EXCLUSIVE LICENSE AGREEMENT



                                     between



                   THE REGENTS OF THE UNIVERSITY OF CALIFORNIA



                                       and



                        DYNAVAX TECHNOLOGIES CORPORATION



                                       for



                         UC Case Nos. 92-296 and 97-138



 Method, Compositions and Devices For Administration of Naked Nucleotides Which

                      Express Biologically Active Peptides,



                                       and



                  Immunostimulatory Oligonucleotide Conjugates



{PAGE}



                                TABLE OF CONTENTS



{TABLE}

{CAPTION}

Article No./Title                                                                                              Page

-----------------                                                                                              ----

{S}                                                                                                            {C}

BACKGROUND ...............................................................................................       1

1. DEFINITIONS ...........................................................................................       2

2. LIFE OF PATENT EXCLUSIVE GRANT ........................................................................       5

3. SUBLICENSES ...........................................................................................       5

4. PAYMENT TERMS .........................................................................................       6

5. LICENSE-ISSUE FEE .....................................................................................       8

6. LICENSE MAINTENANCE FEE ...............................................................................       8

7. EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES .........................................................       9

8. ADDITIONAL PAYMENTS ...................................................................................       9

9. DUE DILIGENCE .........................................................................................      10

10. OPTION ON FUTURE TECHNOLOGY ..........................................................................      12

11. PROGRESS AND ROYALTY REPORTS .........................................................................      12

12. BOOKS AND RECORDS ....................................................................................      13

13. LIFE OF THE AGREEMENT ................................................................................      14

14. TERMINATION BY THE REGENTS ...........................................................................      14

15. TERMINATION BY THE LICENSEE ..........................................................................      15

16. DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION ............................................      15

17. USE OF NAMES AND TRADEMARKS ..........................................................................      15

18. LIMITED WARRANTY .....................................................................................      15

19. PATENT PROSECUTION AND MAINTENANCE ...................................................................      16

20. PATENT MARKING .......................................................................................      19

21. PATENT INFRINGMENT ...................................................................................      19

22. INDEMNIFICATION ......................................................................................      20

23. NOTICES ..............................................................................................      21

24. ASSIGNABILITY ........................................................................................      22

25. NO WAIVER ............................................................................................      22

26. GOVERNING LAWS .......................................................................................      22

27. PREFERENCE FOR UNITED STATES INDUSTRY ................................................................      23

28. GOVERNMENT APPROVAL OR REGISTRATION ..................................................................      23

29. EXPORT CONTROL LAWS ..................................................................................      23

30. SECRECY ..............................................................................................      23

31. MISCELLANEOUS ........................................................................................      25

{/TABLE}



{PAGE}



CASE NOS. 92-296 & 97-138



                           EXCLUSIVE LICENSE AGREEMENT



                                       for



 Method, Compositions and Devices For Administration of Naked Nucleotides Which



                      Express Biologically Active Peptides



                                       and



                  Immunostimulatory Oligonucleotide Conjugates



         This license agreement (the "Agreement") is made effective this 26th

day of March, 1997 (the "Effective Date") between THE REGENTS OF THE UNIVERSITY

OF CALIFORNIA, a California corporation having its statewide administrative

offices at 300 Lakeside Drive, 22nd Floor, Oakland, California 94612-3550, ("The

Regents"), and Dynavax Technologies Corporation, a California corporation having

a principal place of business at Alta Partners, One Embarcadero Center, San

Francisco, CA 94111, (the "Licensee").



                                   BACKGROUND



         A.       Certain inventions, generally characterized in the patent

applications entitled "Method, Compositions and Devices For Administration of

Naked Nucleotides Which Express Biologically Active Peptides" UC Case No. 92-296

and "Immunostimulatory Nucleotide Sequences" UC Case No. 97-138 (collectively

the "Invention"), were made in the course of research at the University of

California, San Diego by Drs. Dennis A. Carson, Eyal Raz and Meredith Howell and

are covered by Regents' Patent Rights as defined below;



                                       1



{PAGE}



         B.       The development of the Invention was sponsored in part by the

National Institutes of Health and as a consequence this license is subject to

overriding obligations to the Federal Government under 35 U.S.C. Sections

200-212 and applicable regulations;



         C.       The development of the Invention was sponsored also in part by

Ciba-Geigy Ltd., which has waived its rights to the Invention in a letter to The

Regents dated May 14, 1996;



         D.       The Licensee has evaluated the Invention under a Secrecy

Agreement with The Regents dated July 15, 1996 (U.C. Control No. 97-20-0023);



         E.       The Licensee wished to obtain rights from The Regents for the

commercial development, use, and sale of products from the Invention, and The

Regents is willing to grant those rights so that the Invention may be developed

to its fullest and the benefits enjoyed by the general public;



         F.       The Licensee is a "`small business concern" as defined

pursuant to 15 U.S.C. Section 632; and



         G.       Both parties recognize and agree that royalties due under this

Agreement will be paid on both pending patent applications and issued patents.



                                 - - oo 0 oo - -



         In view of the foregoing, the parties agree:



1.       DEFINITIONS



         1.1      "Regent's Patent Rights" means any subject matter claimed or

disclosed in any of the following:

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