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<SEC-DOCUMENT>0001362310-09-003765.txt : 20090313
<SEC-HEADER>0001362310-09-003765.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313093255
ACCESSION NUMBER:		0001362310-09-003765
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090312
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090313
DATE AS OF CHANGE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Geovax Labs, Inc.
		CENTRAL INDEX KEY:			0000832489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				870455038
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52091
		FILM NUMBER:		09677659

	BUSINESS ADDRESS:	
		STREET 1:		1256 BRIARCLIFF ROAD N.E.
		STREET 2:		EMTECH BIO SUITE 500
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30306
		BUSINESS PHONE:		404 727-0971

	MAIL ADDRESS:	
		STREET 1:		1256 BRIARCLIFF ROAD N.E.
		STREET 2:		EMTECH BIO SUITE 500
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DAUPHIN TECHNOLOGY INC
		DATE OF NAME CHANGE:	19940826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUCCESSO INC
		DATE OF NAME CHANGE:	19910410
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c82583e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported):</B> March 12, 2009</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt">GEOVAX LABS, INC.
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">Delaware
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">000-52091
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">87-0455038</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="top">1256 Briarcliff Road N.E.<BR> Emtech Bio Suite 500<BR>
Atlanta, Georgia
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">&nbsp;<BR><BR>
30306</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (404) 727-0971</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Form 8-K and other reports filed by GeoVax Labs, Inc. (the &#147;registrant&#148;) from time to
time with the Securities and Exchange Commission (collectively the &#147;Filings&#148;) contain forward
looking statements and information that are based upon beliefs of, and information currently
available to, the registrant&#146;s management as well as estimates and assumptions made by the
registrant&#146;s management. When used in the Filings the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;,
&#147;expect&#148;, &#147;future&#148;, &#147;intend&#148;, &#147;plan&#148; or the negative if these terms and similar expressions as they
relate to the registrant or the registrant&#146;s management identify forward looking statements. Such
statements reflect the current view of the registrant with respect to future events and are subject
to risks, uncertainties, assumptions and other factors relating to the registrant&#146;s industry,
operations and results of operations and any businesses that may be acquired by the registrant.
Should one or more of these risks or uncertainties materialize, or should the underlying
assumptions prove incorrect, actual results may differ significantly from those anticipated,
believed, estimated, expected, intended or planned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2.02 Results of Operations and Financial Condition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;12, 2009 we issued a press release reporting our results of operations for the year
ended December&nbsp;31, 2008. A copy of the press release is attached to this Current Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Exhibit&nbsp;99.1 Press Release
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: March&nbsp;13, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GEOVAX LABS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark W. Reynolds
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark W. Reynolds&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2 of 2<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c82583exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><IMG src="c82583c8258300.gif" alt="(GEOVAX LOGO)">
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 65%">Contact:<BR>
Financial Relations Board<BR>
Leslie Loyet<BR>
312.640.6672or <U>lloyet@mww.com</U><BR>
At The Company<BR>
Bob McNally<BR>
404.727.0971 or <U>bmcnally@geovax.com</U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc. Reports Fourth Quarter<BR>
and Year-End 2008 Financial Results</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ATLANTA, GA, March&nbsp;12, 2009 &#151; </B>GeoVax Labs, Inc. (OTC BB: GOVX), an Atlanta-based biotechnology
company focused on development of an HIV/AIDS vaccine, today announced its financial results for
the fourth quarter and year ended December&nbsp;31, 2008, and provided a summary of recent operational
highlights for calendar year 2009 to date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GeoVax reported a net loss of $1,039,217 for the fourth quarter ended December&nbsp;31, 2008, as
compared to a net loss of $1,155,870 for the comparable period in 2007. For the full year of 2008,
the Company reported a net loss of $3,728,187 as compared to a net loss of $4,241,796 in 2007.
