ATLANTA, April 27, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTCBB: GOVXD), a biotechnology company that creates, develops and tests innovative HIV/AIDS vaccines, today announced its financial results for the three months ended March 31, 2011.
GeoVax reported a net loss of $606,282 for the three months ended March 31, 2011, compared to $690,789 for the same period in 2010. Net losses were partially offset by grant revenues of $893,002 and $1,338,560 for each period, respectively, related to the Company's grant from the National Institutes of Health (NIH) in support of its HIV/AIDS vaccine development activities. As of March 31, 2011, the Company reported cash balances totaling $541,727.
GeoVax President and CEO Robert T. McNally, PhD, commented, "Financing remains a top priority for us during 2011. Our current cash balances, together with anticipated proceeds from our NIH grant, are sufficient to support our planned level of operations into the first quarter of 2012. We anticipate raising additional equity capital during 2011 to provide the funding necessary to advance our vaccine development programs to the next valuation inflection points."
Dr. McNally continued, "Although additional financing is necessary, it is important to recognize that GeoVax continues to benefit from tremendous financial, operational, and technical support provided to us by the NIH and by the HIV Vaccine Trials Network (HVTN). Through direct funding provided to GeoVax via an Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant from the NIH, and HVTN's support of our ongoing Phase 2a human clinical trial of our preventative HIV/AIDS vaccine, GeoVax's net operational cash needs are relatively small for a company at our stage of development.
"Furthermore, we recently announced expansion of our preventative vaccine program with plans for a Phase 1 clinical trial investigating a GM-CSF adjuvanted version of our vaccine
|SOURCE GeoVax Labs, Inc.|
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