GeoVax Labs, Inc. (GOVX) has seen an increase of 32.06% in the aftermarket because the company announced the expansion of the Immuno-Oncology Pipeline. However, the last trading session closed at $4.18 with a decline of 3.46%.
Expansion of Immuno-Oncology Pipeline with Acquisition of Clinical-Stage Cancer Program
GOVX announced on 28th September 2021 that PNP Therapeutics, Inc. has granted them exclusive rights to develop and sell Gedeptin. It is a unique patented medicine for the treatment of solid tumors. The license covers all the know-how, regulatory filings, clinical materials, and trademarks of the Gedeptin patent. PNP acquired the patent portfolio for Gedeptin from the University of Alabama at Birmingham (UAB) and the Southern Research Institute (SRI).
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GeoVax will take over PNP’s licensing deal with UAB/SRI and will become the successor of PNP. The transaction’s financial details were not published in detail, although they included a mix of upfront payments, milestone fees, and royalties on net sales.
GOVX announces COVID-19 Vaccine Data
On 7th September 2021, GOVX provided results from current tests of its COVID-19 preventative vaccination. Mark J. Newman gave a virtual presentation titled “Design of a Universal SARS-CoV-2 Vaccine Against Evolving Variants” at the European Society of Medicine. GOVX has created a design strategy for vaccines that will generate wider immunity by including various structural and nonstructural proteins from the target pathogen using its new Modified Virus Ankara. The GV-MVA-VLPTM platform has induced a balanced humoral (antibody) and cellular response to a variety of immunogens, potentially reducing immunological escape from developing variations.
Second Quarter Financial Results 2021
GOVX announced second-quarter 2021 financial results on 11th August 2021. Firstly, GOVX reported a net loss of $1,314,033, compared to a net loss of $455,204. Secondly, the Company’s net loss for the six months was $2,876,811.
Thirdly, grant and cooperation revenues in 2021 were $79,708 and $190,125, respectively, compared to $440,602 and $1,156,579 in 2020. The 2021 timeframe includes funds linked to our NIH funding for the COVID-19 vaccination program. GeoVax had $19.5 million in cash on June 30, 2021, compared to $9.9 million on December 31, 2020. Lastly, net revenues of $9.4 million from the sale of 1,644,000 shares of common stock. The shares of common stock contributed to the rise in cash holdings.