at 10:00 A.M., New York time, on May&nbsp;14, 2012, in accordance with Rule 15c6-1 of the Exchange Act. The time and date of such payment and delivery are herein referred to as the
&#147;<B>Closing Date</B>&#148;. The Closing Date and the location of delivery of, and the form of payment for, the Firm Stock may be varied by agreement between the Company and the Representative. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purpose of covering any over-allotments in connection with the distribution and sale of the Firm Stock as contemplated by the
Prospectuses, the Underwriters may purchase all or less than all of the Optional Stock. The price per share to be paid for the Optional Stock shall be the Purchase Price. The Company agrees to sell to the Underwriters the number of shares of
Optional Stock specified in the written notice delivered by the Representative to the Company described below and the Underwriters agree, severally and not jointly, to purchase such shares of Optional Stock. Such shares of Optional Stock shall be
purchased from the Company for the account of each Underwriter in the same proportion as the number of shares of Firm Stock set forth opposite such Underwriter&#146;s name on <U>Schedule A</U> bears to the total number of shares of Firm Stock
(subject to adjustment by the Representative to eliminate fractions). The option granted hereby may be exercised as to all or any part of the Optional Stock at any time, and from time to time, not more than thirty (30)&nbsp;days subsequent to the
date of this Agreement. No Optional Stock shall be sold and delivered unless the Firm Stock previously has been, or simultaneously is, sold and delivered. The right to purchase the Optional Stock or any portion thereof may be surrendered and
terminated at any time upon notice by the Representative to the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The option granted hereby may be exercised by
written notice being given to the Company by the Representative setting forth the number of shares of the Optional Stock to be purchased by the Underwriters and the date and time for delivery of and payment for the Optional Stock. Each date and time
for delivery of and payment for the Optional Stock (which may be the Closing Date, but not earlier) is herein called the &#147;<B>Option Closing Date</B>&#148; and, with respect to any Optional Stock delivered pursuant to a written notice given
after the Closing Date, shall in no event be earlier than three (3)&nbsp;business days nor later than five (5)&nbsp;business days after such written notice is given. The Option Closing Date and the Closing Date are herein called the &#147;<B>Closing
Dates</B>.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company will deliver the Optional Stock to the Representative for the respective
accounts of the several Underwriters through the facilities of The Depository Trust Company issued in such names and in such denominations as the Representative may direct by notice in writing to the Company given at or prior to 12:00 Noon, New York
time, on the second (2</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;full business day preceding
the Option Closing Date against payment of the aggregate Purchase Price therefor by wire transfer in federal (same </FONT></P>

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day) funds to an account at a bank acceptable to the Representative payable to the order of the Company at the offices of Davis Polk&nbsp;&amp; Wardwell LLP, 1600 El Camino Real, Menlo Park,
California. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder. The Option Closing Date and the location of delivery of, and
the form of payment for, the Optional Stock may be varied by agreement between the Company and the Representative. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
several Underwriters propose to offer the Stock for sale upon the terms and conditions set forth in the Prospectuses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.
F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL>. The Company agrees with the several Underwriters: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) To prepare the Rule 462(b) Registration Statement, if necessary, in a form approved by the Representative and file
such Rule 462(b) Registration Statement with the Commission by 10:00 P.M., New York time, on the date hereof, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give
irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Rules and Regulations; to prepare each Prospectus in a form approved by the Representative containing information previously omitted at the time of effectiveness
of the related Registration Statement in reliance on Rules 430B or 430C under the Securities Act and to file each such Prospectus pursuant to Rule 424(b) under the Securities Act not later than the second business (2</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;day following the execution and delivery of this Agreement or,
if applicable, such earlier time as may be required under the Securities Act; to notify the Representative immediately of the Company&#146;s intention to file or prepare any supplement or amendment to any Registration Statement or to any Prospectus
and to make no amendment or supplement to any Registration Statement, the Time of Sale Disclosure Package or to any Prospectus to which the Representative shall reasonably object by notice to the Company after a reasonable period to review; to
advise the Representative, promptly after it receives notice thereof, of the time when any amendment to any Registration Statement has been filed or becomes effective or any supplement to the Time of Sale Disclosure Package or any Prospectus or any
amended Prospectus has been filed and to furnish the Underwriters with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rules 433(d) or 163(b)(2) under the Securities Act, as the case
may be; to file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of each
Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required in connection with the offering or sale of the Stock; to advise the Representative, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, any free writing prospectus, the Time of Sale Disclosure Package or any Prospectus,
of the suspension of the qualification of the Stock for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of any
Registration Statement, the Time of Sale Disclosure Package or any Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, any free
writing prospectus, the Time of Sale Disclosure Package or any Prospectus or suspending any such qualification, and promptly to use its best efforts to obtain the withdrawal of such order. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company represents and agrees that, unless it obtains the prior consent of the Representative, and each Underwriter represents and
agrees that, unless it obtains the prior consent of the Company and the Representative, it has not made and will not make any offer </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
relating to the Stock that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 under the Securities Act unless the prior written consent of the Representative has been
received;<I> provided</I> that the prior written consent of the Representative hereto shall be deemed to have been given in respect of the free writing prospectuses included in <U>Schedule B</U> hereto. The Company represents that it has treated and
agrees that it will comply with the requirements of Rules 164 and 433 under the Securities Act applicable to any free writing prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping and will
not take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that such
Underwriter otherwise would not have been required to file thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Company will prepare a final term sheet (the
&#147;<B>Final Term Sheet</B>&#148;) reflecting the final terms of the Stock, in form and substance satisfactory to the Representative, and shall file such Final Term Sheet as a free writing prospectus pursuant to Rule 433 under the Securities Act
on the date hereof; <I>provided</I> that the Company shall provide the Representative with copies on any such Final Term Sheet a reasonable amount of time prior to such proposed filing and will not use or file any such document to which the
Representative or counsel to the Underwriters shall reasonably object. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) If at any time prior to the date when a prospectus
relating to the Stock is required to be delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) any event occurs or condition exists as a result of which any Prospectus as then amended or supplemented would
include any untrue statement of a material fact, or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made when such Prospectus is delivered (or in lieu thereof, the notice
referred to in Rule 173(a) under the Securities Act), not misleading, or if it is necessary at any time to amend or supplement any Registration Statement or any Prospectus or to file under the Exchange Act any document incorporated by reference in
any Prospectus to comply with the Securities Act or the Exchange Act, that the Company will promptly notify the Representative thereof and upon its request will prepare an appropriate amendment or supplement or upon its request make an appropriate
filing pursuant to Section&nbsp;13 or 14 of the Exchange Act in form and substance reasonably satisfactory to the Representative which will correct such statement or omission or effect such compliance and will use its reasonable best efforts to have
any amendment to any Registration Statement declared effective as soon as possible. The Company will furnish without charge to each Underwriter and to any dealer in securities as many copies as the Representative may from time to time reasonably
request of such amendment or supplement. In case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) relating to the Stock, the Company upon the request of the
Representative and at the expense of such Underwriter will prepare promptly amended or supplemented Prospectuses as may be necessary to permit compliance with the requirements of Section&nbsp;10(a)(3) of the Securities Act and deliver to such
Underwriter as many copies as such Underwriter may reasonably request of such amended or supplemented Prospectuses complying with Section&nbsp;10(a)(3) of the Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) If the Time of Sale Disclosure Package is being used to solicit offers to buy the Stock at a time when a Prospectus is not yet available to prospective purchasers and any event shall occur as a result
of which, in the judgment of the Company or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the Time of Sale Disclosure Package in order to make the statements therein, in the light of the circumstances
then prevailing, not misleading, or to make the statements therein not conflict with the information contained or incorporated by reference in any Registration Statement then on file and not superseded or
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
modified, or if it is necessary at any time to amend or supplement the Time of Sale Disclosure Package to comply with any law, the Company promptly will either (i)&nbsp;prepare, file with the
Commission (if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the Time of Sale Disclosure Package or (ii)&nbsp;prepare and file with the Commission an appropriate filing under the Exchange Act
which shall be incorporated by reference in the Time of Sale Disclosure Package so that the Time of Sale Disclosure Package as so amended or supplemented will not, in the light of the circumstances then prevailing, be misleading or conflict with any
Registration Statement then on file, or so that the Time of Sale Disclosure Package will comply with law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) If at any time
following issuance of a free writing prospectus there occurred or occurs an event or development as a result of which such free writing prospectus conflicted or will conflict with the information contained in any Registration Statement, Time of Sale
Disclosure Package or any Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof and not superseded or modified or included or would include an untrue statement of a material
fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances prevailing at the subsequent time, not misleading, the Company has promptly
