Full Press Release Details
GEOVAX LABS ANNOUNCES REVERSE STOCK SPLIT;
APPLIES FOR LISTING ON NASDAQ
1:50 Reverse Split to be Effective After Market Close on April 27, 2010
Ticker Symbol to Change from GOVX to GOVXD for 20 Days
ATLANTA, Ga., April 16, 2010 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 NASDQ 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
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-1 (Human
Immunodeficiency Virus AIDS) and other infectious agents. Our goals include developing AIDS
vaccines for global markets, manufacturing and testing these vaccines under GMP/GLP conditions (FDA
guidelines), conducting phase human trials for vaccine safety and effectiveness, and obtaining
regulatory approval to move the product forward. Preventative phase 1 human clinical trials
tested GeoVax s DNA/MVA vaccine. All tested combinations and doses of our DNA and MVA AIDS vaccines
in human volunteers demonstrated ability to raise Anti-AIDS immune responses as well as for their
safety. Successful results from all phase 1 testing of GeoVax s vaccines supported the initiation
of the first phase 2 testing of our product. GeoVax s phase 2 human trial began in January 2009 and
involves 225 participants at sites in the United States and South America. Long term, we expect
that GeoVax will enter into agreements to out-license manufacturing technology to major vaccine
production companies and distribution rights to key companies in several global markets in return
for upfront fees, collaborative development agreements, and royalties on sales and distribution
revenues. Internal vaccine manufacture and sale will be considered by GeoVax. 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: 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.
At The Investor Relations Group:
James Carbonara / Jason Strominger
Janet Vasquez / Robin O Malley