GeoVax reported cash balances of $1,583,819 at September 30, 2012. Summarized financial information is presented below. Further information concerning the Company's financial position and results of operations are included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.
About GeoVax's Technology
GeoVax's unique two-component vaccine, a recombinant DNA and a recombinant modified vaccinia Ankara (MVA), is designed to stimulate both anti-HIV T cell and anti-HIV antibody immune responses. GeoVax's DNA and MVA vaccines are used in a prime/boost protocol in which priming is done with the DNA and boosting with the MVA. Both the DNA and MVA express the three major proteins of the AIDS virus: Gag, Pol, and Env, and produce noninfectious virus-like-particles. GeoVax's vaccines are unique in expressing virus-like particles that display the trimeric membrane bound form of the HIV-1 envelope glycoprotein. In GeoVax's second-generation vaccine, the DNA prime co-expresses GM-CSF with the virus-like particles, delivering a normal human protein that stimulates immune responses to the site of vaccination. All preventative Phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines, their ability to raise anti-HIV humoral (antibody) and cellular (cytotoxic T cell) immune responses, as well as the vaccines' safety.
About HIV/AIDS
AIDS is an epidemic that can affect anyone, regardless of race, gender, age or sexual orientation. There are 33 million people currently infected globally and it is estimated that there will be 2.5 million new infections this year. Since the beginning of the epidemic, over a million people in the U.S. have contracted the virus. Every 9 1/2 minutes, someone in the U.S. is infected with AIDS. Globally, HIV is the top killer among women of reproductive age. HIV is a worldwide disease with different subtypes (or clades) of the virus predominating in different regions of the world. Clade B is the predominant subtype in North America. Globally, most infections involve subtypes AG, B and C. GeoVax vaccines are currently designed to function against clade B.
For more information, please 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: HVTN will commence, complete enrollment, and generate data regarding GeoVax vaccine clinical trials as and when expected, 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 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, less costly, 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.
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, -------------------- -------------------- 2012 2011 2012 2011 --------- --------- --------- ---------Revenues Grant Revenue $ 638 $ 1,297 $ 2,198 $ 3,943Operating expenses: Research and development 602 1,090 2,387 3,314 General and administrative 334 583 1,339 1,824 --------- --------- --------- --------- 936 1,673 3,726 5,138 --------- --------- --------- ---------Other income: Interest income 1 - 3 2 --------- --------- --------- --------- 1 - 3 2 --------- --------- --------- ---------Net loss $ (297) $ (376) $ (1,525) $ (1,193) ========= ========= ========= =========Loss per common share $ (0.02) $ (0.02) $ (0.09) $ (0.08) ========= ========= ========= ========= GEOVAX LABS, INC. Condensed Balance Sheet Information (amounts in thousands) Sep. 30, Dec. 31, 2012 2011 -------- --------Assets: Cash and cash equivalents $ 1,584 $ 1,168 Other current assets 295 250 -------- -------- Total current assets 1,879 1,418 Property, net 121 176 Other assets 36 51 -------- -------- Total assets $ 2,036 $ 1,645 ======== ========Liabilities and stockholders' equity Current liabilities $ 338 $ 941 Stockholders' equity 1,698 704 -------- -------- Total liabilities and stockholders' equity $ 2,036 $ 1,645 ======== ======== Shares Outstanding 18,733 16,443
Contact:
Dian Griesel Inc.
Dillon Heins
Investor Relations
Susan Forman or Laura Radocaj
Public Relations
(212) 825-3210
