ATLANTA, Aug. 27 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), a biotechnology company that creates, develops and tests innovative HIV/AIDS vaccines, today announced the results of its Annual Shareholders Meeting, held on August 24, 2010.
During the meeting, shareholders re-elected seven nominees for directors of the company to serve until the 2011 Annual Meeting of Shareholders and until their successors are duly elected or appointed and qualified. They are:
Additionally, stockholders ratified the appointment of Porter Keadle Moore LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2010.
Don Hildebrand, company co-founder and Chairman of the Board of Directors, provided opening remarks and conducted the formal business of the meeting.
In addition to the business of the annual meeting, Robert McNally, president and chief executive officer, provided an overview of the company's progress, highlighting GeoVax's performance since the last annual meeting held in June 2009. He discussed significant scientific outreach including conferences where GeoVax participated in presenting advances in vaccine development, and improvement in corporate communications through a new public and investor relations firm, IRG. Dr. Harriet Robinson, company CSO, discussed clinical and research progress including the current status of the Phase 2a Preventative Vaccine Trial including the expansion from 225 to 300 participants. She also indicated the screening of the Therapeutic Trial volunteers is on target to begin generating vaccine safety and performance data during 2011, with trial completion within 24 to 36 months. Mark Reynolds, chief financial officer, provided a financial update and discussed the Company's sources of capital.
HIV/AIDS BackgroundHIV affects the entire globe and comes in a variety of subtypes. Clade B is the predominant subtype in North America where there are roughly 60,000 new infections each year. Globally, there are about 2.5 million AIDS infections per year, most primarily involving subtypes AG, B, and C. In 2007, UNAIDS reported 1.3 million people living with AIDS in North America and 33.2 million people living with AIDS worldwide. Presently, there is little to prevent HIV transmission other than education, circumcision, and condoms. It is obvious from the spread of the disease that these methods are not adequate. Existing treatments for individuals infected with HIV include anti-retroviral therapies that are effective but have serious medical side effects and are very expensive (upwards of $1,500/month). This cost is borne primarily by the individual and sometimes by third party insurance, local healthcare, federal or world health organizations. Development and distribution of an effective HIV/AIDS vaccine holds great promise. The GeoVax vaccine would cost a fraction of the cost of current treatments and, to date, has not elicited serious adverse side effects in several human trials. A population vaccinated with an effective HIV-1 vaccine would be expected to significantly decrease the prevalence of AIDS over time.
About GeoVax Labs, Inc.GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS) and other infectious agents. Our goals include developing HIV/AIDS vaccines for global markets, oversee manufacturing and testing of these vaccines under GMP/GLP conditions (FDA guidelines), conducting clinical trials for vaccine safety and effectiveness, and obtaining regulatory approvals to move the product forward. All preventative Phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines, their ability to raise anti-HIV immune responses, as well as the vaccines' safety. Successful results from all Phase 1 testing supported the initiation of the first Phase 2 testing. GeoVax's Phase 2 human trial began in January 2009 and will ultimately involve 300 participants at sites in the United States and South America. Recently the FDA granted permission to proceed with a Phase 1 therapeutic trial for individuals infected with HIV. Long term, we expect that GeoVax will grant manufacturing and distribution rights in several global markets in return for upfront fees, collaborative development agreements, and royalties on sales and distribution revenues. Internal vaccine manufacturing and distribution will also be considered by GeoVax. For more information, please visit www.geovax.com.
Certain 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: GeoVax can develop and manufacture these 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 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.Contact:At the Company:Robert McNally, President & CEO(678) 384-7220 or firstname.lastname@example.orgAt The Investor Relations Group:Investor RelationsJames CarbonaraorPublic RelationsJanet Vasquez / Robin O'Malley(212) 825-3210
|SOURCE GeoVax Labs, Inc.|
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