Dynavax: Dynavax Issues Statement and Mails Letter to Stockholders Emphasizing Record Financial Results and Continued Momentum

Deep Track's Misleading Investor Presentation Demonstrates its Single-Minded Approach to Abandon Long-Term Value Opportunities in Exchange for Short-Term ReturnUrges Stockholders to Vote "FOR" All Four Dynavax Director Nominees on the GOLD Proxy Card TodayEMERYVILLE, Calif., May 7, 2025 /PRNewswire/ -- Dynavax Technologies Corporation (NASDAQ:DVAX) ("Dynavax" or the "Company"), a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines, today issued the following statement in response to the investor presentation issued by Deep Track Capital ("Deep Track"):Deep Track's investor presentation demonstrates that Deep Track fundamentally does not understand how to run a successful commercial stage biotechnology company. Deep Track's one-dimensional plan to strip-mine Dynavax ignores market realities and the clear need to have a diversified portfolio and will destroy long-term stockholder value in pursuit of a quick return. Further, Deep Track has yet to provide any actionable ideas on how to grow HEPLISAV-B®, a core pillar of its own plan, which our Board and management team are already doing with great success. In contrast, Dynavax's strategic plan is working - we have delivered returns of 203% stockholders over the last five years, far outperforming vaccine peers, which have returned 9%, and the S&P Biotechnology Select Industry Index, which has declined 17%.Strategically investing in growth through intentional pursuit of both internal and external assets and opportunistically returning capital to stockholders are not mutually exclusive and the Board has proven that the Company's disciplined capital allocation is the right approach for Dynavax stockholders who are invested for the long term. While attacking the Company's cash position - which was earned through exponential HEPLISAV-B® growth and prudent dealmaking execution during COVID-19 - Deep Track fails to acknowledge that Dynavax is one of the few vaccine companies to return meaningful capital to stockholders. Share repurchases represent 47%1 of Dynavax's use of capital.As Deep Track's presentation highlights, it favors a near-term payoff at considerably lower value and has no reservations about jeopardizing a strong growth platform with tremendous long-term upside. By Deep Track's own admission, each of its settlement counterproposals were conditioned on either the appointment of its underqualified fund principal, a dramatically increased share repurchase program and/or the immediate declassification of the Board - all of which clearly point to Deep Track's desire to gain control of the Board and effectuate its plan. Indeed, the repeated refrain from Deep Track and its representatives throughout our negotiations was that Deep Track required the opportunity to obtain majority turnover on the Board by 2026. Throughout months of earnest negotiation from the Dynavax Board with four different settlement proposals that offered significant Board change, Deep Track's single-minded thinking was the impediment to a resolution. It is clear that Deep Track's recent investor presentation is replete with misleading and factually inaccurate statements.Dynavax is delivering record financial and operational results and superior value to stockholders. The successful execution of the Company's balanced strategic plan is being overseen by a highly qualified and meaningfully refreshed Board with director nominees that outmatch Deep Track's candidates in every critical area, and we are confident that Dynavax is on the right path forward.Dynavax also mailed a letter to its stockholders in connection with its 2025 Annual Meeting of Stockholders ("Annual Meeting") urging stockholders to vote the GOLD proxy card "FOR" all four of Dynavax's highly qualified directors standing for election - Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun. The Annual Meeting will be held on June 11, 2025, and Dynavax stockholders of record as of April 14, 2025, will be entitled to vote at the Annual Meeting.The full text of the letter being mailed to stockholders follows:Dear Fellow Stockholder,As a result of the strategic decisions made by the current Board and management team, Dynavax is in the strongest position it has ever been in, and the Company's recent financial performance demonstrates that our strategy is delivering excellent results.Since our 2019 pivot to prioritize Dynavax's vaccine business and launch HEPLISAV-B®, we have designed a clear and thoughtful strategic plan and methodically executed against it, which has directly translated into value for you, Dynavax stockholders. Dynavax has generated approximately $1 billion of stockholder value, returning over 104% versus the S&P Biotechnology Select Industry Index's return of only 14%2.Our record first quarter 2025 earnings results announced on May 6, once again, demonstrate we have the right plan and team in place:Total revenue of $68.2 million, a 34% increase compared to $50.8 ...Full story available on Benzinga.com