<SEC-DOCUMENT>0001181431-13-013652.txt : 20130301
<SEC-HEADER>0001181431-13-013652.hdr.sgml : 20130301
<ACCEPTANCE-DATETIME>20130301170739
ACCESSION NUMBER:		0001181431-13-013652
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130301
DATE AS OF CHANGE:		20130301

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:		13658789

	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
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<FILENAME>rrd371584.htm
<DESCRIPTION>8-K
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			Prepared By R.R. Donnelley Financial -- Form 8-K
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				<b>UNITED STATES </b>
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				<b>SECURITIES AND EXCHANGE COMMISSION</b>
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				<b>Washington, D.C. 20549</b>
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				<b>Form 8-K </b>
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				<b>CURRENT REPORT</b>
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				<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b>
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				<b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;03/01/2013 </b>
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				<b>Dynavax Technologies Corporation</b>
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				<b>(Exact name of registrant as specified in its charter)</b>
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				<b>Commission File Number:&nbsp;&nbsp;001-34207</b>
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								<b>Delaware</b>
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							&nbsp;&nbsp;
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								<b>33-0728374</b>
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								<b>(State or other jurisdiction of</b>
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								<b>(IRS Employer</b>
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								<b>incorporation)</b>
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								<b>Identification No.)</b>
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				<b>2929 Seventh Street, Suite 100</div><div Align="center">Berkeley, CA 94710-2753</b>
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				<b>(Address of principal executive offices, including zip code)</b>
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				<b>(510) 848-5100</b>
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				<b>(Registrant&#146;s telephone number, including area code)</b>
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				<b> </b>
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				<b>(Former name or former address, if changed since last report)</b>
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			<b>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:<BR><BR></b>
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			<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
			[&nbsp;&nbsp;]&nbsp;&nbsp;
			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
			[&nbsp;&nbsp;]&nbsp;&nbsp;
			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
			[&nbsp;&nbsp;]&nbsp;&nbsp;
			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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				<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b>
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				On March 1, 2013, Dynavax Technologies Corporation ("Dynavax") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2012. A copy of the press release is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.<p>The information with respect to item 2.02 in this current report and its accompanying exhibit shall not be deemed to "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this current report and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange commission made by Dynavax, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
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				<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b>
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				(d) Exhibits. The following exhibit is furnished herewith:<p>99.1  Press Release, dated March 1, 2013 titled "Dynavax Reports Fourth Quarter and Year End 2012 Financial Results."
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			<b>SIGNATURES</b>
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			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.
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							Dynavax Technologies Corporation
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							Date: March 01, 2013
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							By:
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						/s/&nbsp;&nbsp;&nbsp;&nbsp;Michael S. Ostrach</font>
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						Michael S. Ostrach</font>
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						Vice President and Chief Business Officer
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			<b>EXHIBIT INDEX</b>
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								<b>Exhibit&nbsp;No.</b>
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								<b>Description</b></font>
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								EX-99.1
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								DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2012 FINANCIAL RESULTS</font>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>rrd371584_39328.htm
<DESCRIPTION>DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2012 FINANCIAL RESULTS
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<B><FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P><A NAME="OLE_LINK9">Contacts:</B></FONT></FONT></TD>
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<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>Jennifer Lew</FONT></FONT></TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>Michael Ostrach</FONT></FONT></TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>Vice President, Finance</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="48%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>Vice President and Chief Business Officer </FONT></FONT></TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>510-665-7217</FONT></FONT></TD>
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<TD WIDTH="48%" VALIGN="TOP" HEIGHT=9>
<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>510-665-7257</FONT></FONT></TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>jlew@dynavax.com</FONT></FONT></TD>
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<FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P>mostrach@dynavax.com</FONT></FONT></TD>
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<B><FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2012 </P>
<P ALIGN="CENTER">FINANCIAL RESULTS</P>
<P ALIGN="CENTER"></P>
</B><P></A>BERKELEY, CA - March 1, 2013 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2012. The Company had $125.1 million in cash, cash equivalents and marketable securities as of December 31, 2012, following the fourth quarter repayment of a $15 million note at its maturity and receipt of $6 million from AstraZeneca, Dynavax's collaboration partner for its asthma program. </P>
<P>For the quarter ended December 31, 2012, Dynavax reported total revenues of $1.8 million compared to $11.4 million for the quarter ended December 31, 2011. Collaboration revenue in the fourth quarter of 2011 was higher due to the recognition of certain milestones achieved under Dynavax's partnership with GlaxoSmithKline. </P>
<P>Research and development expenses for the quarter ended December 31, 2012 of $12.5 million increased by $0.9 million from the fourth quarter of 2011 resulting from growth in the organization associated with manufacturing and regulatory activities for HEPLISAV<SUP>TM</SUP>. </P>
<P>General and administrative expenses for the quarter ended December 31, 2012 of $9.3 million increased by $4.7 million primarily due to higher non-cash stock-based compensation charges of $2.4 million, as well as increased administrative headcount and market research costs supporting HEPLISAV.</P>
<P>For the year ended December 31, 2012, total revenues were $9.7 million compared to $21.6 million in 2011. Research and development expenses for the year ended December 31, 2012 of $49.1 million decreased by $2.2 million from the prior year resulting from lower HEPLISAV clinical trial expenses. General and administrative expenses for the year ended December 31, 2012 of $28.2 million increased by $10.6 million primarily due to market research expenses and other corporate development activities supporting HEPLISAV, growth in the organization, and increased non-cash stock-based compensation charges.</P>
<B><P>About HEPLISAV</P>
</B>
<P>HEPLISAV is an investigational adult hepatitis B vaccine for which U.S. and European licensure applications have been accepted for review by the FDA and the EMA. In February 2013, Dynavax received a Complete Response Letter from the FDA. Dynavax plans to meet with the FDA in the near term to discuss the steps necessary for potential approval of HEPLISAV. Dynavax has worldwide commercial rights to HEPLISAV, which combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response.</P>
<B><P>About Dynavax</P>
</B><P>Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.</P>
<B><P>Forward-Looking Statements </P>
</B><P>This press release contains "forward-looking&quot; statements. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including our ability to meet with the FDA in the near term; whether successful clinical and regulatory development and review and approval of HEPLISAV and our process for its manufacture can occur  without significant delay or additional studies; whether our studies and manufacturing efforts 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 and the European licensure application will be approved; our ability to obtain additional financing to support the development and commercialization of HEPLISAV and our other operations; possible claims against us, including enjoining sales of HEPLISAV, based on the patent rights of others; and other risks detailed in the "Risk Factors" section of our current periodic reports with the SEC. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax's website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC.</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">- tables to follow -</P>