notified or will promptly notify the Representative so that any use of the free writing prospectus may cease until it is amended or supplemented and has promptly amended or will promptly amend or supplement, at its own expense, such free writing
prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing sentence does not apply to statements in or omissions from any free writing prospectus in reliance upon, and in conformity with, written information
furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as defined in
<U>Section&nbsp;17</U>). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Upon the request of the Representative, to furnish promptly to the Representative and to counsel
for the Underwriters a signed copy of each Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission, including all consents and exhibits filed therewith. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Upon the request of the Representative, to the extent not available on EDGAR, to deliver promptly to the Representative in New York
City such number of the following documents as the Representative shall reasonably request: (i)&nbsp;conformed copies of each Registration Statement as originally filed with the Commission (in each case excluding exhibits), (ii)&nbsp;each
Preliminary Prospectus, (iii)&nbsp;any free writing prospectus, (iv)&nbsp;each Prospectus (the delivery of the documents referred to in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;of this paragraph (h) to be made not later than 10:00 A.M., New York
time, on the business day following the execution and delivery of this Agreement), (v)&nbsp;conformed copies of any amendment to any Registration Statement (excluding exhibits), (vi)&nbsp;any amendment or supplement to the Time of Sale Disclosure
Package or any Prospectus (the delivery of the documents referred to in clauses (v)&nbsp;and (vi)&nbsp;of this paragraph (h) to be made not later than 10:00 A.M., New York City time, on the business day following the date of such amendment or
supplement) and (vii)&nbsp;any document incorporated by reference in the Time of Sale Disclosure Package or any Prospectus (excluding exhibits thereto) (the delivery of the documents referred to in clause (vii)&nbsp;of this paragraph (h) to be made
not later than 10:00 A.M., New York City time, on the business day following the date of such document). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) To make generally
available to its stockholders as soon as practicable, but in any event not later than sixteen (16)&nbsp;months after the effective date of each Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement of the
Company and its subsidiaries (which need not be audited) complying with Section&nbsp;11(a) of the Securities Act (including, at the option of the Company, Rule 158). </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) To take promptly from time to time such actions as the Representative may reasonably
request to qualify the Stock for offering and sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Representative may designate and to continue such qualifications in effect, and to comply with such laws, for
so long as required to permit the offer and sale of Stock in such jurisdictions; <I>provided</I> that the Company and its subsidiaries shall not be obligated to qualify as foreign corporations in any jurisdiction in which they are not so qualified
or to file a general consent to service of process in any jurisdiction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) Upon request, during the period of five
(5)&nbsp;years from the date hereof, to the extent not available on EDGAR, to deliver to each of the Underwriters, (i)&nbsp;as soon as they are available, copies of all reports or other communications furnished to stockholders generally, and
(ii)&nbsp;as soon as they are available, copies of any reports and financial statements furnished or filed with the Commission or any national securities exchange on which the Stock is listed. However, so long as the Company is subject to the
reporting requirements of either Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act and is timely filing reports with the Commission on EDGAR, it is not required to furnish such reports or statements to the Underwriters. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) During the period commencing on and including the date hereof and ending on and including the 60th day following the date of a Final
Prospectus Supplement (as the same may be extended as described below, the &#147;<B>Lock-Up Period</B>&#148;), the Company will not, without the prior written consent of the Representative (which consent may be withheld at the sole discretion of the
Representative), directly or indirectly, sell (including, without limitation, any short sale), offer, contract or grant any option to sell, pledge, transfer or establish an open &#147;put equivalent position&#148; within the meaning of Rule 16a-1(h)
under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file any registration statement under the Securities Act in respect of, any Common Stock, options, rights or warrants to acquire Common Stock or securities
exchangeable or exercisable for or convertible into Common Stock (other than as contemplated by this Agreement with respect to the Stock) or publicly announce the intention to do any of the foregoing; provided, however, that the Company may
(i)&nbsp;issue Common Stock, options to purchase Common Stock, shares of Common Stock underlying options granted and other securities, each pursuant to any director or employee stock option plan, stock ownership plan or dividend reinvestment plan of
the Company in effect on the date hereof and described in the Time of Sale Disclosure Package; (ii)&nbsp;issue Common Stock pursuant to the conversion of securities or the exercise of warrants, which securities or warrants are outstanding on the
date hereof and described in the Time of Sale Disclosure Package; (iii)&nbsp;adopt a new equity incentive plan, and file a registration statement on Form S-8 under the Securities Act to register the offer and sale of securities to be issued pursuant
to such new equity incentive plan, and issue securities pursuant to such new equity incentive plan (including, without limitation, the issuance of shares of Common Stock upon the exercise of options or other securities issued pursuant to such new
equity incentive plan), provided that (1)&nbsp;such new equity incentive plan satisfies the transaction requirements of General Instruction A.1 of Form S-8 under the Securities Act and (2)&nbsp;this clause (iii)&nbsp;shall not be available unless
each recipient of shares of Common Stock, or securities exchangeable or exercisable for or convertible into Common Stock, pursuant to such new equity incentive plan shall be contractually prohibited from selling, offering, disposing of or otherwise
transferring any such shares or securities during the remainder of the Lock-Up Period; or (iv)&nbsp;issue Common Stock to one or more counterparties in connection with the consummation, by the Company, of one or more strategic partnerships, joint
ventures, collaborations or acquisitions or licenses of any business products or technology, provided that (1)&nbsp;the aggregate number of shares of Common Stock that may be issued pursuant to this clause (iv)&nbsp;shall not exceed five percent
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
(5%) of the number of shares of Common Stock outstanding immediately after the closing of the sale of the Stock to the Underwriters pursuant to this Agreement, and (2)&nbsp;this clause
(iv)&nbsp;shall not be available unless each recipient of such Common Stock shall have, prior to, or concurrently with, the entry of a definitive agreement in connection with the applicable partnership, joint venture, collaboration, acquisition or
license, agreed in writing not to sell, offer, dispose of or otherwise transfer any such Common Stock (or engage in any short sales of Common Stock prior to the issuance of such Common Stock) during the remainder, if any, of the Lock-Up Period
without the prior written consent of the Representative (which consent may be withheld at the sole discretion of the Representative). Notwithstanding the foregoing, if (A)&nbsp;during the last 17 days of the Lock-Up Period, the Company issues an
earnings release or material news or a material event relating to the Company occurs or (B)&nbsp;prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the
last day of the Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration of the 18-day period beginning on the date of the issuance of the earnings release or the occurrence of the material news or material event,
as applicable, unless the Representative waives, in writing, such extension (which waiver may be withheld at the sole discretion of the Representative), except that such extension will not apply if (x)&nbsp;the Common Stock is an &#147;actively
traded security&#148; (as defined in Regulation M), (y)&nbsp;the Company meets the applicable requirements of Rule 139(a)(1) under the Securities Act in the manner contemplated by NASD Conduct Rule 2711(f)(4), and (z)&nbsp;the provisions of NASD
Conduct Rule 2711(f)(4) do not restrict the publication or distribution, by any of the Underwriters, of any research reports relating to the Company during the 15 days before or after the last day of the Lock-up Period (before giving effect to such
extension). The Company will provide the Representative with prior notice of any such announcement that gives rise to an extension of the Lock-up Period, subject to the Representative&#146;s agreement to hold such information in confidence prior to
public disclosure of the same. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) To supply the Representative with copies of all correspondence to and from, and all
documents issued to and by, the Commission in connection with the registration of the Stock under the Securities Act or any Registration Statement, any Preliminary Prospectus or any Prospectus, or any amendment or supplement thereto or document
incorporated by reference therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) Prior to the Closing Date, not to issue any press release or other communication
directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of
business and consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, unless in the judgment of the Company and its counsel, and after notification to
the Representative, such press release or communication is required by law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) Prior to the Closing Date, other than Stock
purchased in connection with the offering contemplated by this Agreement, the Company will not, and will use its reasonable best efforts to cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or
with one or more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Stock, or attempt to induce any person to purchase any Stock; and not to, and to use its reasonable
best efforts to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or apparent, active trading in or of raising the price of the Stock. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) To maintain, at its expense, a registrar and transfer agent for the Stock. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) To apply the net proceeds from the sale of the Stock as set forth in each Registration
Statement, the Time of Sale Disclosure Package and each Prospectus under the heading &#147;Use of Proceeds,&#148; and except as disclosed in the Time of Sale Disclosure Package, the Company does not intend to use any of the proceeds from the sale of
the Stock hereunder to repay any outstanding debt owed to any affiliate of any Underwriter. The Company shall manage its affairs and investments in such a manner as not to be or become an &#147;investment company&#148; within the meaning of the
Investment Company Act and the rules and regulations thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r) To use its reasonable best efforts to list, subject to
notice of issuance, and to maintain the listing of the Stock on The NASDAQ Capital Market or another national securities exchange. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(s) To use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to each Closing Date and to satisfy all conditions precedent to the
delivery of the Firm Stock and the Optional Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <I>P<SMALL>AYMENT</SMALL> <SMALL>OF</SMALL> E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>.
