SOURCE: GeoVax, Inc.

GeoVax, Inc.

March 24, 2017 14:00 ET

GeoVax Reports 2016 Year-End Financial Results

ATLANTA, GA--(Marketwired - Mar 24, 2017) - GeoVax Labs, Inc. (OTCQB: GOVX), a biotechnology company developing innovative human vaccines using its novel platform technology, today announced its financial results for the year ended December 31, 2016.

GeoVax reported a net loss for the year ended December 31, 2016 of $3.3 million, or $0.08 per share, based on 41.5 million weighted average shares outstanding. For the year ended December 31, 2015, the Company reported a loss of $2.7 million, or $0.08 per share, based on 32.0 million weighted average shares outstanding.

The Company reported revenues of $0.8 million for 2016, related to grants from the NIH, as compared to $0.4 million in 2015. Research and development (R&D) expenses were $2.0 million in 2016, compared with $1.7 million in 2015. General and administrative (G&A) expenses were $2.1 million in 2016, compared to $1.4 million in 2015. Cash balances were $0.5 million at December 31, 2016, compared to $1.1 million at December 31, 2015.

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 filed with the Securities and Exchange Commission.

About GeoVax
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.

FINANCIAL TABLES FOLLOW

   
   
GEOVAX LABS, INC.  
Condensed Consolidated Statements of Operations Information  
(amounts in thousands, except per share data)  
             
    Year Ended  
    December 31,  
    2016     2015  
Grant Revenue   $ 828     $ 428  
                 
Operating expenses:                
  Research and development     1,971       1,693  
  General and administrative     2,131       1,429  
        4,102       3,122  
  Loss from operations     (3,274 )     (2,694 )
  Interest income     2       5  
                 
Net loss   $ (3,272 )   $ (2,689 )
                 
Net loss per common share   $ (0.08 )   $ (0.08 )
                 
Weighted average shares outstanding     41,517       31,951  
                 
   


Condensed Consolidated Balance Sheet Information
 
(amounts in thousands)  
    December 31,  
    2016     2015  
Assets:                
  Cash and cash equivalents   $ 454     $ 1,060  
  Other current assets     90       177  
  Total current assets     544       1,237  
                   
  Property, net     55       84  
  Other assets     11       11  
  Total assets   $ 610     $ 1,332  
                 
Liabilities and stockholders' equity                
  Current liabilities   $ 370     $ 127  
  Stockholders' equity     240       1,205  
  Total liabilities and stockholders' equity   $ 610     $ 1,332  
                   
  Shares Outstanding     55,235       31,951  

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