Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

On November 10, 2008, Dynavax Technologies Corporation (the "Company") received a notice from The Nasdaq Stock Market indicating that the Company is not in compliance with the continued listing requirements of The Nasdaq Global Market under Nasdaq Marketplace Rule 4450(a)(3), which is the $10 million minimum stockholders' equity requirement. This notification has no immediate effect on the listing of the Company's common stock on The Nasdaq Global Market.

The notice further states that the staff of the Nasdaq Stock Market (the "Staff") is reviewing the Company's eligibility for continued listing on The Nasdaq Global Market. To facilitate this review, the Company may provide the Staff with a specific plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements. Alternatively, the Company may apply to transfer its securities to The Nasdaq Capital Market. In order to transfer, the Company must satisfy the continued inclusion requirements for that market. If the Company submits a transfer application, the initiation of delisting proceedings will be stayed pending the Staff's review of the transfer application.

Should the Company choose to present a plan to achieve and sustain compliance with all Nasdaq Global Market listing requirements, there can be no assurance that such plan will be sufficient to avoid delisting. Should the Company choose to apply to transfer its securities to The Nasdaq Capital Market, there can be no assurance that such application will be approved.

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