Dynavax Prices Public Offering of Common Stock BER

BERKELEY, CA --(Marketwired - August 09, 2017) - Dynavax Technologies Corporation ( NASDAQ : DVAX ) today announced the pricing of a previously announced underwritten public offering of 5,000,000 shares of its common stock, offered at a price to the public of $15.00 per share. The gross proceeds to Dynavax from this offering are expected to be approximately $75 million, before deducting the underwriting discount and other estimated offering expenses payable by Dynavax. Dynavax has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 750,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about August 15, 2017, subject to customary closing conditions. Dynavax anticipates using the net proceeds from the proposed offering to fund activities associated with preparing for the anticipated U.S. commercial launch of HEPLISAV-B, should HEPLISAV-B gain approval by the Food and Drug Administration. In addition, net proceeds from the offering will support continuing the clinical development of its lead investigational cancer immunotherapeutic product candidates, SD-101 and DV281, continuing research and development activities, and for other general corporate purposes, including working capital.

Cowen, RBC Capital Markets and William Blair are acting as joint book-running managers for the offering. Cantor Fitzgerald & Co. is acting as lead manager for the offering.

The securities described above are being offered by Dynavax pursuant to a registration statement on Form S-3ASR (File No. 333-219781), which was filed with the Securities and Exchange Commission (the "SEC") and automatically became effective as of August 8, 2017. A preliminary prospectus supplement relating to this offering has been filed with the SEC and a final prospectus supplement relating to this offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov . Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by calling (631) 274-2806 or by faxing (631) 254-7140, or RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8 ^th Floor, New York, NY 10281-8098, or by telephone at (877) 822-4098, or William Blair & Company, L.L.C., Attention: Prospectus Department, The William Blair Building, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by e-mail at prospectus@williamblair.com .

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.

About Dynavax

Dynavax is a clinical-stage immunology company focused on leveraging the power of the body's innate and adaptive immune responses through toll-like receptor (TLR) stimulation. Dynavax's lead product candidates are SD-101, an investigational cancer immunotherapeutic currently in Phase 1/2 studies, and HEPLISAV-B, a Phase 3 investigational adult hepatitis B vaccine.

Forward-Looking Information is Subject to Risk and Uncertainty

Investors are cautioned that statements in this press release regarding the anticipated gross proceeds from the public offering, and completion and timing of the public offering, constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the public offering. There can be no assurance that Dynavax will be able to complete the public offering. Additional information on risks facing Dynavax can be found under the heading "Risk Factors" in Dynavax's periodic reports, including its quarterly report on Form 10-Q for the quarter ended June 30, 2017, and in the preliminary prospectus supplement related to the public offering filed with the Securities and Exchange Commission on August 8, 2017, each available on the SEC's web site at www.sec.gov . Dynavax expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.