The Company agrees to pay, or reimburse if paid by any Underwriter, whether or not the transactions contemplated hereby are consummated or this Agreement is terminated: (a)&nbsp;the costs incident to the authorization, issuance, sale, preparation
and delivery of the Stock and any taxes payable in that connection; (b)&nbsp;the costs incident to the registration of the Stock under the Securities Act; (c)&nbsp;the costs incident to the preparation, printing and distribution of any Registration
Statement, any Base Prospectus, any Preliminary Prospectus, any free writing prospectus, the Time of Sale Disclosure Package, any Prospectus, any amendments, supplements and exhibits thereto or any document incorporated by reference therein and the
costs of printing, reproducing and distributing this Agreement and any closing documents by mail, telex or other means of communications; (d)&nbsp;the fees and expenses (including related fees and expenses of counsel for the Underwriters) incurred
in connection with securing any required review by FINRA of the terms of the sale of the Stock and any filings made with FINRA (not to exceed $5,000 in the aggregate); (e)&nbsp;any applicable listing or other fees; (f)&nbsp;the fees and expenses
(including related fees and expenses of counsel to the Underwriters) of qualifying the Stock under the securities laws of the several jurisdictions as provided in <U>Section 4(j)</U>) and of preparing, printing and distributing wrappers, and Blue
Sky Memoranda (not to exceed $10,000 in the aggregate); (g)&nbsp;the cost of preparing and printing stock certificates; (h)&nbsp;all fees and expenses of the registrar and transfer agent of the Stock; (i)&nbsp;the costs and expenses of the Company
relating to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Stock, including, without limitation, expenses associated with the preparation or dissemination of any electronic road
show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the
officers of the Company and such consultants, including the cost of any aircraft chartered in connection with the road show, and (j)&nbsp;all other costs and expenses incident to the offering of the Stock or the performance of the obligations of the
Company under this Agreement (including, without limitation, the fees and expenses of the Company&#146;s counsel and the Company&#146;s independent accountants; provided that, except to the extent otherwise provided in this <U>Section 5</U> and in
<U>Sections 8</U> and <U>10</U>, the Underwriters shall pay their own costs and expenses, including the fees and expenses of their counsel, any transfer taxes on the resale of any Stock by them and the expenses of advertising any offering of the
Stock made by the Underwriters. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <I>C<SMALL>ONDITIONS</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL>&#146;
O<SMALL>BLIGATIONS</SMALL>.</I> The respective obligations of the several Underwriters hereunder are subject to the accuracy, when made and as of the Applicable Time and on such Closing Date, of the representations and warranties of the Company
contained herein, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and
conditions: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Each Registration Statement has become effective under the Securities Act, and no stop order suspending the
effectiveness of any Registration Statement or any part thereof, preventing or suspending the use of any Base Prospectus, any Preliminary Prospectus, any free writing prospectus, the Time of Sale Disclosure Package, any Prospectus or any part
thereof shall have been issued and no proceedings for that purpose or pursuant to Section&nbsp;8A under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the
Commission (to be included or incorporated by reference in the Registration Statements or the Prospectuses or otherwise) shall have been complied with to the reasonable satisfaction of the Representative; the Rule 462(b) Registration Statement, if
any, any Preliminary Prospectus, each free writing prospectus and each Prospectus shall have been filed with, the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Securities Act and in
accordance with <U>Section 4(a)</U>, and the Rule 462(b) Registration Statement, if any, shall have become effective immediately upon its filing with the Commission; and FINRA shall have raised no objection to the fairness and reasonableness of the
terms of this Agreement or the transactions contemplated hereby. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) None of the Underwriters shall have discovered and
disclosed to the Company on or prior to such Closing Date that any Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to
state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading, or that the Time of Sale Disclosure Package, any free writing prospectus or any
Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in order to make
the statements, in the light of the circumstances in which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) All corporate proceedings and
other legal matters incident to the authorization, form and validity of each of this Agreement, the Stock, each Registration Statement, the Time of Sale Disclosure Package, each free writing prospectus and each Prospectus and all other legal matters
relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information that
they may reasonably request to enable them to pass upon such matters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) On each such Closing Date, the Representative shall
have received the opinion letter and negative assurance letter of Cooley LLP, counsel for the Company, dated as of such date, the forms of which are attached as <U>Exhibit II-1</U> and <U>Exhibit II-2</U>, respectively. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) On each such Closing Date, the Representative shall have received the opinion of the General Counsel of the Company, dated as of such
date, the form of which is attached as <U>Exhibit III</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) On each such Closing Date the Representative shall have
received the opinion and negative assurance letter of Davis Polk&nbsp;&amp; Wardwell LLP, counsel for the Underwriters in connection with the offer and sale of the Stock, in form and substance satisfactory to the Underwriters, dated as of such date.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) At the time of the execution of this Agreement, the Representative shall have received from Ernst&nbsp;&amp; Young LLP a
letter, addressed to the Underwriters, executed and dated such date, in form and substance satisfactory to the Representative (i)&nbsp;confirming that they are an independent registered accounting firm with respect to the Company and its
subsidiaries within the meaning of </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Securities Act and the rules and regulations of the PCAOB and (ii)&nbsp;stating the conclusions and findings of such firm, of the type ordinarily included in accountants&#146; &#147;comfort
letters&#148; to underwriters, with respect to the financial statements and certain financial information contained or incorporated by reference in each Registration Statement, the Time of Sale Disclosure Package and each Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) On the effective date of any post-effective amendment to any Registration Statement and on each such Closing Date, the Representative
shall have received a letter (the &#147;<B>bring-down letter</B>&#148;) from Ernst&nbsp;&amp; Young LLP addressed to the Underwriters and dated such Closing Date confirming, as of the date of the bring-down letter (or, with respect to matters
involving changes or developments since the respective dates as of which specified financial information is given in the Time of Sale Disclosure Package and the Prospectuses, as the case may be, as of a date not more than three (3)&nbsp;business
days prior to the date of the bring-down letter), the conclusions and findings of such firm, of the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the financial information and other
matters covered by its letter delivered to the Representative concurrently with the execution of this Agreement pursuant to paragraph (f) of this <U>Section 6</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) The Company shall have furnished to the Representative a certificate, dated such Closing Date, of its Chairman of the Board or President and its Chief Financial Officer stating on behalf of the
Company, that (i)&nbsp;no stop order suspending the effectiveness of any Registration Statement (including, for avoidance of doubt, any Rule 462(b) Registration Statement), or any post-effective amendment thereto, shall be in effect and no
proceedings for such purpose shall have been instituted or, to their knowledge, threatened by the Commission, (ii)&nbsp;for the period from and including the date of this Agreement through and including such date, there has not occurred any Material
Adverse Change, (iii)&nbsp;the representations, warranties and covenants of the Company set forth in <U>Section&nbsp;2</U> of this Agreement are true and correct with the same force and effect as though expressly made on and as of such date, and
(iv)&nbsp;the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to such date. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) Since the date of the latest audited financial statements included in the Time of Sale Disclosure Package or incorporated by reference
in the Time of Sale Disclosure Package as of the date hereof, (i)&nbsp;neither the Company nor any of its subsidiaries shall have sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the Time of Sale Disclosure Package, and (ii)&nbsp;there shall not have been any change in the capital stock or
long-term debt of the Company or any of its subsidiaries, or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders&#146; equity or results of
operations of the Company and its subsidiaries, otherwise than as set forth in the Time of Sale Disclosure Package, the effect of which, in any such case described in clause (i)&nbsp;or (ii)&nbsp;of this paragraph (j), is, in the judgment of the
Representative, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Stock on the terms and in the manner contemplated in the Time of Sale Disclosure Package. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) No action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued by any
governmental agency or body which would prevent the issuance or sale of the Stock or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company; and no injunction, restraining order or
order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Stock or materially and adversely affect or potentially materially and adversely affect the
business or operations of the Company. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) Subsequent to the execution and delivery of this Agreement (i)&nbsp;no downgrading shall
have occurred in the Company&#146;s corporate credit rating or the rating accorded the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization,&#148; as that term is defined by the Commission for purposes of
Rule 436(g)(2) under the Securities Act and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company&#146;s
corporate credit rating or the rating of any of the Company&#146;s debt securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) Subsequent to the execution and
delivery of this Agreement there shall not have occurred any of the following: (i)&nbsp;trading in any of the Company&#146;s securities shall have been suspended or materially limited by the Commission or by The NASDAQ Capital Market, or trading in
securities generally on the New York Stock Exchange, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market or the NYSE Amex or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the
