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Atlanta biotech firm GeoVax raises $1 million in stock sale


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.

Robert T. McNally, GeoVax’s president and CEO.Enlarge

Robert T. McNally, GeoVax’s president and CEO. 


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.