ATLANTA, Aug. 14 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta-based biotechnology company (the "Company"), today announced its financial results and provided an operational update for the quarter ended June 30, 2007.
Operating Results for the Quarter Ended June 30, 2007
The Company recorded a net loss of $1,333,126 for the three months ended June 30, 2007, compared to net income of $197,750 for the same period in 2006. For the six months ended June 30, 2007, the Company's net loss was $1,920,407 as compared to a loss of $143,456 in 2006. The increase in the net loss during 2007 is attributable to (a) no grant revenues recorded during 2007 as the Company progressed beyond basic research and into product development activities, (b) higher research and development expenses as the Company continued to support its four ongoing Phase I human clinical trials and prepares for initiation of Phase II studies, and (c) overall higher general and administrative expenses primarily due to the additional costs associated with being a public company subsequent to the merger between Dauphin Technology, Inc. and GeoVax, Inc. in September 2006. As of June 30, 2007, the Company reported cash balances totaling $1,009,302.
See the summarized financial information 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.
Recent Operational Highlights:
* In July, GeoVax announced an early start of two new HIV/AIDS vaccine
clinical (human) trials. These FDA compliant trials were previously
scheduled to start later in 2007 and are the 3rd and 4th in a four
clinical trial series intended to evaluate both human safety and immune
responses to GeoVax's HIV/AIDS vaccines. Starting April 2006, the 1st
of these four trials evaluated a low
|SOURCE GeoVax Labs, Inc.|
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