Prophylactic potential
Geovax (OTC:GOVX) continues to work with the HIV Vaccine Trials Network (HVTN) to progress development of its lead GOVX-B11 prophylactic HIV vaccine. To date HVTN has conducted both Phase I and most recently Phase IIa development at an estimated cost of $10m, supported by US NIH funding. A planning meeting with HVTN recently took place and continued collaboration, in the absence of alternative funding, will be key to securing the future development of GOVX-B11.
Working together with HVTN and US NIH
GOVX-B11 clinical development has to date been conducted by HVTN and funded by the US NIH. This has allowed GOVX-B11 to progress through to completion of Phase IIa development. GeoVax continues to work with HVTN to plan the next efficacy trial. This could be to investigate protective efficacy in at-risk subjects, which could start in 2015 subject to US NIH funding. Most recently, GeoVax’s vaccine was discussed as part of the HVTN full group meeting, 3-5 June. This was a closed meeting, but any update(s) on advancing further development could be a share price catalyst.
Data support continued development
GOVX-B11 is one of the most advanced prophylactic HIV vaccines in development. It consists of a DNA primer vaccine and an MVA booster vaccine to elicit a durable immune response. It has been safely administered in more than 500 individuals. In the Phase IIa trial in 299 healthy individuals there was a 66% CD4 helper and 22% CD8 killer cell response, with antibodies against Env (which is correlated with protection) elicited in 93.2% of patients vaccinated with GOVX-B11. Six months after final vaccination there was a good durability of antibody response, with
Valuation: Undemanding EV of around $5m
GeoVax is also developing GOVX-B21 as a therapeutic vaccine and a follow-on Phase I trial is being planned. Together with its Phase II GOVX-B11 prophylactic vaccine the current EV of just c $5m based on end-March net cash of $2.0m seems undemanding. However, HIV vaccine development is a challenging and costly arena with many high-profile failures. Updates on the HVTN process and securing US NIH support for development of GOVX-B11 and clarity on GOVX-B21 funding could both lead to a valuation uplift.
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