ATLANTA, Nov. 15 /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 September 30, 2007.
Financial Results for the Quarter Ended September 30, 2007
The Company recorded a net loss of $1,165,509 for the three months ended September 30, 2007, compared to $283,434 for the same period in 2006. For the nine months ended September 30, 2007, the Company's net loss was $3,085,926 as compared to $426,890 in 2006. The increase in the net loss during 2007 is attributable to (a) no grant revenues recorded during the first nine months 2007, (b) higher research and development expenses as the Company continued to support its four ongoing Phase I human AIDS vaccine clinical trials and prepares for initiation of Phase II trials, (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., and (d) $928,302 of share-based compensation expense recorded in 2007, compared with $- 0 - for 2006. As of September 30, 2007, the Company reported cash balances totaling $731,976.
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
|SOURCE GeoVax Labs, Inc.|
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