Geovax Labs Inc (OTCMKTS:GOVX)
Geovax Labs Inc (OTCMKTS:GOVX), headquartered in Smyrna, GA, shares are up over 7% on the back of the biotech’s release of their Q1 2017 financial and program development update. Geovax is a clinical-stage biotechnology firm that develops vaccines and cancer treatments utilizing their proprietary Modified Vaccina Ankara (MVA) Virus-like Particle (VLP) platform technology. Currently Geovax Labs Inc (OTCMKTS:GOVX) has one vaccine in Phase 2 trials, one in Phase 1 trials, and five drug candidates in preclinical trials.
Geovax Labs Inc (OTCMKTS:GOVX) reported a net loss for the three months ended March 31, 2017 of $548,341, or (-$0.01) per GOVX share. This compares favorably to the same period last year when Geovax reported a loss of $1,296,279, or (-$0.04) per GOVX share. Geovax reported revenues, in the form of NIH grants, of $295,735 for the three months ended March 31, 2017. This is a much larger revenue figure than the $47,600 in NIH grant revenues reported for the same period in 2016. Research and development (R&D) expenses were $551,795 for the current reporting period versus $438,004 for the comparable 2016 period. Cash balances were $166,749 at March 31, 2017, as compared to the prior quarter (Q4) in 2016.
In their developmental update, President and CEO of Geovax Labs Inc (OTCMKTS:GOVX), Dr. Robert McNally, announced that the Centers for Disease Control and Prevention had conducted a challenge model for their Zika vaccine and had come away with impressive results. Also announced was the funding by the National Institutes of Allergy and Infectious Disease (NIAID) of their preventative clade B HIV vaccine. Also from NIAID was a $658,000 grant for continued work on a clade C HIV vaccine. Geovax also announced the beginning of a collaboration with American Gene Technologies International on the development of a cure for the HIC infection. Also in the beginning of a collaborative effort is their association with the Australian-based Burnet Institute. Geovax continued their collaboration with ViaMune, Inc. for co-development of our cancer immunotherapy programs. The proof-of-concept preclinical studies are ongoing, with data readouts expected in June or July.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.