GREENWICH, Conn.–(BUSINESS WIRE<\/a>)– \nThe full text of the letter follows:\n<\/p>\n \nApril 21, 2025\n<\/p>\n \nDear Fellow Dynavax Shareholders,\n<\/p>\n \nDeep Track Capital, LP (together with its affiliates, \u201cDeep Track\u201d or \u201cwe\u201d) is one of the largest shareholders of Dynavax Technologies Corporation (\u201cDynavax\u201d, \u201cDVAX\u201d or the \u201cCompany\u201d), with ownership of approximately 14.53% of the Company\u2019s outstanding shares. We manage approximately $4 billion on behalf of our investors \u2013 including many healthcare organizations and non-profits \u2013 and focus exclusively on the life sciences space and the development of novel therapies. Senior members of our team first purchased Dynavax shares nearly 15 years ago1<\/sup> and we have continued to steadily build our position in the Company.\n<\/p>\n \nWe have high conviction in Dynavax\u2019s long-term potential. The Company\u2019s lead asset, Heplisav, is extremely valuable and is poised for many years of growth and cash generation. In fact, we believe that Heplisav\u2019s value creation potential will only improve as it becomes further established in the marketplace and becomes the standard of care for hepatitis B vaccination in adults.\n<\/p>\n \nUnfortunately, we believe that Dynavax is on the wrong track. Instead of focusing on growing Heplisav\u2019s market position, the Company has pursued a years-long search for external assets to acquire. We tried to engage with the Company privately for many months to urge the Board to abandon its fruitless search for acquisition targets, return cash to shareholders through a share repurchase program, and focus exclusively on growing Heplisav \u2013 but were rebuffed.\n<\/p>\n \nWe are not a typical \u201cactivist\u201d investor. We are a long-term shareholder that is deeply concerned that the Dynavax Board is leading the Company down a path of value destruction that will have negative consequences for all stakeholders. That is why we have taken the extraordinary step (for us) of publicly airing our concerns and nominating four director candidates for the Company\u2019s nine-member Board.\n<\/p>\n \nYour vote at the Annual Meeting is important \u2013 now is the time to make your voice heard and help refocus Dynavax. As you consider your vote, please keep in mind the following:\n<\/p>\n The Board\u2019s Misguided Strategy is Preventing Shareholders and All Stakeholders from Realizing Heplisav\u2019s Full Potential<\/span><\/b><\/p>\n The Current Board\u2019s Unfocused Strategy Has Destroyed Shareholder Value<\/span><\/b><\/p>\n DVAX Relative TSR Through Unaffected Date*<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1 Year\n<\/p>\n<\/td>\n \nChair Tenure\u2020 \nDynavax\n<\/p>\n<\/td>\n \n-24.6\n<\/p>\n<\/td>\n \n-42.9\n<\/p>\n<\/td>\n<\/tr>\n \nNasdaq Biotechnology Index\n<\/p>\n<\/td>\n \n24.6\n<\/p>\n<\/td>\n \n-2.9\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Relative TSR:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDVAX vs. Nasdaq Biotechnology Index\n<\/p>\n<\/td>\n \n-49.3%\n<\/p>\n<\/td>\n \n-40.0%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Source: Bloomberg<\/i><\/p>\n<\/td>\n<\/tr>\n * The unaffected date is Oct. 24, 2024, the last trading close before Deep Track Capital filed a 13D\/A disclosing its ownership had increased to 13.6%. Six days later, Dynavax reacted with a poison pill that drove shares up 7%.<\/i><\/p>\n<\/td>\n<\/tr>\n \u2020<\/sup> Scott Myers was elected Chairman on Oct. 21, 2021.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Shareholder-Driven Change is Urgently Needed to Avoid Value Destructive Blunders<\/span><\/b><\/p>\n We Urge Shareholders to Elect Our Four Highly Qualified Nominees<\/span><\/b><\/p>\n \n***\n<\/p>\n \nThis year\u2019s Annual Meeting offers an important chance to make your voice heard. Do not let the Dynavax Board continue to ignore your best interests.\n<\/p>\n \nRegards,\n<\/p>\n \nDavid Kroin EVERY VOTE MATTERS<\/b><\/p>\n \nYour vote is important, no matter how many shares of Common Stock you own. We urge you to follow the instructions set forth on the enclosed WHITE<\/span> proxy card to vote via the Internet or by telephone or to mark, sign, date, and return the enclosed WHITE<\/span> proxy card by mail today to vote FOR<\/span> the election of the four Deep Track Nominees and in accordance with the Deep Track Parties\u2019 recommendations on the other proposals on the agenda for the 2025 Annual Meeting.\n<\/p>\n \nIf you have any questions, require assistance in voting your WHITE<\/span> proxy card, or need additional copies of Deep Track\u2019s proxy materials, please contact our proxy solicitor, Innisfree M&A Incorporated (\u201cInnisfree\u201d), using the contact information provided here:\n<\/p>\n \nInnisfree M&A Incorporated. About Deep Track Capital CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<\/b><\/p>\n \nThe information herein contains \u201cforward-looking statements.