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Atlanta biotech firm GeoVax raises $1 million in stock sale

Thursday, May 11, 2017   (0 Comments)
Posted by: Kristen Pappaterra
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Atlanta biotech firm GeoVax Labs Inc. (OTCQB: GOVX) reported Tuesday it has raised $1 million by selling shares to an unidentified investor in a private placement transaction.

In the stock sale, GeoVax sold 1,000 shares of its Series D Convertible Preferred Stock which is initially convertible into 66,666,667 shares of its common stock.

The news came a day after GeoVax said it has made progress in each of its vaccine development programs.

GeoVax said May 8 it has obtained "very impressive preclinical results (100% protection) for our Zika vaccine from a highly rigorous lethal challenge model conducted by the Centers for Disease Control and Prevention (CDC)."

GeoVax also said it's initiated a new clinical trial for its preventive HIV vaccine for the developed world. The company was recently awarded a $658,000 grant from the National Institute of Allergy and Infectious Diseases to continue its work toward another HIV vaccine for the developing world.

GeoVax also recently initiated a new program to develop a malaria vaccine through a collaboration with The Burnet Institute in Australia.

GeoVax has also been working on vaccines for Ebola.

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