GeoVax&#146;s operating results fluctuate due to the timing of activities and related costs associated
with its vaccine research and development activities. Summarized financial information is
presented below. GeoVax&#146;s full set of audited financial statements are included in its Annual
Report on Form 10-K filed with the Securities and Exchange Commission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Robert T. McNally, Ph.D., GeoVax&#146;s president and chief executive officer, stated, &#147;For a company of
GeoVax&#146;s size and stage of clinical development, our financial position is on target. Our
operational expenses are reduced by the National Institutes of Health&#146;s (NIH)&nbsp;support of our
ongoing Phase 2a preventative clinical trial being conducted by the HIV Vaccine Trials Network
(HVTN), and are further offset by the direct grant from the NIH to GeoVax, covering research and
development for future vaccine improvements. Our financial security is enhanced by the common
stock purchase agreement with Fusion Capital Fund II, LLC. These funds are providing the Company
with resources to conduct its own clinical trial in HIV infected, drug controlled subjects.
Planning for this therapeutic trial is underway with a projected start for later this year.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Recent Operational Highlights for Year 2009 &#151; to date</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2009, GeoVax announced the first injections in its Phase 2a Human Clinical
Vaccine Trial for its candidate HIV/AIDS vaccine. The trial, designated HVTN 205, is being
conducted by the HVTN (already provided definition above). The HVTN, funded and supported by
the National Institutes of Allergy and Infectious Diseases (NIAID), is the largest worldwide
clinical trials network dedicated to the development and testing of HIV/AIDS vaccines. The
HVTN has sponsored over 80 Phase 1 trials for the initial evaluation of safety and
immunogenicity of candidate HIV/AIDS vaccines. Of these, only five have progressed to Phase 2
trials since 1992. Progressing to Phase 2 was a significant achievement for GeoVax.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">First injections for the Phase 2a trial were conducted at the HVTN network sites at the
University of Alabama, Birmingham, and Vanderbilt University, Nashville. The trial will include
a total of 225 volunteers (150 vaccine recipients and 75 placebo recipients) and take place at
13 HVTN sites: 11 in North America and 2 in South America. Sites in the United States include
Emory University, Atlanta; Harvard Medical School, Brigham &#038; Women&#146;s Hospital and Harvard-Fenway
Hospital in Boston; Vanderbilt University, Nashville; University of Rochester; Fred Hutchinson
Cancer Research Center,
Seattle; the San Francisco Department of Public Health; University of Alabama, Birmingham, and
sites at Columbia University, Union Square, and the Bronx in New York City. In South America,
participants are to be enrolled in Peru at sites in Iquitos and Miraflores (Lima).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MORE</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc.<BR>
Add 1</B>

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2009, GeoVax presented a corporate update at the Eleventh Annual BIO CEO &#038;
Investor Conference 2009, held in New York City. Dr.&nbsp;McNally presented a corporate overview of
GeoVax and its DNA/MVA vaccine technology, showcasing the scientific rationale and encouraging
data from the Company&#146;s completed studies and trials. GeoVax&#146;s presentation was offered via a
live webcast. A replay of the webcast is available on the Company&#146;s website until April&nbsp;10.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Operational Highlights for Calendar Year 2008</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Clinical Progress</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In October&nbsp;2008, GeoVax presented data on its Phase 1 AIDS vaccine trial (HVTN 065) at the
<I>AIDS Vaccine 2008 </I>conference, in Cape Town, South Africa. The presentation, entitled &#147;<I>Two HIV
DNA Primes Maximize T Cell Responses Induced by the GeoVax DNA/MVA Vaccine Regimen
Administered to Healthy Seronegative Adults (HVTN 065)</I>,&#148; was given by Dr.&nbsp;Paul A. Goepfert,
M.D., Associate Professor, Division of Infectious Diseases, Department of Medicine, University
of Alabama. Dr.&nbsp;Goepfert is the HVTN 065 Protocol Team chair. The trial results reveal the
GeoVax DNA and MVA vaccines are safe and immunogenic (stimulate anti-HIV/AIDS immune
responses) at both low (1/10th) dose and full doses. Other highlights of the presentation
included:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">GeoVax vaccines were well tolerated with no or mild local and systemic reactions in the
majority of trial participants.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Eighty percent of both the low and full dose trial participants responded to the
vaccine which stimulated anti-HIV T-cell (white blood cell) and antibody responses.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">More volunteers had antibody responses to the full dose than to the 1/10th dose
