Atlanta-based health-care ace Geovax Labs Inc (OTCQB: GOVX) had heads turning on U.S. small cap investment circles Thursday, when it came out with third-quarter numbers, and new product developments.
Geovax reported a net loss of $666,893 (less than $0.01 per share) for the three months ended September 30, 2018, compared to $588,757 ($0.01 per share) for the same period in 2017. For the nine months ended September 30, 2018, the Company’s net loss was $1,925,749 ($0.01 per share) as compared to $1,653,979 ($0.03 per share) in 2017.
Research and development expenses were $557,696 for the three-month period of 2018, as compared to $498,200 for the comparable period of 2017.
Moreover, in September, the U.S. Department of Defense awarded us a $2.4-million grant to support the firm’s Lassa Fever vaccine program, following a Fast-Track Phase I/II SBIR grant award in April from the National Institutes of Health (NIH) with an anticipated total project budget of up to $1.9 million.
In May, GOVX received $300,000 for the second year of the NIH SBIR grant award to advance pre-clinical testing of its Zika vaccine in non-human primates in preparation for human clinical trials.
Shares in Geovax gained 21-100ths of a cent, or 10.6%, to 2.2 cents, late Thursday, on more than 2.2 million shares.