over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established on any such exchange or such market by the Commission, by such exchange or market or by
any other regulatory body or governmental authority having jurisdiction, (ii)&nbsp;a banking moratorium shall have been declared by Federal or state authorities or a material disruption has occurred in commercial banking or securities settlement or
clearance services in the United States, (iii)&nbsp;the United States shall have become engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities involving the United States,
or there shall have been a declaration of a national emergency or war by the United States or (iv)&nbsp;there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international
conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with the sale or delivery of the Stock on the terms and in the manner contemplated
in the Time of Sale Disclosure Package and the Prospectuses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) The Company shall have filed a Notification: Listing of
Additional Shares with the NASDAQ Capital Market and shall have received no objection thereto from the NASDAQ Capital Market. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) The Representative shall have received on and as of such Closing Date satisfactory evidence of the good standing of the Company in its
jurisdiction of incorporation and its good standing as foreign entities in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate authorities of
such jurisdictions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) The Representative shall have received the written agreements, substantially in the form of
<U>Exhibit&nbsp;I</U> hereto, of the executive officers and directors of the Company listed in <U>Schedule D</U> to this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(q) The Company shall have furnished to the Representative a certificate, dated such Closing Date, of its Secretary. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(r) On or prior to such Closing Date, the Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request and are customary for the
type of offering contemplated by this Agreement. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All opinions, letters, evidence and certificates mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7. <I>I<SMALL>NDEMNIFICATION</SMALL> <SMALL>AND</SMALL> C<SMALL>ONTRIBUTION</SMALL>.</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Company shall indemnify and hold harmless each Underwriter, its affiliates, directors, officers, managers, members, employees, representatives and agents and each person, if any, who controls any
Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively the &#147;<B>Underwriter Indemnified Parties</B>,&#148; and each an &#147;<B>Underwriter Indemnified Party</B>&#148;)
against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified Party may become subject, under the Securities Act or
otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (A)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary
Prospectus, any free writing prospectus, any Registration Statement, the Time of Sale Disclosure Package or any Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, or (B)&nbsp;the omission or alleged
omission to state in any Preliminary Prospectus, any free writing prospectus, any Registration Statement, the Time of Sale Disclosure Package or any Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein,
a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Underwriter Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred by that
Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense,
liability, action, investigation or proceeding, as such fees and expenses are incurred; <I>provided</I>, <I>however</I>, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability
arises out of or is based upon an untrue statement or alleged untrue statement in, or omission or alleged omission from any Preliminary Prospectus, any free writing prospectus, any Registration Statement, the Time of Sale Disclosure Package or any
Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein made in reliance upon and in conformity with written information furnished to the Company through the Representative by or on behalf of any
Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriter&#146;s Information (as defined in <U>Section&nbsp;17</U>). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The indemnity agreement in this <U>Section&nbsp;7(a)</U> is not exclusive and is in addition to each other liability which the Company might have under this Agreement or otherwise, and shall not limit any
rights or remedies which may otherwise be available under this Agreement, at law or in equity to any Underwriter Indemnified Party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company and its directors, its officers who signed any Registration Statement and each person, if any, who controls
the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively the &#147;<B>Company Indemnified Parties</B>&#148; and each a &#147;<B>Company Indemnified Party</B>&#148;) against any
loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, any free writing
prospectus, any </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Registration Statement, the Time of Sale Disclosure Package or any Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, or (ii)&nbsp;the omission
or alleged omission to state in any Preliminary Prospectus, any free writing prospectus, any Registration Statement, the Time of Sale Disclosure Package or any Prospectus, or in any amendment or supplement thereto or document incorporated by
reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information furnished to the Company through the Representative by or on behalf of that Underwriter specifically for use therein, which information the parties hereto agree is limited to the
Underwriter&#146;s Information as defined in <U>Section&nbsp;17</U>, and shall reimburse the Company Indemnified Parties for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or
defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. This indemnity agreement is not exclusive and will be in
addition to any liability which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity to the Company Indemnified Parties. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Promptly after receipt by an indemnified party under this <U>Section&nbsp;7</U> of notice of the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <U>Section7</U>, notify such indemnifying party in writing of the commencement of that action; <I>provided, however,</I> that the failure
to notify the indemnifying party shall not relieve it from any liability which it may have under this <U>Section&nbsp;7</U> except to the extent it has been materially prejudiced by such failure; and, <I>provided, further,</I> that the failure to
notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <U>Section&nbsp;7</U>. If any such action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably
satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to
assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <U>Section&nbsp;7</U> for any legal or other expenses subsequently incurred by the indemnified party in
connection with the defense of such action other than reasonable costs of investigation; <I>provided, however,</I> that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of
such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i)&nbsp;the employment thereof has been specifically authorized in writing by the Company
in the case of a claim for indemnification under <U>Section&nbsp;7(a)</U> or the Representative in the case of a claim for indemnification under <U>Section7(b)</U>, (ii)&nbsp;such indemnified party shall have been advised by its counsel that there
may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii)&nbsp;the indemnifying party has failed to assume the defense of such action and employ counsel reasonably
satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such
indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure
to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
expenses subsequently incurred by such indemnified party in connection with the defense of such action; <I>provided</I>, <I>however</I>, that the indemnifying party shall not, in connection with
any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys at any time for all such indemnified parties (in addition to any local counsel), which firm shall be designated in writing by the Representative if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Underwriter
Indemnified Party or by the Company if the indemnified parties under this <U>Section&nbsp;7</U> consist of any Company Indemnified Parties. Subject to this <U>Section7(c)</U>, the amount payable by an indemnifying party under <U>Section&nbsp;7</U>
shall include, but not be limited to, (x)&nbsp;reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in
respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y)&nbsp;all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this
<U>Section&nbsp;7</U> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party in form and substance
reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be
unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold
harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees
and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section&nbsp;7(a)</U> effected without its written consent if (i)&nbsp;such settlement is entered into more than
forty-five (45)&nbsp;days after receipt by such indemnifying party of the request for reimbursement, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least thirty (30)&nbsp;days prior to such settlement
being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) If the indemnification provided for in this <U>Section&nbsp;7</U> is unavailable or insufficient to hold harmless an indemnified party under <U>Section&nbsp;7(a)</U> or <U>7(b)</U>, then each
indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action,
investigation or proceeding in respect thereof), as incurred, (i)&nbsp;in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the
Stock, or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;of this <U>Section&nbsp;7(d)</U> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;of
this <U>Section&nbsp;7(d)</U> but also the relative fault of the Company on the one hand and the Underwriters on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or
liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such
offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Stock purchased under </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters with respect to the Stock purchased under
this Agreement, in each case as set forth in the table on the cover page of the Prospectuses. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; <I>provided</I> that the parties hereto agree that the written information furnished to the Company through the
Representative by or on behalf of the Underwriters for use in any Preliminary Prospectus, any free writing prospectus, any Registration Statement, the Time of Sale Disclosure Package or any Prospectus, or in any amendment or supplement thereto or
document incorporated by reference therein, consists solely of the Underwriter&#146;s Information as defined in <U>Section&nbsp;17</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to <U>Section&nbsp;7(d)</U> above were to be determined by pro rata allocation or by any other
method of allocation which does not take into account the equitable considerations referred to <U>Section&nbsp;7(d)</U> above. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action,
investigation or proceeding referred to in <U>Section&nbsp;7(d)</U> above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding.