vaccine, whereas response rates for T cells were similar for the 1/10th and full dose.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Two DNA primes were more effective than one DNA prime or no DNA primes at eliciting T
cell responses.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The second MVA vaccination positively increased CD8 T cell and antibody responses.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Dr.&nbsp;Harriet Robinson, the developer of the vaccine and GeoVax&#146;s Vice President of Research and
Development, also presented these same results at the <I>Viral Vector Vaccines 2008 </I>meeting, at the
Wellcome Trust Conference Center near Cambridge, U.K., on September&nbsp;28, 2008.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Phase 2a Preventive Human Trial &#151; As mentioned above, GeoVax&#146;s Phase 2a trial began patient
enrollment in February&nbsp;2009. The Phase 2a human trial will broaden the base of safety and
immunogenicity data for the full dose of the GeoVax AIDS vaccine with a view to protecting
recipients from developing AIDS should they be exposed to the virus. In October&nbsp;2008, GeoVax
shipped both components (DNA and MVA) of its AIDS vaccine to the HVTN pharmacy, and sites were
initiated in December. A tremendous amount of work conducted by both GeoVax and HVTN during
2008 led to the initiation of this trial.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Planning for Therapeutic Human Trials &#151; GeoVax reported summary data from a pilot study on
therapeutic vaccination in simian immunodeficiency virus (SIV)&nbsp;infected non-human primates
with the SIV prototype of GeoVax&#146;s AIDS vaccine. In this small pilot study, conducted by Dr.
Rama Amara at Emory University, two non-human primates were infected with SIV. Data from the
study revealed outstanding results with the vaccine controlling the infection with from 100 to
1000 times reduction in viral levels. The excellent control of the virus infection in the
absence of drug treatment was associated with the vaccine raising the types of CD4 and CD8 T
cells that are found in the rare individuals who spontaneously control their HIV infections.
Based on these excellent results, planning for a therapeutic trial in infected and
drug-treated humans has been initiated. The intent of therapeutic vaccination will be
to &#147;control&#148; HIV virus levels in infected individuals to very low levels thus blocking the
development of AIDS. The Company expects to initiate human clinical studies for a therapeutic
vaccine during the second half of 2009.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MORE</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc.<BR>
Add 2</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Manufacturing Progress</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In July&nbsp;2008, GeoVax and Vivalis S.A., a French biopharmaceutical company, signed a letter
of intent for joint collaboration and commercial license on the use of Vivalis&#146; EBx<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
</SUP>technology, to manufacture the MVA component of the GeoVax HIV-1 vaccine. The
breakthrough manufacturing technology developed by Vivalis, through further development
collaboration with GeoVax, will create a new standard for manufacture of the MVA component of
GeoVax&#146;s HIV/AIDS vaccine. Vivalis&#146; EBx<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>manufacturing platform, with its increased
effectiveness, superior quality and reliability, will speed time to market MVA vaccine product
availability in ample quantities to meet sizeable demand and expectedly at a lesser cost.
Vivalis&#146; vaccine manufacturing technology is based on a duck embryonic stem cell substrate
platform, providing continuous growth from a fully characterized frozen cell bank without
necessitating fertilized embryo extraction and processing, as with present chicken cell based
technologies. Furthermore, the EB66<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>cell line can be grown in suspension (without
the cells attached to the surface of the growth vessel) and can be scaled up for growth in
giant bioreactors (a cutting edge industrial method) for large scale production of the MVA
viral vaccine.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2008, GeoVax engaged the services of VGX International, Inc. (VGXI), whereby
VGXI will manufacture plasmid (DNA)&nbsp;for use in GeoVax&#146;s future preventative and therapeutic
clinical human trials.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Strengthened Management Team</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2008, GeoVax announced the addition of company co-founder Dr.&nbsp;Harriet Robinson
to its staff as Vice President of Research &#038; Development, and in June&nbsp;2008 Dr.&nbsp;Robinson joined
the Company&#146;s Board of Directors. Dr.&nbsp;Robinson is known worldwide for her outstanding work on
retrovirus biology and a pioneer of DNA vaccines with special emphasis on HIV/AIDS. Dr.