</FONT></FONT><B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">DYNAVAX TECHNOLOGIES CORPORATION</P>
<P ALIGN="CENTER">CONSOLIDATED STATEMENTS OF OPERATIONS</P>
<P ALIGN="CENTER">(In thousands, except per share amounts)</P>
<P ALIGN="CENTER">(Unaudited)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P></B></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734 DIR="LTR">
<TR><TD WIDTH="52%" VALIGN="TOP" COLSPAN=2 HEIGHT=13><P></P></TD>
<TD WIDTH="26%" VALIGN="TOP" COLSPAN=3 HEIGHT=13>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Three Months Ended</P>
<U><P ALIGN="CENTER">December 31,</B></U></FONT></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Years Ended</P>
<U><P ALIGN="CENTER">December 31,</B></U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP" HEIGHT=13>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P> </B></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2012</B></U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=13>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2011</B></U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2012</B></U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=13>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2011</B></U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Revenues:</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Collaboration revenue&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>$&#9;       1,008</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>$&#9;     10,092</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      4,610</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      17,190</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Grant revenue&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;     751</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;          673</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;       3,939</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT"> 3,110</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Service and license revenue&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;47</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;662</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;1,165</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;1,314</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total revenues&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;1,806</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;11,427</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;9,714</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;21,614</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Operating expenses:</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Research and development&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;12,515</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;11,616</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;49,146</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;51,322</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>General and administrative&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;9,293</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;4,545</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;28,164</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;17,570</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Amortization of intangible assets&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;</FONT></FONT><FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3>-</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;</FONT></FONT><FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3>-</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;</FONT></FONT><FONT FACE="Arial" SIZE=3><FONT FACE="Arial" SIZE=3>-</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;299</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total operating expenses&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;21,808</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;16,161</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;77,310</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;69,191</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Loss from operations&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;(20,002)</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;(4,734)</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;(67,596)</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;(47,577)</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Interest income&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;83</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;29</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;291</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;103</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Interest expense&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;(586)</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;&#9;(495)</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;(2,351)</FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;(1,957)</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Other income (expense)&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;(38)</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>&#9;933</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;(293)</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>&#9;834</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Net loss&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>$&#9;(20,543)</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>$&#9;(4,267)</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>$&#9;(69,949)</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;<U>$&#9;(48,597)</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Basic and diluted net loss per share&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>$     (0.11)</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;<U>$    (0.03)</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      (0.41)</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$      (0.39)</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Shares used to compute basic and diluted net loss per share&#9;</FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       180,685</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>      142,482</U></FONT></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       170,469</U></FONT></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">       125,101</U></FONT></FONT></TD>
</TR>
</TABLE>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">DYNAVAX TECHNOLOGIES CORPORATION</P>
<P ALIGN="CENTER">SELECTED BALANCE SHEET DATA</P>
<P ALIGN="CENTER">(In thousands)</P>
<P ALIGN="CENTER">(Unaudited)</P>
<P ALIGN="CENTER"></P></B></FONT></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=739 DIR="LTR">
<TR><TD WIDTH="72%" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">December 31,</B></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=22>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">December 31,</B></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="TOP" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P> </B></FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2012</B></U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2011</B></U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Assets</B></FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Cash, cash equivalents and marketable securities&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;125,130</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;113,961</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Property and equipment, net&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;7,965</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;6,163</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Goodwill&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;2,475</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;2,312</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Other assets&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;4,182</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;11,666</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total assets&#9;</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;139,752</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;134,102</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Liabilities and stockholders'</B> <B>equity</B></FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>&#9;</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Deferred revenues&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;12,068</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;10,596</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Short-term note payable &#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;&#9;-</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">12,810</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Other liabilities&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;12,858</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;10,816</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total liabilities&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">24,926</FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">34,222</FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM"><DIR>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Stockholders' equity&#9;</DIR>
</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;114,826</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">&#9;99,880</U></FONT></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P>Total liabilities and stockholders' equity&#9;</FONT></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;139,752</U></FONT></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$&#9;134,102</U></FONT></FONT></TD>
</TR>
</TABLE>
<FONT FACE="Arial" SIZE=2><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"># # #</P>
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<P ALIGN="CENTER">&nbsp;</P>
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