ATLANTA, March 12 /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 fourth quarter and year ended December 31, 2008, and provided a summary of recent operational highlights for calendar year 2009 to date.
GeoVax reported a net loss of $1,039,217 for the fourth quarter ended December 31, 2008, as compared to a net loss of $1,155,870 for the comparable period in 2007. For the full year of 2008, the Company reported a net loss of $3,728,187 as compared to a net loss of $4,241,796 in 2007. GeoVax's operating results fluctuate due to the timing of activities and related costs associated with its vaccine research and development activities. Summarized financial information is presented below. GeoVax's full set of audited financial statements are included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Robert T. McNally, Ph.D., GeoVax's president and chief executive officer, stated, "For a company of GeoVax's size and stage of clinical development, our financial position is on target. Our operational expenses are reduced by the National Institutes of Health's (NIH) support of our ongoing Phase 2a preventative clinical trial being conducted by the HIV Vaccine Trials Network (HVTN), and are further offset by the direct grant from the NIH to GeoVax, covering research and development for future vaccine improvements. Our financial security is enhanced by the common stock purchase agreement with Fusion Capital Fund II, LLC. These funds are providing the Company with resources to conduct its own clinical trial in HIV infected, drug controlled subjects. Planning for this therapeutic trial is underway with a projected start for later this year."
Recent Operational Highlights for Year 2009 - to date
|SOURCE GeoVax Labs, Inc.|
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