Robinson has published extensively on HIV/AIDS vaccine research, with more than 150 referred
scientific journal publications, 50 monograph reviews and six book chapters authored. She has
consulted for the U.S. National Institutes of Health, the U.S. Food and Drug Administration,
the Bill and Melinda Gates Foundation and the World Health Organization. She served as Chief
of Microbiology and Immunology at Emory University&#146;s Yerkes National Primate Research Center
and was an Asa Griggs Candler Professor of Microbiology and Immunology at the Emory University
School of Medicine. Dr.&nbsp;Robinson is the inventor of GeoVax&#146;s HIV-1 AIDS vaccine technology and
co-founder of the Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In April&nbsp;2008, GeoVax named Dr.&nbsp;Robert McNally as its President and CEO. Former
President/CEO and Company co-founder Don Hildebrand remained as Chairman of the Board of
Directors and continues to be involved in company development, growth and expansion plans in
the AIDS vaccine arena. Dr.&nbsp;McNally has been a member of the GeoVax Board of Directors since
2006 and was previously a co-founder and CEO of Cell Dynamics, LLC, and Cell Design, LLC,
companies specializing in GMP processing of human cells for pharmaceutical and therapeutic
applications. Dr.&nbsp;McNally was also co-founder and Sr. Vice President of Clinical Research for
CryoLife, Inc., a pioneering company in transplantable human tissues. He has had previous
experience as European Regional Manager for Intermedics International, Inc., and European
Marketing Manager for Pacesetter Systems-Europe, Ltd., in the U.K. Dr.&nbsp;McNally serves as a
member of the advisory boards of the Parker H. Petit Institute for Bioengineering and
Bioscience and DuPree College of Management at the Georgia Institute of Technology. He is an
elected fellow of the American Institute for Medical and Biological Engineering, and is a past
Chairman for the Georgia Biomedical Partnership, a trade association, and is recipient of the
2004 Biomedical Industry Growth Award for the State of Georgia. Dr.&nbsp;McNally has a Ph.D. and
MSE in Bioengineering from University of Pennsylvania and an electrical engineering degree
(B.E.E.) from
Villanova University.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MORE</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc.<BR>
Add 3</B>

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In August&nbsp;2008, GeoVax announced the appointment of Mr.&nbsp;Peter Tsolinas to its Board of
Directors. Mr.&nbsp;Tsolinas also was subsequently appointed to membership on GeoVax&#146;s Audit
Committee and Compensation Committee. Mr.&nbsp;Tsolinas currently serves as Chairman and CEO of TMA
Group Development Corp., a Chicago-based real estate, architectural and development firm.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Financing Events</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In January&nbsp;2008, GeoVax was recognized by Georgia Bio, the state trade organization, as a
2007 &#147;Deal of the Year&#148; award winner for receipt of the $15&nbsp;million IPCAVD grant from the
National Institutes of Health (NIH). The award was presented at Georgia Bio&#146;s annual awards
dinner on January&nbsp;24, 2008. This grant is believed to be one of the largest grants of its kind
to be awarded in the last fiscal year. In September, GeoVax announced receipt of an estimated
$15&nbsp;million Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD)&nbsp;Grant to support
its HIV/AIDS vaccine program. This large grant was awarded by the National Institute of
Allergy &#038; Infectious Disease (NIAID), a division of the NIH. The grant funding period is over
a five year period which commenced in October&nbsp;2007. Only meritorious HIV/AIDS prevention
vaccine candidates are considered to receive an IPCAVD award. Candidate companies are highly
scrutinized and must supply substantial positive AIDS vaccine data to support their
application. IPCAVD grants are awarded on a competitive basis and are designed to support
later stage vaccine research, development and human trials. GeoVax is utilizing this funding
to further its HIV/AIDS vaccine development, optimization and production.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During April and May&nbsp;2008, the Company raised $1,365,000 in capital through a private
placement of its common stock and warrants sold to individual accredited investors.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In May&nbsp;2008, the Company entered into a $10&nbsp;million common stock purchase agreement with
Fusion Capital Fund II, LLC, a Chicago-based institutional investor. Under the agreement, the
Company may sell, from time to time, up to $10&nbsp;million of its common stock to Fusion over a
25-month period, following approval of the Company&#146;s registration statement by the Securities
and Exchange Commission (declared effective on July&nbsp;1, 2008). The Company has the right to