Notwithstanding the provisions of this <U>Section&nbsp;7</U>, no Underwriters shall be required to contribute any amount in excess of the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the
Stock exceeds the amount of any damages which the Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to
act. No Person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146;
obligations to contribute as provided in this <U>Section&nbsp;7</U> are several in proportion to their respective underwriting obligations and not joint. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8. <I>T<SMALL>ERMINATION</SMALL>.</I> The obligations of the Underwriters hereunder may be terminated by the Representative, in its absolute discretion by notice given to the Company prior to delivery of
and payment for the Firm Stock if, prior to that time, any of the events described in <U>Sections 6(j)</U>, <U>6(l)</U> or <U>6(m)</U> have occurred or if the Underwriters shall decline to purchase the Stock for any reason permitted under this
Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <I>R<SMALL>EIMBURSEMENT</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL>&#146; E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>.
Notwithstanding anything to the contrary in this Agreement, if (a)&nbsp;this Agreement shall have been terminated pursuant to <U>Section&nbsp;8</U> or <U>10</U>, (b)&nbsp;the Company shall fail to tender the Stock for delivery to the Underwriters
for any reason not permitted under this Agreement, (c)&nbsp;the Underwriters shall decline to purchase the Stock for any reason permitted under this Agreement or (d)&nbsp;the sale of the Stock is not consummated because any condition to the
obligations of the Underwriters set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with the provisions hereof
(i)&nbsp;prior to the Closing Date, then in addition to the payment of amounts in accordance with <U>Section 5</U>, the Company shall reimburse the Underwriters for the fees and expenses of Underwriters&#146; counsel and for such other out-of-pocket
expenses as shall have been reasonably actually incurred by them in connection with this Agreement and the proposed purchase of the Stock, including, without </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
limitation, travel and lodging expenses of the Underwriters, and upon demand the Company shall pay the full amount thereof to the Representative and (ii)&nbsp;after the Closing Date but prior to
any Option Closing Date with respect to the purchase of any Optional Stock pursuant to a notice delivered by the Representative to the Company under <U>Section&nbsp;3</U> hereof, the Company shall reimburse the Underwriters for the fees and expenses
of Underwriters&#146; counsel and for such other out-of-pocket expenses as shall have been reasonably actually incurred by them following the Closing Date in connection with this Agreement and the proposed purchase of such Optional Stock, and upon
demand the Company shall pay the full amount thereof to the Representative; <I>provided</I> that if this Agreement is terminated pursuant to <U>Section&nbsp;10</U> by reason of the default of one or more Underwriters, the Company shall not be
obligated to reimburse any defaulting Underwriter on account of expenses to the extent incurred by such defaulting Underwriter, provided that the foregoing shall not limit any reimbursement obligation of the Company to any non-defaulting Underwriter
under this <U>Section&nbsp;9</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <I>S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL></SMALL>. If any
Underwriter or Underwriters shall default in its or their obligations to purchase shares of Stock hereunder on any Closing Date and the aggregate number of shares which such defaulting Underwriter or Underwriters agreed but failed to purchase does
not exceed ten percent (10%)&nbsp;of the total number of shares to be purchased by all Underwriters on such Closing Date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the
shares which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of shares with respect to which such default or defaults occur
is more than ten percent (10%)&nbsp;of the total number of shares to be purchased by all Underwriters on such Closing Date and arrangements satisfactory to the Representative and the Company for the purchase of such shares by other persons are not
made within forty-eight (48)&nbsp;hours after such default, this Agreement shall terminate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the remaining Underwriters or
substituted Underwriters are required hereby or agree to take up all or part of the shares of Stock of a defaulting Underwriter or Underwriters on such Closing Date as provided in this <U>Section&nbsp;10</U>, (i)&nbsp;the Company shall have the
right to postpone such Closing Dates for a period of not more than five (5)&nbsp;full business days in order that the Company may effect whatever changes may thereby be made necessary in the Registration Statements or the Prospectuses, or in any
other documents or arrangements, and the Company agrees promptly to file any amendments to the Registration Statements or supplements to the Prospectuses which may thereby be made necessary, and (ii)&nbsp;the respective numbers of shares to be
purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability
to the Company or the other Underwriters for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this <U>Section&nbsp;10</U> shall be without liability on the part of any non-defaulting Underwriter or the
Company, except that the representations, warranties, covenants, indemnities, agreements and other statements set forth in <U>Section&nbsp;2</U>, the obligations with respect to expenses to be paid or reimbursed to non-defaulting Underwriters
pursuant to <U>Sections 5</U> and <U>9</U> and the provisions of <U>Section&nbsp;7</U> and <U>Sections 11</U> through <U>21</U>, inclusive, shall not terminate and shall remain in full force and effect, and provided that any such termination shall
not relieve a defaulting Underwriter from liability for its default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">11<I>. A<SMALL>BSENCE</SMALL> <SMALL>OF</SMALL> F<SMALL>IDUCIARY</SMALL>
R<SMALL>ELATIONSHIP</SMALL>. </I>The Company acknowledges and agrees that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) each Underwriter&#146;s responsibility to the
Company is solely contractual in nature, the Representative has been retained solely to act as underwriter in connection with the sale of the Stock and no fiduciary, advisory or agency relationship between the Company and the Representative has been
created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Representative has advised or is advising the Company on other matters; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) the price of the Stock set forth in this Agreement was established by the Company
following discussions and arms-length negotiations with the Representative, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) it has been advised that the Representative and its affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and that the Representative has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) it waives, to the fullest extent permitted by law, any claims it may have against the Representative for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that the Representative shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in
right of the Company, including stockholders, employees or creditors of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <I>S<SMALL>UCCESSORS</SMALL>; P<SMALL>ERSONS</SMALL>
E<SMALL>NTITLED</SMALL> <SMALL>TO</SMALL> B<SMALL>ENEFIT</SMALL> <SMALL>OF</SMALL> A<SMALL>GREEMENT</SMALL></I><SMALL></SMALL>. This Agreement shall inure to the benefit of and be binding upon the several Underwriters, the Company and their
respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentence, any legal or equitable right, remedy or claim under
or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person;
except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the benefit of the Underwriter Indemnified Parties, and the indemnities of the several Underwriters shall
be for the benefit of the Company Indemnified Parties. It is understood that each Underwriter&#146;s responsibility to the Company is solely contractual in nature and the Underwriters do not owe the Company, or any other party, any fiduciary duty as
a result of this Agreement. No purchaser of any of the Stock from any Underwriter shall be deemed to be a successor or assign by reason merely of such purchase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13. <I>S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> I<SMALL>NDEMNITIES</SMALL>, R<SMALL>EPRESENTATIONS</SMALL>, W<SMALL>ARRANTIES</SMALL>, <SMALL>ETC</SMALL>. </I>The respective indemnities, covenants,
agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of
any investigation made by or on behalf of any Underwriter, the Company or any person controlling any of them and shall survive delivery of and payment for the Stock. Notwithstanding any termination of this Agreement, including without limitation any
termination pursuant to <U>Section&nbsp;8</U> or <U>Section&nbsp;10</U>, the indemnities, covenants, agreements, representations, warranties and other statements forth in <U>Sections 2</U>, <U>5</U>, <U>7</U> and <U>9</U> and <U>Sections 11</U>
through <U>21</U>, inclusive, of this Agreement shall not terminate and shall remain in full force and effect at all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.
