ATLANTA, March 14 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta-based biotechnology company focused on development of an HIV/AIDS vaccine, today announced its financial results for the fourth quarter and year ended December 31, 2007.
GeoVax recorded a net loss of $1,155,870 for the fourth quarter ended
December 31, 2007, as compared to $157,276 for the comparable period in
2006. For the full year of 2007, the Company recorded a net loss of
$4,241,796 as compared to $584,166 in 2006. GeoVax's operating results
fluctuate due to the timing of activities and related costs associated with
its vaccine research and development activities. The overall increase in
the Company's net loss from 2006 to 2007 is primarily attributable to:
-- Substantial costs for manufacture and testing of AIDS vaccines for
Phase 2 human trials planned for summer 2008.
-- Increased research and development expenditures as the Company
continued to support its three ongoing Phase 1 human AIDS vaccine
clinical trials and prepares for initiation of Phase 2 trials in 2008.
-- Lower grant revenues during 2007. During the first nine months of
2007, GeoVax had no grant revenues. During the fourth quarter of 2007,
the Company recorded $234,004 in grant revenues associated with an
estimated $15 million, 5 year grant from the NIH (see discussion
-- Overall higher general and administrative costs 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.
These higher costs included expansion of the Company's management team,
initiation of an investor relations program, increased legal and
accounting costs, and costs associated with achieving compliance with
the Sarbanes-Oxley Act of 2002.
|SOURCE GeoVax Labs, Inc.|
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