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Shares of Dynavax Technologies Corp (NASDAQ:DVAX) jumped more than 30% on Wednesday after the company announced that its Hepatitis B phase III clinical study showed positive results. The announcement came following market close on Tuesday.

The study showed a statistically significant advantage of Dynavax's HEPLISAV HEP B vaccine when compared to the conventional vaccine, Engerix-B, developed by GlaxoSmithKline (NYSE:GSK).

What is of primary importance is the fact that HEPLISAV outperformed Engerix-B in older subjects, a population who has historically proven more difficult to immunize.

It was able to provide over 98% protection in this older population after only two doses.

Further trials of HEPLISAV are planned to take place in Canada and Europe to investigate multiple dosing regimens and the effects of the vaccine in differing age populations. Dynavax expects these trials to conclude in 2008.

Shares of Dynavax closed at $9.79 after establishing a new intraday 52-week high.

DVAX 1-yr chart:

DVAX 29 11 06

Source: Dynavax Shares Jump on Positive Hepatitis Study