Sunday November 22 2009 | Biotechnology feed | All feeds
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GeoVax Labs, Inc.http://www.geovax.com Geovax Labs, Atlanta GA, United States of America. GeoVax is a Biotechnology company developing human vaccines for diseases caused by HIV-1 (Human Immunodeficiency Virus - AIDS) and other infectious agents.
Our goals include: developing AIDS Ticker - GeoVax Labs, Inc. Provides Third Quarter 2009 Financial Results and Operational UpdateFriday 6th of November 2009 9:00-- In August 2009, GeoVax received the award notice for the third year of the Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant initially awarded to the Company in 2007 by the NIH. The project period for the grant, which is renewable annually, covers a five year period which commenced October 2007, with an expected annual award of generally between $3 - $4 million per year (approximately $18.3 million in the aggregate). This award is for the period September 1, 2009 through August 31, 2010 in the amount of $4.7 million. GeoVax is utilizing this funding to further its HIV/AIDS vaccine development, optimization and production.
GEOVAX LABS, INC.
Condensed Consolidated Statements of Operations Information
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Grant Revenue $1,808 $1,322 $3,272 $2,298
Operating expenses:
Research and development 1,470 1,362 3,530 2,725
General and administrative 574 699 2,204 2,322
--- --- ----- -----
2,044 2,061 5,734 5,047
----- ----- ----- -----
Other income:
Interest income 5 17 22 60
--- --- --- ---
5 17 22 60
--- --- --- ---
Net loss $(231) $(722) $(2,441) $(2,689)
===== ===== ======= =======
Loss per common share $(0.00) $(0.00) $(0.00) $(0.00)
====== ====== ====== ======
GEOVAX LABS, INC.
Condensed Consolidated Balance Sheet Information
(amounts in thousands)
(unaudited)
Sep. 30, Dec. 31,
-------- --------
2009 2008
---- ----
Assets:
Cash and cash equivalents $3,417 $2,191
Other current assets 597 611
--- ---
Total current assets 4,014 2,802
Property, net 164 139
Other assets 97 115
-- ---
Total assets $4,275 $3,056
Liabilities and stockholders' equity
Current liabilities $349 $346
Stockholders' equity 3,926 2,710
----- -----
Total liabilities and stockholders'
equity $4,275 $3,056
====== ======
Shares Outstanding 778,487 747,449
HIV/AIDS Background HIV affects the entire globe and comes in a variety of subtypes. Clade B is the predominant subtype in North America where there are roughly 60,000 new infections each year. Globally, there are about 2.5 million AIDS infections per year, most primarily involving subtypes AG, B, and C. In 2007, UNAIDS reported 1.3 million people living with AIDS in North America and 33.2 million people living with AIDS worldwide. Presently, there is little to prevent HIV transmission other than education, circumcision, and condoms. It is obvious from the spread of the disease that these methods are not adequate. Existing treatments for individuals infected with HIV include anti-retroviral therapies that are effective but have serious medical side effects and are very expensive (upwards of $1,500/month). This cost is borne primarily by the individual and sometimes by third party insurance, local healthcare, federal or world health organizations. Development and distribution of an effective HIV/AIDS vaccine holds great promise. The GeoVax Vaccine would cost a fraction of the cost of current treatments and, to date, has not elicited serious adverse side effects in several human trials. A population vaccinated with an effective HIV-1 vaccine would be expected to significantly decrease the prevalence of AIDS over time. About GeoVax Labs, Inc. GeoVax Labs, Inc. is a biotechnology company, established to develop, manufacture, license and commercialize human vaccines for diseases caused by HIV-1 (Human Immunodeficiency Virus) and other infectious agents. GeoVax's AIDS vaccine technology is the subject of 20 issued or filed patent applications. GeoVax AIDS vaccines are designed for use in uninfected people to prevent Acquired Immunodeficiency Disease (AIDS), caused by the virus known as HIV-1, should the person become infected. GeoVax AIDS vaccines also may be effective as a therapeutic treatment (for people already infected with the HIV-1 virus). GeoVax's core AIDS vaccine technologies were developed by Dr. Harriet Robinson, Chief Scientific Officer, through a collaboration of colleagues at Emory University's Vaccine Center, the National Institutes of Health (NIH), The Centers for Disease Control and Prevention (CDC) and GeoVax. GeoVax's AIDS vaccines have moved forward in human clinical trials conducted by the HIV Vaccine Trials Network (HVTN) based in Seattle, Washington. The HVTN, funded through a cooperative agreement with the National Institutes of Health (NIH), is the largest worldwide clinical trials program dedicated to the development and testing of AIDS vaccines. Preclinical work enabling evaluation of GeoVax DNA and MVA vaccines was funded and supported by NIAID, which provided additional support to GeoVax AIDS vaccine development program with an $18 million IPCAVD grant awarded in late 2007. Safe Harbor Statement All statements in this news release, not statements of historical fact, are forward-looking statements. These statements are based on expectations and assumptions on the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not limited to, whether: GeoVax can develop and manufacture these vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective or easier to use than GeoVax's products, and other factors over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not intend to do so. Certain matters discussed in this news release are forward-looking statements involving certain risks and uncertainties including, without limitation, risks detailed in the Company's Securities and Exchange Commission filings and reports. More information is available on the Company's website at www.geovax.com. SOURCE GeoVax Labs, Inc. Browse other news from this organisation: GeoVax Labs, Inc. Source PR Newswire  |
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