sell shares of its common stock to Fusion, from time to time, in amounts ranging from $80,000
to $1&nbsp;million, depending on certain conditions, up to $10&nbsp;million in the aggregate. The
purchase price of the shares is based on the prevailing market prices of the Company&#146;s shares
at the time of sales without any fixed discount, and the Company will control the timing and
amount of any sales of shares to Fusion. During 2008, the Company raised $500,000 through the
Fusion facility, with $9.5&nbsp;million remaining available at December&nbsp;31, 2008.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>About GeoVax Labs, Inc.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GeoVax Labs, Inc. is a biotechnology company focused on developing human vaccines for diseases
caused by HIV-1 (Human Immunodeficiency Virus) and other infectious agents. GeoVax&#146;s AIDS vaccine
technology is the subject of 20 issued or filed patent applications. GeoVax AIDS vaccines are
designed for use in uninfected people to prevent Acquired Immunodeficiency Disease (AIDS), caused
by the virus known as HIV-1, should the person ever become infected. GeoVax AIDS vaccines also may
be effective as therapeutics, treatment of people already infected with AIDS virus.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GeoVax&#146;s core AIDS vaccine technologies were developed by Dr.&nbsp;Harriet Robinson, Senior V.P. of
Research and Development, through a collaboration of colleagues at Emory University&#146;s Vaccine
Center, the National Institutes of Health (NIH), The Centers for Disease Control and Prevention
(CDC)&nbsp;and GeoVax.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MORE</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc.<BR>
Add 4</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GeoVax AIDS vaccines have moved forward in human clinical trials conducted by the HIV Vaccine
Trials Network (HVTN)&nbsp;based in Seattle, Washington. The HVTN, funded through a cooperative
agreement with
the National Institutes of Health (NIH), is the largest worldwide clinical trials program dedicated
to the development and testing of AIDS vaccines. Preclinical work enabling evaluation of GeoVax DNA
and MVA vaccines was funded and supported by NIAID, which provided additional support to GeoVax
AIDS vaccine development program with a $15&nbsp;million IPCAVD grant awarded in late 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Safe Harbor Statement</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>All statements in this news release, not statements of historical fact, are forward-looking
statements. These statements are based on expectations and assumptions on the date of this press
release and are subject to numerous risks and uncertainties which could cause actual results to
differ materially from those described in the forward-looking statements. Risks and uncertainties
include, but are not limited to, whether: GeoVax can develop and manufacture these vaccines with
the desired characteristics in a timely manner, GeoVax&#146;s vaccines will be safe for human use,
GeoVax&#146;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&#146;s products, 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. Certain
matters discussed in this news release are forward-looking statements involving certain risks and
uncertainties including, without limitation, risks detailed in the Company&#146;s Securities and
Exchange Commission filings and reports.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FINANCIAL TABLES FOLLOW</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MORE</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GeoVax Labs, Inc.<BR>
Add 5</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GEOVAX LABS, INC.<BR>
Statements of Operations Data</B><BR>
<I>(amounts in thousands, except per share data)</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three Months Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Year Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grant Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,801</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,304</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,156</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,728</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,242</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted averages shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714,102</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Balance Sheet Data</B><BR>
<I>(amounts in thousands)</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deficit accumulated during the development stage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,525</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,648</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* * * * * * * * * * * * * * *
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>###</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
