ATLANTA, Nov. 10, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTCQB/OTCBB: GOVX), an Atlanta-based biopharmaceutical firm (the "Company") developing vaccines that prevent and fight Human Immunodeficiency Virus (HIV) infections, today announced its financial results for the nine months ended September 30, 2011.
GeoVax reported a net loss of $375,852 ($0.02 per share) for the three months ended September 30, 2011, compared to $644,666 ($0.04 per share) for the same period in 2010. For the nine months ended September 30, 2011, the Company's net loss was $1,193,478 ($0.08 per share) as compared to $2,268,544 ($0.14 per share) for the same period in 2010. Net losses were partially offset by revenues related to the Company's grant from the NIH in support of its HIV/AIDS vaccine development activities; such revenues were $1,297,006 and $3,943,041 for the three month and nine month periods of 2011, respectively, as compared to $1,163,288 and $4,239,017 for the three month and nine month periods of 2010, respectively. As of September 30, 2011, the Company reported cash balances totaling $566,657, as compared to $1,079,087 at December 31, 2010.
GeoVax President and CEO Robert T. McNally, PhD, commented, "GeoVax continued to make solid progress during the third quarter of 2011. Our 299 participant Phase 2a clinical trial for the preventative version of our HIV/AIDS vaccine is fully enrolled and we expect patient inoculations to be completed during early 2012 with study analysis and completion during 2012. This trial is being conducted by the HIV Trials Network (HVTN), funded by the NIH. A preliminary unblinding of data from part 1 of this study showed elicitation of unexpectedly high response rates of neutralizing antibody for tier 2 isolates of HIV-1. The elicitation of neutralizing antibody for tier 2 viruses is an important result because tier 2 viruses represent viruses that undergo the most frequent transmission from an infected person to an uninf
|SOURCE GeoVax Labs, Inc.|
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