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GeoVax Reports 2021 First Quarter Financial Results and Provides Corporate Update
Additional Capital Raised to Support Acceleration ofCoronavirus and Immuno-Oncology Programs ATLANTA, GA, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire --
About this update from Geovax Labs, Inc.
[{"type":"text","content":"Additional Capital Raised to Support Acceleration ofCoronavirus and Immuno-Oncology Programs ATLANTA, GA, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- GeoVax Labs, Inc. (NasdaqCM: GOVX), a biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers, today announced its financial results for the three months ended March 31, 2021. GeoVax’s management will host a live conference call and webcast at 4:30 p.m. Eastern Standard Time on Thursday, May 6 to discuss financial results and provide a general business update. Details are provided further below. First Quarter 2021 Highlights Capital Resources– On February 11, 2021, GeoVax supplemented its cash resources through a $10.3 million follow-on offering of common stock ($9.4 million net proceeds). During the first quarter, the Company also received $3.2 million from the exercise of outstanding warrants. Cash balances at March 31, 2021 were $20.8 million. COVID-19 Vaccine– In January 2021, the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), awarded GeoVax a Small Business Innovative Research (SBIR) grant in support of our development of a COVID-19 vaccine. The Phase 1 grant, titled, “Preclinical Development of GV-MVA-VLP Vaccines Against COVID-19,” is supporting the ongoing design, construction and preclinical testing of our vaccine candidates in preparation for human clinical trials. GeoVax is focused on a single-dose vaccine against multiple COVID-19 variants that can be distributed with minimal/no refrigeration, as reflected in recent announcements by the NIH and other funding entities. Currently, GeoVax is conducting animal testing of its “universal coronavirus vaccine” candidates, from which the selection of a clinical development vaccine is expected. Intellectual Property– During the first quarter of 2021, GeoVax filed international and U.S. patent applications in its key focus areas of SARS-CoV-2 (COVID-19) and cancer immunotherapy. The cancer immunotherapy filingscover updates to the Company’s MVA viral vector technology to amplify an immune response to a cancer antigen via vaccination, which could strengthen its intellectual property position in this space. During April, GeoVax received a Notice of Allowance from the U.S. Patent and Trademark Office for a compositi...