Navigation Links
GeoVax Labs, Inc. Announces First Quarter Financial Results
Date:4/27/2011

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 which achieved an impressive 70% protection against simian immunodeficiency virus (SIV) infection in nonhuman primates.  GM-CSF (granulocyte–macrophage colony stimulating factor) is a cytokine (growth-stimulating protein) that serves to expand and mature cells that initiate immune responses.  We are very pleased that HVTN will also be conducting this Phase 1 clinical trial, which we expect to begin later this year.  In addition, we have commenced planning for a Phase 2b clinical trial of our preventative vaccine—vaccine production is being scheduled and discussions are underway with government sponsors for protocol development."

Summarized financial information is attached.  Further information concerning the Company's financial position and results of operations are included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.

About GeoVaxGeoVax Labs, Inc. is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS). Our HIV/AIDS vaccine technology is exclusively licensed from Emory University in Atlanta, GA, and is the subject of more than 20 issued or filed patent applications.  GeoVax's vaccines are unique in expressing virus-like particles that display the trimeric membrane bound form of the HIV-1 envelope glycoprotein.  Our preventative vaccines are designed for use in uninfected people to prevent acquisition of HIV-1 and are moving forward in human clinical trials conducted by the HIV Vaccine Trials Network (HVTN). The HVTN, funded through a cooperative agreement with the NIH, is the largest worldwide clinical trials program dedicated to the development and testing of AIDS vaccines.  GeoVax's vaccines also may be effective as a therapeutic treatment (for people already infected with the HIV-1 virus); a Phase 1/2 human trial for the therapeutic application of our vaccine is ongoing.  Preclinical work enabling evaluation of the GeoVax DNA and MVA vaccines was funded and supported by the National Institute of Allergy and Infectious Disease (NIAID), which provided additional support to the GeoVax vaccine development program with a $19 million Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant awarded in late 2007.

For more information, please visit www.geovax.com.

Forward-Looking StatementsCertain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act.  These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether:  HVTN will commence, complete enrollment, and generate data regarding GeoVax vaccine clinical trials as and when expected, GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective, less costly, or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.

FINANCIAL TABLES FOLLOWGEOVAX LABS, INC.Condensed Consolidated Statements of Operations Information(amounts in thousands, except per share data)Three Months EndedMarch 31, 2011

2010RevenuesGrant Revenue$  893

$  1,339Operating expenses:Research and development838

1,369General and administrative662

6691,500

2,038Other income:Interest income1

91

9Net loss$  (606)

$  (691)Loss per common share$  (0.04)

$  (0.04)GEOVAX LABS, INC.Condensed Balance Sheet Information(amounts in thousands)March 31,

Dec. 31,2011

2010Assets:Cash and cash equivalents$
542

$
,079Other current assets789

523Total current assets1,331

1,602Property, net 228

248Other assets509

507Total assets$
2,068

$
2,358Liabilities and stockholders' equityCurrent liabilities$
73

$
522Stockholders' equity1,395

1,836Total liabilities and stockholders' equity$
2,068

$  2,358Shares Outstanding15,676

15,655MEDIA CONTACT:  

The Investor Relations Group
212-825-3210
Investor Relations:
James Carbonara
or
Public Relations:
Janet Vasquez


'/>"/>

SOURCE GeoVax Labs, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. GeoVax Labs Reports Fourth Quarter and Year-End 2010 Financial Results
2. GeoVax Labs CSO Dr. Harriet L. Robinson to be Honored at 2011 Georgia Bio (GaBio) Community Awards Ceremony
3. GeoVax Labs Inc. Announces Results of 2010 Annual Stockholders Meeting
4. GeoVax Labs, Inc. Reports Data on Prototype Adjuvant - Supplemented HIV Vaccine Tested in Preclinical Animal Studies
5. GeoVax Labs, Inc. Celebrates 21st World AIDS Day With Continued Clinical Trial Progress
6. GeoVax Labs, Inc. Moving Operations to Smyrna, Georgia
7. Formatech, Inc. to Donate Services to Formulate and Fill GeoVax Labs, Inc. HIV/AIDS Vaccine Under Its Fillanthropy(TM) Program
8. Encouraging HIV/AIDS Vaccine Trial Results Support GeoVax Labs, Inc. Strategy
9. GeoVax Labs Requests pre-IND Meeting With FDA
10. GeoVax to Present at the Rodman & Renshaw 11th Annual Healthcare Conference
11. GeoVax Labs, Inc. Provides Clinical Studies Update
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... USA, and CARDIFF, UK (PRWEB) , ... June 23, 2017 , ... ... (LANL), and Brian Lula, president of Physik Instrumente USA, have been selected as this ... and photonics . , The two have been invited along with other honorees to ...
(Date:6/23/2017)... ... June 23, 2017 , ... ... flying hobbyists, and the University Aviation Association (UAA), the unifying voice for collegiate ... Collegiate Challenge will encourage teamwork, competition, and success through a STEM-based education platform. ...
(Date:6/22/2017)... Colorado (PRWEB) , ... June 21, 2017 , ... ... RTP regional office in North Carolina, and engages Timothy Reinhardt to manage the ... of quality leadership at Pfizer Inc, with his most recent role as the ...
(Date:6/22/2017)... ... June 22, 2017 , ... AESKU.GROUP, an innovation ... Systeme & Technologien GmbH, thereby expanding its product portfolio to include allergy and ... urticaria, asthma, atopic eczema or a food allergy. Allergies are escalating to epidemic ...
Breaking Biology Technology:
(Date:4/19/2017)... York , April 19, 2017 ... as its vendor landscape is marked by the presence ... market is however held by five major players - ... Together these companies accounted for nearly 61% of the ... the leading companies in the global military biometrics market ...
(Date:4/11/2017)... 11, 2017 Crossmatch®, a globally-recognized leader ... today announced that it has been awarded a ... Activity (IARPA) to develop next-generation Presentation Attack Detection ... "Innovation has been a driving force within Crossmatch ... allow us to innovate and develop new technologies ...
(Date:4/5/2017)... , April 5, 2017  The Allen Institute ... Allen Cell Explorer: a one-of-a-kind portal and dynamic digital ... 3D imaging data, the first application of deep learning ... human stem cell lines and a growing suite of ... platform for these and future publicly available resources created ...
Breaking Biology News(10 mins):