GeoVax Reports 2019 Third Quarter Financial Results and Provides Corporate Update

The Underlying Value of GeoVax, and the Promise of the Technology…A Comprehensive Review of GeoVax’s Various Development Programs

ATLANTA, GA / ACCESSWIRE / November 7, 2019 / GeoVax Labs, Inc. (OTCQB:GOVX), a biotechnology company developing human immunotherapies and vaccines, today announced its financial results for the quarter ended September 30, 2019 and provided an update on its corporate development progress.

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Key Takeaways:

  • Cancer Immunotherapy – Collaborations with University of Pittsburgh and ViaMune, Inc.,Vaxeal Holding SA., Emory University and Leidos, Inc.
  • HIV “Functional Cure” Immunotherapy – We are participating in a planned clinical trialled by researchers at American Gene Technologies (AGT) (www.americangene.com), to develop a therapy aimed at eliminating HIV from infected people.
  • HIV Preventive Vaccine – We are planning for a new Phase 1 human clinical trial with operational support from the HIV Vaccine Trials Network (HVTN) and funding from the National Institute of Allergy and Infectious Diseases (NIAID).

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines against infectious diseases and cancer using a novel patented Modified Vaccinia Ankara-Virus Like Particle (MVA-VLP) based vaccine platform. On this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into VLP immunogens within (in vivo) the person receiving the vaccine. The production of VLPs in the person being vaccinated mimics virus production in a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. The MVA-VLP derived vaccines elicit durable immune responses in the host similar to a live-attenuated virus, while providing the safety characteristics of a replication-defective vector.

GeoVax’s current development programs are focused on preventive vaccines against HIV, Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa), and malaria, as well as therapeutic vaccines against chronic Hepatitis B infections and multiple cancers. The Company has designed a preventive HIV vaccine candidate to protect against the subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan, and Australia; this program is currently undergoing human clinical trials managed by the HIV Vaccine Trials Network (HVTN) with the support of the National Institutes of Health (NIH). GeoVax’s HIV vaccine is also part of collaborative efforts to develop an immunotherapy as a functional cure for HIV. For more information, visit www.geovax.com.

Forward-Looking Statements

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: any of GeoVax’s collaborative efforts will be successful, GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax’s vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s 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: investor@geovax.com

     
  GEOVAX LABS, INC.  
 
  Condensed Consolidated Statements of Operations Information  
 
  (amounts in thousands, except per share data)  
 
 
                       
 
  Three Months Ended     Nine Months Ended  
 
  September 30,     September 30,  
 
  2019     2018     2019     2018  
Grant and collaboration revenue
  333     349     907     664  
 
                               
Operating expenses:
                               
Research and development
    468       557       1,475       1,417  
General and administrative
    291       459       1,214       1,175  
 
    759       1,016       2,689       2,592  
Loss from operations
    (426 )     (667 )     (1,781 )     (1,928 )
Other income (expense), net
    2             1       2  
 
                               
Net loss
  (424 )   (667 )   (1,780 )   (1,926 )
 
                               
Loss per common share
  (0.03 )   (1.99 )   (0.37 )   (6.43 )
 
                               
                                 
  GEOVAX LABS, INC.  
 
  Condensed Consolidated Balance Sheet Information  
 
  (amounts in thousands)  
 
     
 
 
  Sep. 30,     Dec. 31,  
 
  2019     2018  
Assets:
           
Cash and cash equivalents
  569     260  
Other current assets
    226       360  
Total current assets
    795       620  
 
               
Property, net
    10       11  
Other assets
    11       11  
Total assets
  816     642  
 
               
Liabilities and stockholders’ equity (deficiency)
               
Current liabilities
  1,808     1,624  
Note payable, net of current portion
    29       40  
Stockholders’ equity (deficiency)
    (1,021 )     (1,022 )
Total liabilities and stockholders’ equity (deficiency)
  816     642  
 
               
Common shares outstanding
    95,628       4  
 
               

SOURCE: GeoVax Labs, Inc.

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https://www.accesswire.com/565722/GeoVax-Reports-2019-Third-Quarter-Financial-Results-and-Provides-Corporate-Update

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