GeoVax Labs Announces Reverse Stock Split; Applies for Listing on NASDAQ
ATLANTA, April 16 GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), a biotechnology company that creates, develops, and tests innovative HIV/AIDS vaccines, today announced it will implement a 1-for-50 reverse stock split effective following the close of business on April 27, 2010. After the reverse stock split, the Company will be authorized to issue up to 40 million shares of stock, of which approximately 15.7 million shares will be outstanding. For the 20-day period beginning April 28, 2010, GeoVax's ticker symbol will be "GOVXD" to reflect the post-split price. Following that period, the ticker symbol will revert to "GOVX."
The Company also announced that it has applied for listing its common stock on NASDAQ Capital Market. The reverse split is intended, among other things, to allow the Company to meet NASDAQ's minimum stock price requirements. The Company's listing on NASDAQ is subject to review by NASDAQ and is dependent upon the Company meeting all relevant quantitative and qualitative listing criteria.
Robert T. McNally, PhD, President and CEO of GeoVax, commented, "I am grateful for the support of the shareholders in approving our reverse split; 78% of all outstanding shares voted in favor of the proposal, with 91% of the shares represented at the special shareholder meeting voting in favor. In addition to helping us meet the requirements for listing on NASDAQ, we believe the reverse stock split will help us attract new institutional and retail support in the market."
About GeoVax Labs, Inc.
GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus - that leads to AIDS) and other infectious agents. Our goals include developing HIV/AIDS vaccines for global markets, manufacturing and testing these vaccines under GMP/GLP conditions (FDA guidelines), conducting clinical trials for vaccine safety and effectiveness, and obtaining regulatory approvals to move the product forward. All preventative phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines have demonstrated the ability to raise anti-HIV immune responses as well as for their safety. Successful results from all phase 1 testing supported the initiation of the first phase 2 testing. GeoVax's phase 2 human trial began in January 2009 and will involve 225 participants at sites in the United States and South America. Recently the FDA granted permission to proceed with a phase 1 therapeutic trial for individuals infected with HIV. Long term, we expect that GeoVax will grant manufacturing and distribution rights in several global markets in return for upfront fees, collaborative development agreements, and royalties on sales and distribution revenues. Internal vaccine manufacturing and distribution will also be considered by GeoVax. For more information, please visit www.geovax.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax common stock prices will enable it to qualify for listing on the NASDAQ Capital Market, 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, GeoVax will be able to enter into favorable manufacturing and distribution agreements, 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. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
Contact At The Investor Relations Group: Investor Relations James Carbonara / Jason Strominger or Public Relations Janet Vasquez / Robin O'Malley (212) 825-3210
SOURCE GeoVax Labs, Inc.
You May Also Like