Atlanta, Ga.– GeoVax Labs, Inc. (OTC:BB GOVX), an Atlanta-based biotechnology company developing human AIDS vaccines, today announced that it has entered into a definitive agreement with PURE Capital LLC, a newly formed investment subsidiary of an established private investment firm, for the sale of $7.5 million of GeoVax common stock.
Under the terms of the financing, the investment will be made in two closings to occur on August 6 and on November 5. The investor will also receive warrants to purchase additional shares of GeoVax common stock.
Don Hildebrand, GeoVax CEO, President and CEO, stated, “We are exceptionally pleased with the positive response to our progress at GeoVax as reflected by this financing. This major investment by an institutional investor greatly enhances our AIDS vaccine development and human trials program. The $7.5 million funding allows us to push forward into larger scale Phase 2 human clinical trials (AIDS prevention), involving substantially more human participants, and the potential commencement of our therapeutic (AIDS treatment) clinical trials currently under consideration.”
http://www.geovax.com/newsroom/press_release_funding_jul07.pdf