Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Dynavax Technologies, a clinical-stage biopharmaceutical company, has reported a net income of $5.1 million, or $0.13 per share, for the first quarter of 2009, compared to a net loss of $12.43 million, or $0.31 per share, for the first quarter of 2008.
Subscribe to our email newsletter
The net income for the first quarter of 2009 is due to the recognition of non-cash deferred revenue and a decrease in total operating expenses, said Dynavax.
The company reported total revenues of $19.34 million for the first quarter of 2009, compared to $6.31 million for the first quarter of 2008.
The significant increase in revenues for the first quarter of 2009 was primarily attributable to the recognition of $15.5 million of non-cash deferred revenue following the announcement of the termination of the Merck & Co collaboration for Heplisav. The company expects to recognize the remaining $12.9 million of non-cash deferred revenue from this collaboration agreement in the second quarter of 2009.