\u201d Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpects,\u201d \u201cbelieves,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cpotential,\u201d \u201ctargets,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201ccould,\u201d \u201cshould\u201d or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Deep Track Capital, LP (\u201cDeep Track\u201d) or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward looking statements should not be regarded as a representation by Deep Track that the future plans, estimates or expectations contemplated will ever be achieved.\n<\/p>\n \nCertain statements and information included herein may have been sourced from third parties. Deep Track does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.\n<\/p>\n \nDeep Track disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events\n<\/p>\n CERTAIN INFORMATION CONCERNING THE PARTICIPANTS<\/b><\/p>\n \nDeep Track and the other Participants (as defined below) have filed a definitive proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (the \u201cSEC\u201d) to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual stockholders meeting (the \u201c2025 Annual Meeting\u201d) of Dynavax Technologies Corporation, a Delaware corporation (\u201cDVAX\u201d). Shortly after filing its definitive proxy statement with the SEC, Deep Track furnished the definitive proxy statement and accompanying WHITE universal proxy card to some or all of the stockholders entitled to vote at the 2025 Annual Meeting.\n<\/p>\n \nThe participants in the proxy solicitation are Deep Track, Deep Track Biotechnology Master Fund, Ltd. (the \u201cRecord Stockholder\u201d), David Kroin (all of the foregoing persons, collectively, the \u201cDeep Track Parties\u201d), Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette and Donald J. Santel (such individuals, collectively with the Deep Track Parties, the \u201cParticipants\u201d). As of the date hereof, the Deep Track Parties beneficially own an aggregate of 17,791,486 shares (the \u201cDeep Track Shares\u201d) of the common stock, par value $0.001 per share, of DVAX (the \u201cCommon Stock\u201d). The Deep Track Shares collectively represent approximately 14.53% of the outstanding shares of Common Stock based on 122,411,685 shares of Common Stock outstanding as of the record date for the 2025 Annual Meeting as reported in DVAX\u2019s Definitive Proxy Statement filed with the SEC on April 17, 2025. Each of the Deep Track Parties may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Deep Track Shares. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock.\n<\/p>\n IMPORTANT INFORMATION AND WHERE TO FIND IT<\/b><\/p>\n \nDEEP TRACK STRONGLY ADVISES ALL STOCKHOLDERS OF DVAX TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT, AND OTHER PROXY MATERIALS FILED BY DEEP TRACK WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC\u2019S WEBSITE AT WWW.SEC.GOV<\/a>. THE DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE BY DIRECTING A REQUEST TO THE PARTICIPANTS\u2019 PROXY SOLICITOR, INNISFREE M&A INCORPORATED, 501 MADISON AVENUE, 20th FLOOR, NEW YORK, NY 10022 (STOCKHOLDERS CAN CALL TOLL-FREE: (877)-687-1865).\n<\/p>\n
\nDeep Track Capital, LP, (together with its affiliates, \u201cDeep Track\u201d or \u201cwe\u201d), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (\u201cDynavax\u201d, \u201cDVAX\u201d or the \u201cCompany\u201d), with ownership of approximately 14.53% of the Company\u2019s outstanding shares, today announced that it has filed a definitive proxy statement in connection with its nomination of four highly qualified candidates for election to the Company\u2019s Board of Directors (the \u201cBoard\u201d) at the 2025 Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d). Deep Track also sent a letter to shareholders.\n<\/p>\n\n
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Founder and Chief Investment Officer, Deep Track Capital LP\n<\/p>\n
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Stockholders call toll-free (877) 687-1865\n<\/p>\n
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<\/b>Deep Track Capital is a Greenwich, Connecticut-based investment firm focused exclusively on the life sciences industry. We develop long term partnerships with management teams of leading innovative public and pre-IPO biotechnology companies. In addition to capital, we seek to invest our time and expertise, while leveraging our network for the benefit of our partners. We aim to lead transactions while building large syndicates, and also to invest in rounds led by other qualified investors.\n<\/p>\n