GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta-based biotechnology company that creates, develops, and tests innovative HIV/AIDS vaccines, has announced its financial results for the fourth quarter and year ended December 31, 2010.
GeoVax reported a net loss of $478,784 for the fourth quarter ended December 31, 2010, as compared to a net loss of $843,275 for the comparable period in 2009. For the full year of 2010, the company reported a net loss of $2,747,328 as compared to a net loss of $3,284,252 in 2009. Grant revenues were $5,185,257 and $3,668,195 for the years ended December 31, 2010 and 2009, respectively. As of December 31, 2010, the company reported cash balances totaling $1,079,087. Summarized financial information is attached. Further information concerning the company's financial position and results of operations are included in its Annual Report on Form 10-K, expected to be filed with the Securities and Exchange Commission before March 31, 2011. Highlights of the company's scientific and clinical progress during 2010 are as follows:
Early results from the Phase 2a trial for the preventative version of GeoVax's vaccine indicated an excellent safety profile and highly reproducible immunogenicity. This trial was expanded to include testing of an additional, simpler vaccine regimen, and we expect patient enrollment and vaccinations to be completed during 2011.
During 2010, GeoVax began recruiting and screening patients for a Phase 1/2 trial for the therapeutic version of our vaccine. In order to accelerate enrollment in this important study, a second site at the University of Alabama, Birmingham was recently added to complement the enrollment already underway in Atlanta.
We reported preclinical results using GM-CSF (granulocyte/macrophage colony-stimulating factor) as an adjuvant, or immune system booster, with the DNA priming component of our preventative vaccine. Results using GM-CSF showed protection from infection by a genetically distinct simian immunodeficiency virus (SIV - monkey version of the HIV virus) in 70% of the animals tested. We believe this is the highest level for prevention of an immunodeficiency virus infection ever reported in a nonhuman primate model. Based on the results from this study, we now hope that our DNA/MVA vaccine supplemented with GM-CSF could actually prevent, not just control, HIV infections in humans.
Robert T. McNally, Ph.D., president and chief executive officer, commented, "During...