<I>N<SMALL>OTICES</SMALL></I><SMALL></SMALL>. All statements, requests, notices and agreements hereunder shall be in writing, and: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) if to the Underwriters, shall be delivered or sent by mail, telex, facsimile transmission or email to J.P. Morgan Securities LLC, Attention: Head of Healthcare ECM, Fax: (212)&nbsp;622-0105 with a
copy to the Assistant General Counsel, Fax: (646)&nbsp;534-6397; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) if to the Company shall be delivered or sent by mail,
telex, facsimile transmission or email to Dynavax Technologies Corporation Attention: General Counsel, Fax: (510)&nbsp;848-1376; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>provided,
however,</I> that any notice to an Underwriter pursuant to <U>Section&nbsp;7</U> shall be delivered or sent by mail, or facsimile transmission to such Underwriter at its address set forth in its acceptance telex to the Representative, which address
will be supplied to any other party hereto by the Representative upon request. Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <I>D<SMALL>EFINITION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL>
T<SMALL>ERMS</SMALL></I><SMALL></SMALL>. For purposes of this Agreement, (a)&nbsp;&#147;<B>business day</B>&#148; means any day on which the NASDAQ Capital Market is open for trading and (b)&nbsp;&#147;<B>subsidiary</B>&#148; has the meaning set
forth in Rule&nbsp;405 under the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <B><I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL> <SMALL>AND</SMALL>
J<SMALL>URISDICTION</SMALL></I></B><I><SMALL></SMALL>.</I><B><I></I></B><B></B><B><I> This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of
the State of New York, including without limitation Section&nbsp;5-1401 of the New York General Obligations. </I></B>The Company irrevocably (a)&nbsp;submits to the non-exclusive jurisdiction of the Federal and state courts in the Borough of
Manhattan in The City of New York for the purpose of any suit, action or other proceeding arising out of this Agreement or the transactions contemplated by this Agreement, any Registration Statement and any Preliminary Prospectus, the Time of Sale
Disclosure Package or any Prospectus, (b)&nbsp;agrees that all claims in respect of any such suit, action or proceeding may be heard and determined by any such court, (c)&nbsp;waives to the fullest extent permitted by applicable law, any immunity
from the jurisdiction of any such court or from any legal process, (d)&nbsp;agrees not to commence any such suit, action or proceeding other than in such courts, and (e)&nbsp;waives, to the fullest extent permitted by applicable law, any claim that
any such suit, action or proceeding is brought in an inconvenient forum. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <I>U<SMALL>NDERWRITERS</SMALL>&#146;
I<SMALL>NFORMATION</SMALL>.</I> The parties hereto acknowledge and agree that, for all purposes of this Agreement, the Underwriters&#146; Information consists solely of the following information in the Prospectuses: (i)&nbsp;the concession and
reallowance figures appearing in the third paragraph under the caption &#147;Underwriting&#148; and the information contained in the seventh, fourteenth, fifteenth, sixteenth and seventeenth paragraphs under the caption &#147;Underwriting&#148;,
each in the Company&#146;s final prospectus supplement dated May&nbsp;9, 2012 relating to a portion of the Stock offered pursuant to the Registration Statement with File No.&nbsp;333-175645, and (ii)&nbsp;the concession and reallowance figures
appearing in the third paragraph under the caption &#147;Underwriting&#148; and the information contained in the sixth, thirteenth, fifteenth and sixteenth paragraphs under the caption &#147;Underwriting&#148;, each in the Company&#146;s final
prospectus supplement dated May&nbsp;9, 2012 relating to a portion of the Stock offered pursuant to the Registration Statement with File No.&nbsp;333-169576. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">18. <I>A<SMALL>UTHORITY</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> R<SMALL>EPRESENTATIVE</SMALL>.</I> In connection with this Agreement, J.P. Morgan will act for and on behalf of the several
Underwriters, and any action taken under this Agreement by the Representative, will be binding on all the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.
<I>P<SMALL>ARTIAL</SMALL> U<SMALL>NENFORCEABILITY</SMALL>. </I>The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph,
clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are
necessary to make it valid and enforceable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. <I>G<SMALL>ENERAL</SMALL></I><SMALL></SMALL>. This Agreement constitutes the entire agreement
of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine and neuter
genders and the singular and the plural include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of this Agreement. This Agreement may be amended
or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Representatives. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">21. <I>C<SMALL>OUNTERPARTS</SMALL></I><SMALL></SMALL>. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[signature page follows] </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the foregoing is in accordance with your understanding of the agreement between the
Company and the several Underwriters, kindly indicate your acceptance in the space provided for that purpose below. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">D<SMALL>YNAVAX</SMALL> T<SMALL>ECHNOLOGIES</SMALL> C<SMALL>ORPORATION</SMALL></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael S. Ostrach</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Michael S. Ostrach</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Vice President</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accepted as of</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">the
date first above written:</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. M<SMALL>ORGAN</SMALL> S<SMALL>ECURITIES</SMALL> LLC</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acting&nbsp;on&nbsp;its&nbsp;own&nbsp;behalf&nbsp;and&nbsp;as&nbsp;Representative</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">of the several Underwriters referred to in the</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">foregoing Agreement.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Sri Kosaraju</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Sri Kosaraju</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Managing Director</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE A </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:19pt"><FONT STYLE="font-family:Times New Roman" SIZE="1">Name</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Number&nbsp;of&nbsp;Shares<BR>of&nbsp;Firm&nbsp;Stock&nbsp;to&nbsp;be</FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1">Purchased</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Number&nbsp;of&nbsp;Shares&nbsp;of<BR>Optional Stock to be<BR>Purchased</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. Morgan Securities LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,937,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,640,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cowen and Company, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,562,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">984,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>17,500,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,625,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE B </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">None. </FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE C </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Public Offering Price: $4.25 per share </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Number of Shares of Firm Stock: 17,500,000 shares
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Number of Shares of Optional Stock: 2,625,000 shares </FONT></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE D </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Francis R. Cano </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dennis Carson </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Robert Coffman </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dino Dina </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Denise Gilbert </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Zbigniew Janowicz </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mark Kessel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dan Kisner </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jennifer Lew </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J. Tyler Martin </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Arnold Oronsky </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Ostrach </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Peggy Phillips </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stanley Plotkin </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stephen F. Tuck </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit I </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Form of Lock-Up Agreement </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;&nbsp;&nbsp;&nbsp; <U></U>, 2012 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. MORGAN SECURITIES LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As Representative
of </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">the several Underwriters listed in </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 1 to the Underwriting </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agreement
referred to below </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">c/o J.P. Morgan Securities LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">383 Madison Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10179 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">DYNAVAX Technologies Corporation &#151; Public Offering </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned understands that you, as Representative of
the several Underwriters, proposes to enter into an Underwriting Agreement (the &#147;<B>Underwriting Agreement</B>&#148;) with DYNAVAX Technologies Corporation, a Delaware corporation (the &#147;<B>Company</B>&#148;), providing for the public
offering (the &#147;<B>Public Offering</B>&#148;) by the several Underwriters named in Schedule 1 to the Underwriting Agreement (the &#147;<B>Underwriters</B>&#148;), of common stock, par value $0.001 per share, of the Company (the &#147;<B>Common
Stock</B>&#148;). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In consideration of the Underwriters&#146; agreement to purchase and make the Public Offering of the Common Stock, and for other good and valuable consideration receipt of which is hereby acknowledged,
the undersigned hereby agrees that, without the prior written consent of J.P. Morgan Securities LLC&nbsp;on behalf of the Underwriters, the undersigned will not, during the period (the &#147;<B>Initial Lock-up Period</B>&#148;, as may be extended as
described below, the &#147;<B>Lock-up Period</B>&#148;) beginning on the date hereof and ending 60 days after the date of the final prospectus supplement relating to the Public Offering, (1)&nbsp;offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock (including without limitation, Common Stock or such other securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and
Exchange Commission and securities which may be issued upon exercise of a stock option or warrant), or publicly disclose the intention to make any such offer, sale, pledge or disposition, (2)&nbsp;enter into any swap or other agreement that
transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock or such other securities, whether any such transaction described in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Common Stock or
such other securities, in cash or otherwise or (3)&nbsp;make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock.
</FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The restrictions set forth in the immediately preceding paragraph shall not apply to:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) any transfers made by the undersigned (a)&nbsp;as a bona fide gift to any member of the immediate family (as defined
below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned&#146;s immediate family, (b)&nbsp;by will or intestate succession upon the death of the undersigned or (c)&nbsp;as a
bona fide gift to a charity or educational institution, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) transactions relating to Common Stock or other securities
convertible into or exercisable or exchangeable for Common Stock acquired in open market transactions after completion of the Public Offering; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) the entry, by the undersigned, at any time on or after the date of the Underwriting Agreement, of any trading plan providing for the sale of Common Stock by the undersigned, which trading plan meets
the requirements of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and does not provide for, or permit, the sale of any Common Stock during the Lock-up Period; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">[(4) any transfers made by the undersigned pursuant to and subject to the terms of the Rule 10b5-1 Sales Plan
(including the Exhibit A thereof), dated March&nbsp;27, 2012, entered into between Robert Coffman and Robert&nbsp;&amp; Susan Coffman 1992 Revocable Trust and Jefferies&nbsp;&amp; Company, Inc.;]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[(4) any transfers made by the undersigned pursuant to and subject to the terms of the Rule 10b5-1 Sales Plan (including the Exhibit A thereof), dated April&nbsp;13, 2012, entered into between the
undersigned and Jefferies&nbsp;&amp; Company, Inc.;]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">([5][4]) any transfers made by the undersigned to the Company to satisfy tax withholding obligations pursuant to the Company&#146;s
equity incentive plans or arrangements disclosed in the Prospectus (as defined in the Underwriting Agreement); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">([6][5])
any transfers made by the undersigned to the Company in connection with the repurchase of shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock as required by the terms of (i)&nbsp;any equity
incentive plans disclosed in the Prospectus or (ii)&nbsp;any agreements pursuant to which such shares of Common Stock were issued; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>provided</U>, however, that (i)&nbsp;in the case of any transfer described in clause (1)&nbsp;above, it shall be a condition to the transfer that the transferee executes and delivers to J.P. Morgan
Securities LLC acting on behalf of the Underwriters, not later than one business day prior to such transfer, a written agreement, in substantially the form of this Letter Agreement (it being understood that any references to &#147;immediate
family&#148; in the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory in form and substance to J.P. Morgan
Securities LLC, and (ii)&nbsp;in the case of any transfer described in clause (1)&nbsp;or (2)&nbsp;above, no filing by any party (donor, donee, transferor or transferee) under Securities Exchange Act of 1934, as amended, or other public announcement
shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the Lock-Up Period). For purposes of this paragraph, &#147;immediate family&#148; shall
mean a spouse, domestic partner, child, grandchild or other lineal descendant (including by adoption), father, mother, brother or sister of the undersigned. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, if (1)&nbsp;during the last 17 days of the Initial Lock-up Period, the Company issues an earnings release or material news or a material event relating to the Company
occurs; or (2)&nbsp;prior to the expiration of the Initial Lock-up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Initial Lock-up Period, the </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><FONT STYLE="font-family:Times New Roman" SIZE="2">To be included only in Mr.&nbsp;Robert Coffman&#146;s lock up. </FONT></I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><FONT STYLE="font-family:Times New Roman" SIZE="2">To be included only in Mr.&nbsp;Michael Ostrach&#146;s lock-up.
</FONT></I></FONT></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
restrictions imposed by this Letter Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material
news or material event. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the
registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All
authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned understands that, if (i)&nbsp;the Company notifies J.P. Morgan Securities LLC in writing that it does not intend to
proceed with the Public Offering, (ii)&nbsp;the Underwriting Agreement does not become effective by May&nbsp;31, 2012, or (iii)&nbsp;the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be
terminated prior to payment for and delivery of the Common Stock to be sold thereunder, the undersigned shall be released from all obligations under this Letter Agreement. The undersigned understands that the Underwriters are entering into the
Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Letter Agreement
and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit II-1 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Form of Opinion of Cooley LLP </U></B></FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit II-2 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Form of Negative Assurance Letter of Cooley LLP </U></B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit III </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Form of Opinion of General Counsel of the Company </U></B></FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d349837dex51.htm
<DESCRIPTION>OPINION OF COOLEY LLP
<TEXT>
<HTML><HEAD>
<TITLE>Opinion of Cooley LLP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px">


<IMG SRC="g349837g27k00.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Charles S. Kim </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(858) 550-6049 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ckim@cooley.com </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;10, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dynavax Technologies Corporation </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2929 Seventh Street, Suite 100 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Berkeley,
California 94710-2753 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">You have requested our opinion with respect to certain matters in connection with the offering by Dynavax Technologies Corporation, a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), of up to
20,125,000 shares of the Company&#146;s common stock, par value $0.001 per share (the &#147;<B><I>Shares</I></B>&#148;), and the preferred stock purchase rights (the &#147;<B><I>Rights</I></B>&#148;) associated with the Shares to be issued pursuant
to that certain Rights Agreement (the &#147;<B><I>Rights Agreement</I></B>&#148;) dated November&nbsp;5, 2008 between the Company and Mellon Investor Services LLC, as Rights Agent (the &#147;<B><I>Rights Agent</I></B>&#148;), consisting of
(i)&nbsp;12,949,411 shares of common stock and associated Rights offered pursuant to Registration Statement No.&nbsp;333-169576 (the &#147;<B><I>2010 Registration Statement</I></B>&#148;), filed with the Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B><I>Act</I></B>&#148;), the prospectus dated October&nbsp;6, 2010 included therein (the &#147;<B><I>2010 Base Prospectus</I></B>&#148;), and the related
prospectus supplement dated May&nbsp;9, 2012, filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Act (together with the 2010 Base Prospectus, the &#147;<B><I>2010 Prospectus</I></B>&#148;) and (ii)&nbsp;up to
7,175,589 shares of common stock and associated Rights, including 2,625,000 shares and associated Rights that may be sold pursuant to the exercise of an over-allotment option, offered pursuant to Registration Statement No.&nbsp;333-175645 (the
&#147;<B><I>2011 Registration Statement</I></B>&#148;) filed with the Commission under the Act, the prospectus dated July&nbsp;22, 2011 included therein (the &#147;<B><I>2011 Base Prospectus</I></B>&#148;), and the related prospectus supplement
dated May&nbsp;9, 2012 filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Act (together with the 2011 Base Prospectus, the &#147;<B><I>2011 Prospectus</I></B>&#148;). The 2010 Registration Statement and the 2011
Registration Statement are collectively referred to as the &#147;<B><I>Registration Statements</I></B>,&#148; and the 2010 Prospectus and the 2011 Prospectus are collectively referred to as the &#147;<B><I>Prospectuses</I></B>.&#148; The Shares are
to be sold by the Company as described in the Registration Statements and the Prospectuses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with this opinion, we have examined
and relied upon the Registration Statements and the Prospectuses, the Company&#146;s Restated Certificate of Incorporation and Restated Bylaws, the Rights Agreement and the originals or copies certified to our satisfaction of such records,
documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness and authenticity of all documents submitted to us as
originals, and the conformity to originals of all documents submitted to us as copies; the accuracy, completeness and authenticity of certificates of public officials, and the due execution and delivery of all documents where due execution and
delivery are a prerequisite to the effectiveness thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have also assumed that the Rights Agreement has been duly authorized, executed
and delivered by the Rights Agent and that the members of the Board of Directors of the Company have acted in a manner consistent with their fiduciary duties as required under applicable law in adopting the Rights Agreement. As to certain factual
matters, we have relied upon a certificate </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4401
EASTGATE MALL, SAN DIEGO, CA 92121 T: (858) 550-6000 F: (858) 550-6420 WWW.COOLEY.COM </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g349837g27k00.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dynavax Technologies Corporation </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May 10, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page Two </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of an officer of the Company and have not independently sought to verify such matters. Our opinion is expressed only with respect to the federal laws of the United States of America and the
