GeoVax Labs, a biotechnology company developing vaccines to combat AIDS, has closed on $7.5 million in new funding through a stock placement.
PURE Capital LLC is buying the stock in two closings, one on Aug. 6 and the other on Nov. 5.
GeoVax (OTC: GOVC) said the deal also allows PURE to purchase additional shares in the future.
The funds will be used for Phase II clinical trials, GeoVax said. The company announced new trials in July.
“We are exceptionally pleased with the positive response to our progress at GeoVax as reflected by this financing,” said GeoVax Chief Executive Officer Don Hildebrand. “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 II human clinical trials (AIDS prevention), involving substantially more human participants, and the potential commencement of our therapeutic (AIDS treatment) clinical trials currently under consideration,” he added.