ATLANTA, Aug. 11 /PRNewswire-FirstCall/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta-based, biopharmaceutical firm (the Company), developing human vaccines for diseases caused by HIV-1 (Human Immunodeficiency Virus) and other infectious agents, today announced its financial results and provided an operational update for the six months ended June 30, 2008.
Financial Results for the Three Months and Six Months Ended June 30, 2008
The Company recorded a net loss of $1,284,352 for the three months ended June 30, 2008, compared to $1,333,126 for the same period in 2007. For the six months ended June 30, 2008, the Company's net loss was $1,966,862 as compared to $1,920,407 in 2007. Net losses for 2008 were partially offset by grant revenues of $376,078 and $976,069 for the three month and six month periods, respectively, related to the Company's grant from the National Institutes of Health in support of its HIV/AIDS vaccine development activities. As of June 30, 2008, the Company reported cash balances totaling $3,133,839.
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 six month financial results, including our operational expenses and cash position. Our operational expenses are minimal for a company of our size and stage of clinical trial development. We are particularly pleased with the financing strategy provided by the $10 million common stock purchase agreement with Fusion Capital Fund II, LLC. Funding from the Fusion facility will be utilized for the large Phase 2 preventative AIDS vaccine clinical trial planned to begin this fall and initiation of the therapeutic trial in HIV infected and drug-treated humans."
|SOURCE GeoVax Labs, Inc.|
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