ATLANTA, May 7 /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 three months ended March 31, 2009.
GeoVax reported a net loss of $861,509 for the three months ended March 31, 2009, compared to $682,510 for the same period in 2008. Net losses were partially offset by grant revenues of $710,155 and $599,991 for each period, respectively, related to the Company's grant from the National Institutes of Health in support of its HIV/AIDS vaccine development activities. As of March 31, 2009, the Company reported cash balances totaling $1,970,971.
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.
Robert McNally, GeoVax's President & CEO, commented, "We are pleased with our first quarter financial results, as we continue to hold the line on our operational expenses and maintain a steady cash balance position. We are also pleased with our Phase 2a preventative AIDS human trial commencement of injections in February and are looking forward to our human therapeutic trial launch later this year."
Dr. McNally continued, "Despite the global financial crisis, we anticipate our financial position to remain steady during the year, thanks to the National Institutes of Health's (NIH) National Institutes of Allergy and Infectious Diseases (NIAID) direct grant to GeoVax towards the research and development of our vaccines program; human clinical trials support and financial assistance received from NIH-NIAID through the HIV Trials Network; and our planned use of funding provided by the common stock purchase agreement with Fusion Capital
|SOURCE GeoVax Labs, Inc.|
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