ATLANTA, Aug. 12, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTC BB: GOVX), an Atlanta-based, biopharmaceutical firm (the "Company") developing vaccines to prevent and fight Human Immunodeficiency Virus (HIV) infections, today announced its financial results and provided an operational update for the six months ended June 30, 2011.
GeoVax reported a net loss of $211,344 ($0.01 per share) for the three months ended June 30, 2011, compared to $933,089 ($0.06 per share) for the same period in 2010. For the six months ended June 30, 2011, the Company's net loss was $817,626 ($0.05 per share) as compared to $1,623,878 ($0.10 per share) in 2010. Net losses were partially offset by revenues related to the Company's grant from the NIH in support of the its HIV/AIDS vaccine development activities; such revenues were $1,753,033 and $2,646,035 for the three month and six month periods of 2011, respectively, as compared to $1,737,169 and $3,075,729 for the three month and six month periods of 2010, respectively. As of June 30, 2011, the Company reported cash balances totaling $668,055, as compared to $1,079,087 at December 31, 2010.
GeoVax President and CEO Robert T. McNally, PhD, commented, "While the continued progress of our clinical development programs remains our priority, financing efforts have represented a major activity during the last quarter. Our current cash balances, together with anticipated proceeds from our NIH grant, are sufficient to support our planned operations into 2012. Although current market conditions present a challenging environment, we remain confident that we will achieve the funding necessary to advance our vaccine development programs."
Dr. McNally continued, "Our opening the Los Angeles, AIDS Research Alliance (ARA) site, has added to the number of individuals currently being stabilized on conventional oral medications in preparation for vaccination in our Phase 1 therapeutic trial. A stabiliza
|SOURCE GeoVax Labs, Inc.|
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