GeoVax Secures $5 Million in Registered Direct Offering to Advance Biotechnology Initiatives

GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company, has announced a significant financial move to support its ongoing research and development efforts. The company has entered into a definitive securities purchase agreement with an institutional investor, aiming to raise approximately $5 million in gross proceeds through a registered direct offering priced at-the-market under Nasdaq rules.

The agreement involves the sale of 975,610 shares of GeoVax's common stock (or common stock equivalents) at a price of $5.125 per share. Additionally, in a concurrent private placement, the company will issue warrants to the investor for the purchase of up to 975,610 shares of common stock. These warrants come with an exercise price of $5.00 per share, will be immediately exercisable upon issuance, and will have a five-year term.

Roth Capital Partners is serving as the exclusive placement agent for this offering, which is expected to close around August 30, 2024, subject to customary closing conditions. GeoVax plans to utilize the net proceeds from this offering for working capital and general corporate purposes, potentially accelerating its clinical programs and research initiatives.

This financial infusion comes at a crucial time for GeoVax, as the company is actively advancing several clinical programs. Most notably, GeoVax's lead clinical program, GEO-CM04S1, a next-generation COVID-19 vaccine, has recently been awarded a BARDA-funded contract for a 10,000-participant Phase 2b clinical trial. This trial aims to evaluate the efficacy of GEO-CM04S1 against an approved COVID-19 vaccine, potentially positioning GeoVax as a key player in the ongoing fight against the pandemic.

Furthermore, GEO-CM04S1 is currently undergoing three separate Phase 2 clinical trials, exploring its potential as a primary vaccine for immunocompromised patients, a booster vaccine for patients with chronic lymphocytic leukemia (CLL), and a more robust, durable COVID-19 booster for healthy individuals who previously received mRNA vaccines.

In the oncology field, GeoVax is making strides with Gedeptin®, a novel oncolytic solid tumor gene-directed therapy currently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. This diversified clinical pipeline underscores the company's commitment to addressing critical unmet medical needs across multiple therapeutic areas.

The offering is being conducted pursuant to a shelf registration statement on Form S-3 (File No. 333-277585) previously filed with and declared effective by the Securities and Exchange Commission (SEC). Interested investors can access electronic copies of the final prospectus supplement and accompanying prospectus, when available, on the SEC's website at http://www.sec.gov.

As GeoVax continues to advance its clinical programs and expand its research initiatives, this financial boost could prove instrumental in accelerating the development of innovative immunotherapies and vaccines. The company's focus on both infectious diseases and oncology positions it at the forefront of addressing some of the most pressing medical challenges of our time.

Investors and industry observers will be watching closely to see how GeoVax leverages this new capital to drive progress in its clinical trials and potentially bring groundbreaking therapies to market. With a strong intellectual property portfolio and a leadership team experienced in creating value in the life sciences sector, GeoVax appears well-positioned to capitalize on this financial opportunity and potentially make significant contributions to public health and patient care.