Shares of the Berkeley, Calif.-based drugmaker (DVAX) were changing hands for $9.96 in afternoon trading, up $2.56 and off an earlier high of $10.66.
Dynavax said that after three doses, its Heplisav vaccine protected 100% of a "difficult-to-immunize" population of adults aged 40 to 70 years compared with GlaxoSmithKline PLC's (GSK) Engerix-B vaccine, which was found to protect 73.1% of such people. In those ranging from 56 to 70 years of age, Heplisav's rate of protection was similarily 100% vs. a 56.1% rate for Engerix-B.
After two doses, the protection rate from Heplisav was 98.5% vs. Engerix-B's 25%, Dynavax said.
Bear Stearns reiterated an outperform rating on Dynavax shares in the wake of the trial results.
"We are encouraged by the data and view improved efficacy and one fewer dose relative to Engerix-B as the key potential sales drivers for Heplisav," analyst Akhtar Samad wrote in a research note.
The company said it plans to pursue approval of a two-dose regimen administered at zero and one month; it further expects to start Phase III trials in Europe, Canada and the United States before the end of the year that would compare the two-dose regimen against Engerix-B in patients from 11 to 55 years of age. The trials are expected to be completed in 2008.
source - Marketwatch