General Corporation Law of the State of Delaware. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On the basis of the foregoing, and in reliance thereon, we are of the opinion that the
Shares and the associated Rights, when sold in accordance with the Rights Agreement, Registration Statements and the Prospectuses, will be validly issued, and the Shares fully paid and nonassessable. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We consent to the reference to our firm under the caption &#147;Legal Matters&#148; in the Prospectuses included in the Registration Statement and to the
filing of this opinion as an exhibit to a current report of the Company on Form 8-K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[<I>Signature page to follow</I>]
</FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4401 EASTGATE MALL, SAN DIEGO, CA 92121 T: (858)
550-6000 F: (858) 550-6420 WWW.COOLEY.COM </FONT></P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g349837g27k00.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dynavax Technologies Corporation </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May 10, 2012 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page Three </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cooley <SMALL>LLP</SMALL></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Charles S. Kim</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles S. Kim</FONT></TD></TR>
</TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4401 EASTGATE MALL, SAN DIEGO,
CA 92121 T: (858) 550-6000 F: (858) 550-6420 WWW.COOLEY.COM </FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>d349837dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">


<IMG SRC="g349837g74z98.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2929 Seventh Street, Suite 100</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Berkeley, CA 94710</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contact:</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Ostrach</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Chief Business</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Officer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">510-665-7257</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>mostrach@dynavax.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DYNAVAX ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BERKELEY, CA &#150; May&nbsp;8, 2012 &#150; Dynavax Technologies Corporation (NASDAQ: DVAX) today announced that it intends to offer and sell shares of
its common stock, subject to market and other conditions, in an underwritten public offering. Dynavax also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. All of
the shares in the offering are being offered by Dynavax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. Morgan Securities LLC is acting as sole book-running manager for the offering.
Cowen and Company, LLC is acting as co-manager. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The securities described above are being offered by Dynavax pursuant to two shelf
registration statements previously filed with and declared effective by the Securities and Exchange Commission (the &#147;SEC&#148;). Preliminary prospectus supplements related to the offering will be filed with the SEC and will be available on the
SEC&#146;s website located at http://www.sec.gov. Copies of the preliminary prospectus supplements and the accompanying prospectuses relating to this offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at 1-866-803-9204. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other jurisdiction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>About Dynavax </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and
inflammatory diseases. The Company&#146;s lead product candidate is HEPLISAV&#153;, a Phase 3 investigational adult hepatitis B vaccine designed to provide higher and earlier protection with fewer doses than currently licensed vaccines. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Forward-Looking Statements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press
release contains &#147;forward-looking statements,&#148; including those relating to Dynavax&#146;s expectations with respect to its proposed public offering. Actual results may differ materially from those set forth in this press release due to the
risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering, as well as those inherent in our business, including whether successful clinical and regulatory
development and approval of HEPLISAV and our process for its manufacture can occur in a timely manner or without significant additional studies or difficulties or delays; whether our studies can support registration for commercialization of
HEPLISAV; the results of clinical trials and the </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
impact of those results on the initiation and completion of subsequent trials and issues arising in the regulatory process, including whether the BLA will be accepted for filing and if it is
accepted, approved; our ability to obtain additional financing to support the development and commercialization of HEPLISAV and our other operations; possible claims against us based on the patent rights of others; and other risks detailed in the
&#147;Risk Factors&#148; section of our current periodic reports with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2012. We undertake no obligation to revise or update information herein to reflect
events or circumstances in the future, even if new information becomes available. </FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>d349837dex992.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">


<IMG SRC="g349837g74y92.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2929 Seventh Street, Suite 100</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Berkeley, CA 94710</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Contact:</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Ostrach</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Chief Business Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">510-665-7257</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>mostrach@dynavax.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DYNAVAX PRICES PUBLIC OFFERING OF COMMON STOCK </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BERKELEY, CA &#150; May&nbsp;9, 2012 &#150; Dynavax Technologies Corporation (NASDAQ: DVAX) today announced the pricing of an underwritten public
offering of 17,500,000 shares of its common stock, offered at a price to the public of $4.25 per share. The gross proceeds to Dynavax from this offering are expected to be approximately $74.4 million, before deducting underwriting discounts and
commissions and other offering expenses payable by Dynavax. Dynavax has granted the underwriters a 30-day option to purchase up to an aggregate of 2,625,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the
offering are to be sold by Dynavax. The offering is expected to close on or about May&nbsp;14, 2012, subject to customary closing conditions. Dynavax expects to use the net proceeds from the offering primarily to fund activities in preparation for
the anticipated commercial launch of HEPLISAV&#153;, subject to receipt of regulatory approval, including the manufacture of commercial supply, to fund the marketing, sales and medical affairs infrastructure and personnel, including the hiring of a
field sales force, and to commercialize HEPLISAV in the United States, if approved by the U.S. Food and Drug Administration, as well as for other general corporate purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">J.P. Morgan Securities LLC is acting as sole book-running manager for the offering. Cowen and Company, LLC is acting as co-manager. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The securities described above are being offered by Dynavax pursuant to two shelf registration statements previously filed with and declared effective by the Securities and Exchange Commission (the
&#147;SEC&#148;). Final prospectus supplements related to the offering will be filed with the SEC and will be available on the SEC&#146;s website located at http://www.sec.gov. Copies of the final prospectus supplements and the accompanying
prospectuses relating to this offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at 1-866-803-9204. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>About Dynavax </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dynavax Technologies
Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases. The Company&#146;s lead product candidate is HEPLISAV, a Phase 3 investigational adult
hepatitis B vaccine designed to provide higher and earlier protection with fewer doses than currently licensed vaccines. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Forward-Looking Statements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This press release contains &#147;forward-looking statements,&#148; including those relating to Dynavax&#146;s expectations with respect to the completion, timing and size of its offering, the expected
gross proceeds from the offering and its anticipated use of proceeds from the offering. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the proposed offering, as well as those inherent in our business, including whether successful clinical and regulatory development and approval of HEPLISAV and our process for its manufacture
can occur in a timely manner or without significant additional studies or difficulties or delays; whether our studies can support registration for commercialization of HEPLISAV; the results of clinical trials and the impact of those results on the
initiation and completion of subsequent trials and issues arising in the regulatory process, including whether the BLA will be accepted for filing and if it is accepted, approved; our ability to obtain additional financing to support the development
and commercialization of HEPLISAV and our other operations; possible claims against us based on the patent rights of others; and other risks detailed in the &#147;Risk Factors&#148; section of our current periodic reports with the SEC, including in
our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2012. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. </FONT></P>
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<SEQUENCE>6
<FILENAME>g349837g27k00.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
