Dr. McNally continued, "On the financial side, we continue to benefit from NIH/HVTN support of our human clinical trials and we are seeking additional government support to fund our internal research and development activities to expand the use of our technology against strains (clades) of the HIV virus affecting other areas of the globe. From December 2011 to March 2012, we raised a total of $2.7 million in equity capital to bolster our cash reserves."
Comment on Gilead Science's Truvada® Prevention SubmissionDr. McNally also commented on the recent news related to an advisory panel's recommendation that the FDA approve Gilead Science's submission of their anti-viral medication, Truvada, for prevention of HIV. "While any positive step towards the control of this deadly disease is greatly welcomed, we must continue the search for safe, cost-effective measures to prevent HIV transmission. The high cost of oral medications, patient compliance, and risk of medical side effects clearly suggest the best solution still lies with a preventive vaccine. GeoVax's preventive vaccine is considered a leading candidate for the version of the virus prevalent in North and South America, and Europe."
Financial ReviewGeoVax reported a net loss for the three months ended March 31, 2012 of $730,513, or $0.04 per share, based on 16.7 million weighted average shares outstanding. For the three months ended March 31, 2011, the Company reported a loss of $606,282, or $0.04 per share, based on 15.7 million weighted average shares outstanding.
The Company reported revenues of $854,063 for the three months ended March 31, 2012, related to its Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant from the National Institutes
|SOURCE GeoVax Labs, Inc.|
Copyright©2010 PR Newswire.
All rights reserved