GeoVax Labs, Inc. (OTCQB/OTC Bulletin Board: GOVX), an Atlanta-based, biopharmaceutical firm dedicated to developing vaccines that prevent and fight Human Immunodeficiency Virus (HIV) infections, today announced that it has been awarded a grant of $244,500 related to its HIV/AIDS vaccine development activities under the Qualifying Therapeutic Discovery Project ("QTDP") program. GeoVax received the maximum level allowable under the program based on the high number of applicants.
The QTDP program was created by the U.S. Congress as part of the Patient Protection and Affordable Care Act of 2010. It was intended to provide incentive to smaller companies who are focusing on innovative therapeutic discoveries. QTDP grants or tax credits are awarded to companies with fewer than 250 employees for projects related to the treatment or prevention of diseases through the conduct of pre-clinical or clinical studies
The grant was awarded following GeoVax's submission for consideration of its HIV/AIDS vaccine research and development project to the U.S. Secretary of Health and Human Services. Among the determining factors used by the Secretary in allocating funds were those projects that show potential to produce new therapies, address unmet medical needs, and reduce the long-term growth of healthcare costs. Also taken into consideration were the potential for projects to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in the fields of life, biological and medical sciences.
"We are delighted to be the beneficiary of this grant at the maximum level available," said President and CEO Robert T. McNally, PhD. "This grant was allocated following favorable federal review of our project submission, which we believe reflects the potential of our HIV/AIDS vaccine program. These funds and other grant sources continue to support GeoVax's ongoing clinical programs."
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