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GeoVax Secures $10 Million Financing Commitment
Date:5/12/2008

ATLANTA, May 12 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta- based HIV/AIDS vaccine development company, announced today that it has entered into a $10 million common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago-based institutional investor.

The Company may sell up to $10 million of its common stock to Fusion Capital from time to time over a 25-month period after the Securities and Exchange Commission has declared effective a registration statement related to the transaction. GeoVax will use the proceeds to further its developmental HIV/AIDS vaccine, expected to enter Phase 2 human clinical trials later this year.

Under the agreement, the Company has the right to sell shares of its common stock to Fusion Capital from time to time in amounts between $80,000 and $1 million, depending on certain conditions, up to $10 million in the aggregate. The purchase price of the shares will be based on the prevailing market prices of the Company's shares at the time of sales without any fixed discount, and the Company will control the timing and amount of any sales of shares to Fusion Capital. There are no negative covenants, restrictions on future financings, penalties or liquidated damages in the agreement. A more detailed description of the agreement is set forth in the Company's Current Report on Form 8-K filed today with the SEC, which should be reviewed carefully with this press release.

"We are very pleased to establish this funding relationship with Fusion Capital, a well-respected institutional investor with a strong track record of investments in the technology and healthcare sectors," Robert T. McNally, GeoVax's President and CEO, said.

Dr. McNally continued, "This agreement will help us continue to move forward with our AIDS vaccine development efforts. Combined with the five- year, $15 million federal grant GeoVax was awarded last year and the direct support we expect to
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SOURCE GeoVax Labs, Inc.
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