Full Press Release Details
Tim Grace, Investor Contact
Melanie Nimrodi, Media Contact
Donald Hildebrand / Jennifer Nelms
GeoVax Labs, Inc. Reports Fourth Quarter
and Year-End 2007 Financial Results
ATLANTA, Ga., March 14, 2008 GeoVax Labs, Inc. (OTC BB: GOVX), an Atlanta-based
biotechnology company focused on development of an HIV/AIDS vaccine, today announced its financial
results for the fourth quarter and year ended December 31, 2007.
GeoVax recorded a net loss of $1,155,870 for the fourth quarter ended December 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 as compared to $584,166 in 2006. GeoVax s operating results
fluctuate due to the timing of activities and related costs associated with its vaccine research
and development activities. The overall increase in the Company s net loss from 2006 to 2007 is
primarily attributable to:
Summarized financial information is shown below. GeoVax s full set of audited financial statements
are included in its Form 10-K filing with the Securities and Exchange Commission.
2007 and Early 2008 Highlights:
About GeoVax Labs, Inc.
GeoVax Inc. is an Atlanta, Georgia USA biotechnology company, established to develop, manufacture,
license and commercialize human vaccines for diseases caused by HIV-1 (Human Immunodeficiency
Virus) and other infectious agents. GeoVax s vaccine technology is protected by 20 issued and
filed patent applications.
For more information, contact the Company at (404) 727-0971 or visit www.geovax.com.
Safe Harbor Statement: All statements in this news release, not statements of historical fact, are
forward-looking statements. These statements are based on expectations and assumptions as of the
date of this press release and are subject to numerous risks and uncertainties which could cause
actual results to differ materially from those described in the forward-looking statements. Risks
and uncertainties include, but are not limited to, whether; GeoVax can develop and manufacture
these vaccines with the desired characteristics in a timely manner, GeoVax s vaccines will be
determined to be safe for use in humans, GeoVax s vaccines will be effective in preventing AIDS in
humans, the vaccines will receive the regulatory approvals necessary to be licensed and marketed,
GeoVax can raise the required capital to complete development of its vaccines, there is development
of competitive products that may be more effective or easier to use than GeoVax s products, 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. Certain matters discussed in this news
release are forward looking statements involving certain risks and uncertainties including, without limitations, risks detailed in the
Companies Securities and Exchange Commission filings and reports.
Statements of Operations Data
(amounts in thousands, except per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| Grant Revenue | $ | 237 | $ | 374 | $ | 237 | $ | 853 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 484 | 156 | 1,757 | 666 | ||||||||||||
| General and administrative | 919 | 405 | 2,784 | 843 | ||||||||||||
| 1,403 | 561 | 4,541 | 1,509 | |||||||||||||
| Loss from operations | (1,166 | ) | (187 | ) | (4,304 | ) | (656 | ) | ||||||||
| Interest income | 10 | 30 | 62 | 72 | ||||||||||||
| Net loss | $ | (1,156 | ) | $ | (157 | ) | $ | (4,242 | ) | $ | (584 | ) | ||||
| Net loss per common share | $ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | |||||
| Weighted averages shares outstanding | 717,925 | 709,354 | 714,102 | 414,919 |
(amounts in thousands)
| December 31, | ||||||||
| 2007 | 2006 | |||||||
| Cash and cash equivalents | $ | 1,990 | $ | 2,088 | ||||
| Working capital | 1,392 | 1,933 | ||||||
| Total assets | 2,349 | 2,396 | ||||||
| Deficit accumulated during the development stage | (10,525 | ) | (6,284 | ) | ||||
| Total stockholders equity | 1,750 | 2,203 |
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