Full Press Release Details
GeoVax Reports 2017 First Quarter Financial Results
and Development Program Updates
Zika Vaccine Demonstrates 100% Protection in Preclinical Lethal Challenge Model
Malaria Vaccine Development Initiated with The Burnet Institute
HIV Vaccine Continues Successful Progress
ATLANTA, GA, May 8, 2017 - GeoVax Labs, Inc. (OTCQB: GOVX), a biotechnology company developing human vaccines, today announced its financial results for the three months ended March 31, 2017 and provided an update on its vaccine development programs.
Robert T. McNally Ph.D., GeoVax's President and CEO, commented, "During the first quarter of 2017, GeoVax made progress in each of our vaccine development programs. Our MVA-VLP vaccine platform continues to prove itself through our expanding product portfolio, our growing list of high-quality corporate and academic collaborators, and promising preclinical and clinical testing results. Recent highlights include:
GeoVax reported a net loss for the three months ended March 31, 2017 of $548,341, or $0.01 per share, based on 55.4 million weighted average shares outstanding. For the three months ended March 31, 2016, the Company reported a loss of $1,296,279, or $0.04 per share, based on 34.6 million weighted average shares outstanding.
The Company reported revenues of $295,735 for the three months ended March 31, 2017, related to grants from the NIH. This compares to $47,600 of grant revenues reported for the same period in 2016. Research and development (R&D) expenses were $551,795 for the three months ended March 31, 2017, compared with $438,004 for the comparable period in 2016. General and administrative (G&A) expenses were $292,667 and $906,505 for the three months ended March 31, 2017 and 2016, respectively. G&A expense for the 2016 period includes a non-cash charge of $469,799 related to certain stock purchase warrant modifications. Cash balances were $166,749 at March 31, 2017, as compared to $454,030 at December 31, 2016.
Summarized financial information is attached. Further information concerning the Company's financial position and results of operations are included in its Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission.
GeoVax Labs, Inc., is a clinical-stage biotechnology company developing human vaccines against infectious diseases using its Modified Vaccinia Ankara-Virus Like Particle (MVA-VLP) vaccine platform. The Company's 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 for chronic Hepatitis B infections and cancers. GeoVax's vaccine platform supports in vivo production of non-infectious VLPs from the cells of the very person receiving the vaccine, mimicking a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. 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: 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.
Robert T. McNally, Ph.D.
FINANCIAL TABLES FOLLOW
Condensed Consolidated Statements of Operations Information
(amounts in thousands, except per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2017 | 2016 | |||||||
| Grant Revenue | $ | 296 | $ | 48 | ||||
| Operating expenses: | ||||||||
| Research and development | 552 | 438 | ||||||
| General and administrative | 292 | 907 | ||||||
| 844 | 1,345 | |||||||
| Loss from operations | (548 | ) | (1,297 | ) | ||||
| Interest income | - | 1 | ||||||
| Net loss | $ | (548 | ) | $ | (1,296 | ) | ||
| Net loss per common share | $ | (0.01 | ) | $ | (0.04 | ) | ||
| Weighted average shares outstanding | 55,351 | 34,600 |
Condensed Consolidated Balance Sheet Information
(amounts in thousands)
| March 31, 2017 | Dec. 31, 2016 | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 167 | $ | 454 | ||||
| Other current assets | 74 | 90 | ||||||
| Total current assets | 241 | 544 | ||||||
| Property, net | 52 | 55 | ||||||
| Other assets | 11 | 11 | ||||||
| Total assets | $ | 304 | $ | 610 | ||||
| Liabilities and stockholders' equity (deficiency) | ||||||||
| Current liabilities | $ | 548 | $ | 370 | ||||
| Stockholders' equity | (244 | ) | 240 | |||||
| Total liabilities and stockholders' equity (deficiency) | $ | 304 | $ | 610 | ||||
| Shares Outstanding | 56,219 | 55,235 |