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GeoVax Labs Announces Reverse Stock Split; Applies for Listing on NASDAQ
1:50 Reverse Split to be Effective After Market Close on April 27, 2010
Ticker Symbol to Change from GOVX to GOVXD for 20 Days
ATLANTA, Ga., April 16, 2010 - GeoVax Labs, Inc. (OTC Bulletin Board:GOVX), a
biotechnology company that creates, develops, and tests innovative HIV/AIDS vaccines, today
announced it will implement a 1-for-50 reverse stock split effective following the close of
business on April 27, 2010. After the reverse stock split, the Company will be authorized to
issue up to 40 million shares of stock, of which approximately 15.7 million shares will be
outstanding. For the 20-day period beginning April 28, 2010, GeoVax's ticker symbol will be
"GOVXD" to reflect the post-split price. Following that period, the ticker symbol will revert to
"GOVX."
The Company also announced that it has applied for listing its common stock on NASDQ
Capital Market. The reverse split is intended, among other things, to allow the Company to meet
NASDAQ's minimum stock price requirements. The Company's listing on NASDAQ is subject
to review by NASDAQ and is dependent upon the Company meeting all relevant quantitative
and qualitative listing criteria.
Robert T. McNally, PhD, President and CEO of GeoVax, commented, "I am grateful for the
support of the shareholders in approving our reverse split; 78% of all outstanding shares voted in
favor of the proposal, with 91% of the shares represented at the special shareholder meeting
voting in favor. In addition to helping us meet the requirements for listing on NASDAQ, we
believe the reverse stock split will help us attract new institutional and retail support in the
market."
About GeoVax Labs, Inc.
GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV-1 (Human
Immunodeficiency Virus - AIDS) and other infectious agents. Our goals include developing AIDS
vaccines for global markets, manufacturing and testing these vaccines under GMP/GLP conditions
(FDA guidelines), conducting human trials for vaccine safety and effectiveness, and obtaining
regulatory approvals to move the product forward. All preventative phase 1 human clinical trials
conducted to date tested various combinations and doses of our DNA and MVA AIDS vaccines in
human volunteers for their demonstrated ability to raise anti-HIV immune responses as well as for their
safety. Successful results from all phase 1 testing supported the initiation of the first phase 2 testing.
GeoVax's phase 2 human trial began in January 2009 and will involve 225 participants at sites in the
United States and South America. Long term, we expect that GeoVax will grant manufacturing and
distribution rights in several global markets in return for upfront fees, collaborative development
agreements, and royalties on sales and distribution revenues. Internal vaccine manufacturing and
distribution will also be considered by GeoVax. For more information, please visit www.geovax.com.
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. These statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in
these statements due to a variety of factors, including whether: GeoVax can develop and manufacture these
vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use,
GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary
to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is
development of competitive products that may be more effective or easier to use than GeoVax's products, GeoVax
will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which
GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not
intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and
Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
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Contact
At the Company:
Robert McNally, President & CEO
(678) 384-7220 or rmcnally@geovax.com
At The Investor Relations Group:
Investor Relations
James Carbonara / Jason Strominger
or
Public Relations
Janet Vasquez / Robin O’Malley
(212) 825-3210
"Reproduced with permission - GeoVax Labs, Inc."
GeoVax Labs, Inc.
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