World News: 14:00 GMT Wednesday 14th August 2019. [GeoVax, Inc. via Globe Newswire via SPi World News]
ATLANTA, Aug. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GeoVax Labs, Inc. (OTCQB: GOVX), a biotechnology company developing human immunotherapies and vaccines, today announced its financial results for the quarter ended June 30, 2019 and provided an update on its corporate development progress.
David A. Dodd, GeoVax President and CEO, commented, “Despite our limited financial resources, during the first half of 2019, we made progress in several product development areas. These accomplishments were made possible through the efforts of our dedicated staff as well as through the support of our various government and corporate collaborators. I am pleased to share some of our notable progress below.”
Mr. Dodd continued, “GeoVax remains highly undercapitalized which constrains our ability to advance our non-HIV programs toward human clinical trials, which we believe is key to furthering our corporate development. During July, we bolstered our cash reserves through a $700,000 infusion of additional equity capital. While this provides us with sufficient working capital into early 2020, it does not allow us to pursue our product development as vigorously as we would like. During the coming months, we intend to continue pursuing additional sources of capital, both through additional collaborations and through non-traditional paths, with a primary focus on our cancer immunotherapy program.”
GeoVax reported a net loss of $654,148 ($1.01 per share) for the three months ended June 30, 2019, compared to $637,043 ($2.05 per share) for the same period in 2018. For the six months ended June 30, 2019, the Company’s net loss was $1,355,602 ($2.37 per share) as compared to $1,258,856 ($4.50 per share) in 2018.
The Company reported grant and collaboration revenues of $209,941 and $574,173 for the three-month and six-month periods of 2019, respectively, as compared to $93,265 and $314,564 reported for the comparable periods of 2018. As of June 30, 2019, there is $2,049,990 in approved grant funds remaining and available for use.
Research and development (R&D) expenses were $451,227 and $1,006,945 for the three-month and six- month periods of 2019, respectively, as compared to $372,202 and $859,196 for the comparable periods of 2018. Fluctuations in R&D expenses from period to period are primarily attributable to the timing of expenditures related to government grants. General and administrative (G&A) expenses were $412,650 and $922,714 for the three-month and six-month periods of 2019, respectively, as compared to $359,197 and $716,425 for the comparable periods of 2018.
GeoVax reported cash balances of $216,411 at June 30, 2019, as compared to $259,701 at December 31, 2018. The Company reported the sale of convertible preferred stock in July 2019 for gross proceeds of $700,000, giving it sufficient cash resources to fund its current operations into the first quarter of 2020. Summarized financial information is 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.
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines against infectious diseases and cancer using a novel patented Modified Vaccinia Ankara-Virus Like Particle (MVA-VLP) based vaccine platform. On this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into VLP immunogens within () the person receiving the vaccine. The production of VLPs in the person being vaccinated mimics virus production in a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. The MVA-VLP derived vaccines elicit durable immune responses in the host similar to a live-attenuated virus, while providing the safety characteristics of a replication-defective vector.
GeoVax’s current development programs are focused on preventive vaccines against HIV, Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa), and malaria, as well as therapeutic vaccines against chronic Hepatitis B infections and multiple cancers. The Company has designed the leading preventative HIV vaccine candidate to fight against the subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan, and Australia; this program is currently undergoing human clinical trials managed by the HIV Vaccine Trials Network (HVTN) with the support of the National Institutes of Health (NIH). GeoVax’s HIV vaccine is also part of collaborative efforts to develop an immunotherapy as a functional cure for HIV. For more information, visit .
Globe Newswire: 14:00 GMT Wednesday 14th August 2019
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