GeoVax Labs Posts Second Quarter Financials

GeoVax Labs, an Atlanta-based biopharmaceutical company developing human vaccines for diseases caused by HIV-1 and other infectious agents, has recorded a net loss of $1.34m for the three months ended June 30, 2009, compared to $1.28m for the same period in 2008. For the six months ended June 30, 2009, the company’s net loss was $2.21m as compared to $1.96m in 2008.

The company has also posted revenues of $753m for the second quarter of 2009, as compared to $376m for the second quarter of 2008. For the six month ended period, the company posted revenues of $1.46m, as compared to $976m for the same period an year ago.

Robert McNally, president and chief executive officer of GeoVax Labs, said: GeoVax has had a productive year so far in 2009. In February, we began patient injections in our Phase 2a clinical trial for our candidate vaccine for the prevention of AIDS. And, as we previously announced, we have enrolled approximately 30% of the necessary volunteers. As is typical in the enrollment process, as the number of clinical sites are approved, the speed of enrollment increases. This trial is being conducted by the HIV Vaccine Trials Network (HVTN), funded and supported by the National Institutes of Allergy and Infectious Diseases (NIAID). Achieving the Phase 2 milestone is a significant step for GeoVax and its efforts to develop an effective vaccine for prevention of AIDS.

Continued funding of our clinical programs and research and development efforts is critical. At the same time, we are diligently managing our cash outlays. Our financial condition is stable, with the ongoing support provided by HVTN (through their conduct of our Phase 2a trial), the five-year $17m grant to GeoVax from the National Institutes of Health (NIH), awarded in late 2007, and the equity financing facility with Fusion Capital Fund II, LLC, he added.

“We are pursuing a number of funding options to accelerate our therapeutic vaccine clinical trials program. The latest of which was a proposed cooperative arrangement with Cook County (metro Chicago), the Cook County Health and Hospitals System, and the Ruth M. Rothstein’s CORE Foundation. Although it now appears that our original proposal will not progress, it is an example of the type of initiative we will continue to pursue. We remain in discussions with various Cook County-based parties and continue to explore related funding opportunities, Mr. McNally concluded.