Dynavax Technologies Corporation announced that the company has entered into a credit facility with Hercules Technology Growth Capital, Inc. for up to $40 million of total funding. Dynavax drew the first tranche of $10 million on closing and has access to an additional $30 million in 2015, at Dynavax's option, if it achieves certain milestones relating to the ongoing Phase 3 study of HEPLISAV-B™ (HBV-23).

"This credit facility provides us access to up to $40 million of non-dilutive funding that can be used to support development and pre-commercialization activities for HEPLISAV-B, clinical trials of our cancer immunotherapeutic product candidate, SD-101, and advancement of our research programs," said Eddie Gray, CEO of Dynavax.

Dynavax, a clinical-stage biopharmaceutical company, uses TLR biology to discover and develop novel vaccines and therapeutics in the areas of infectious and inflammatory diseases and oncology. Dynavax's lead product candidate is HEPLISAV-B, a Phase 3 investigational adult hepatitis B vaccine.

Hercules Technology Growth Capital is a specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology, at all stages of development.