GeoVax Labs, Inc. Announces Six Month 2009 Financial Results and Provides Operatio...(1 human clinical trials investigating th...),Health

Date:8/7/2009

1 human clinical trials investigating the therapeutic vaccine approach. Our reassessment of the time required to gain approval from the FDA is such that we expect this trial to begin during the first quarter of 2010. Our plan is to produce data from our therapeutic vaccine trials in support of future capital-raising and corporate partnering efforts."

Dr. McNally concluded, "Continued funding of our clinical programs and research and development efforts is critical. At the same time, we are diligently managing our cash outlays. Our financial condition is stable, with the ongoing support provided by HVTN (through their conduct of our Phase 2a trial), the five-year $17 million grant to GeoVax from the National Institutes of Health (NIH), awarded in late 2007, and the equity financing facility with Fusion Capital Fund II, LLC. We are pursuing a number of funding options to accelerate our therapeutic vaccine clinical trials program. The latest of which was a proposed cooperative arrangement with Cook County (metro Chicago), the Cook County Health and Hospitals System, and the Ruth M. Rothstein's CORE Foundation. Although it now appears that our original proposal will not progress, it is an example of the type of initiative we will continue to pursue. We remain in discussions with various Cook County-based parties and continue to explore related funding opportunities."

Review of Financial Results

The Company recorded a net loss of $1,348,654 for the three months ended June 30, 2009, compared to $1,284,352 for the same period in 2008. For the six months ended June 30, 2009, the Company's net loss was $2,210,163 as compared to $1,966,862 in 2008. Net losses were partially offset by grant revenues related to the Company's grant from the NIH in support of its HIV/AIDS vaccine development activities; such revenues were $752,800 and $1,462,955 for the three month and six month periods of 2009, respectively,
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