ATLANTA, March 14 GeoVax Labs, Inc.(OTC Bulletin Board: GOVX), an Atlanta-based biotechnology company focused ondevelopment of an HIV/AIDS vaccine, today announced its financial results forthe fourth quarter and year ended December 31, 2007.
GeoVax recorded a net loss of $1,155,870 for the fourth quarter endedDecember 31, 2007, as compared to $157,276 for the comparable period in 2006.For the full year of 2007, the Company recorded a net loss of $4,241,796 ascompared to $584,166 in 2006. GeoVax's operating results fluctuate due to thetiming of activities and related costs associated with its vaccine researchand development activities. The overall increase in the Company's net lossfrom 2006 to 2007 is primarily attributable to:
Summarized financial information is shown below. GeoVax's full set ofaudited financial statements are included in its Form 10-K filing with theSecurities and Exchange Commission.
From data collected from the 26 participants who completed the trial, thefollowing positive conclusions were observed:
About GeoVax Labs, Inc.
GeoVax Inc. is an Atlanta, Georgia USA biotechnology company, establishedto develop, manufacture, license and commercialize human vaccines for diseasescaused by HIV-1 (Human Immunodeficiency Virus) and other infectious agents.GeoVax's vaccine technology is protected by 20 issued and filed patentapplications.
For more information, contact the Company at (404) 727-0971 or visithttp://www.geovax.com.
Safe Harbor Statement: All statements in this news release, not statementsof historical fact, are forward-looking statements. These statements arebased on expectations and assumptions as of the date of this press release andare subject to numerous risks and uncertainties which could cause actualresults to differ materially from those described in the forward-lookingstatements. Risks and uncertainties include, but are not limited to, whether;GeoVax can develop and manufacture these vaccines with the desiredcharacteristics in a timely manner, GeoVax's vaccines will be determined to besafe for use in humans, GeoVax's vaccines will be effective in preventing AIDSin humans, the vaccines will receive the regulatory approvals necessary to belicensed and marketed, GeoVax can raise the required capital to completedevelopment of its vaccines, there is development of competitive products thatmay be more effective or easier to use than GeoVax's products, and otherfactors over which GeoVax has no control. GeoVax assumes no obligation toupdate these forward-looking statements, and does not intend to do so. Certainmatters discussed in this news release are forward looking statementsinvolving certain risks and uncertainties including, without limitations,risks detailed in the Companies Securities and Exchange Commission filings andreports.-- Substantial costs for manufacture and testing of AIDS vaccines for Phase 2 human trials planned for summer 2008. -- Increased research and development expenditures as the Company continued to support its three ongoing Phase 1 human AIDS vaccine clinical trials and prepares for initiation of Phase 2 trials in 2008. -- Lower grant revenues during 2007. During the first nine months of 2007, GeoVax had no grant revenues. During the fourth quarter of 2007, the Company recorded $234,004 in grant revenues associated with an estimated $15 million, 5 year grant from the NIH (see discussion below). -- Overall higher general and administrative costs due to the additional costs associated with being a public company subsequent to the merger between Dauphin Technology, Inc. and GeoVax, Inc. in September 2006. These higher costs included expansion of the Company's management team, initiation of an investor relations program, increased legal and accounting costs, and costs associate