GeoVax Labs reports net loss of $690,789 for first-quarter 2010

GeoVax Labs, Inc.May 6 2010

GeoVax Labs, Inc. (OTC Bulletin Board: GOVXD), a biotechnology company that creates, develops and tests innovative HIV/AIDS vaccines, today announced its financial results for the three months ended March 31, 2010.

GeoVax reported a net loss of $690,789 for the three months ended March 31, 2010, compared to $861,509 for the same period in 2009. Net losses were partially offset by grant revenues of $1,338,560 and $710,155 for each period, respectively, related to the Company's grant from the National Institutes of Health in support of its HIV/AIDS vaccine development activities. As of March 31, 2010, the Company reported cash balances totaling $2,603,108.

GeoVax President and CEO Robert T. McNally, PhD, said, "Our research is progressing as we anticipated. Our preventative HIV vaccine candidate has completed Phase 1 clinical trials in humans, and is currently in a Phase 2a clinical trial being conducted and funded by the HIV Vaccine Trials Network (HVTN). Patient enrollment is proceeding well, and at the current rate, we expect results of this trial to be ready in 2011.

"The US Food and Drug Administration recently gave us permission to proceed with a Phase 1 clinical trial for our therapeutic HIV vaccine candidate. This trial will focus on recently HIV- infected individuals who started drug treatment during their first year of infection. The clinical trial site is now preparing to initiate the enrollment of volunteers who meet the trial's criteria."

Dr. McNally concluded, "Looking ahead, I foresee great things for GeoVax as an enterprise. Our shareholders have approved a reverse stock split, which became effective on April 27, and as a result our share price is now sufficient to make it possible for us to qualify to list our stock on a major exchange. That will increase our visibility, which can often lead to greater liquidity."

Summarized financial information is attached. Further information concerning the Company's financial position and results of operations are included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.