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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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    <B><FONT style="font-size: 8pt">As filed with the Securities and
    Exchange Commission on March&#160;31, 2010</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt"><!-- /XBRL,dc -->Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT></FONT></B>
</DIV>

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    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 21pt">GEOVAX LABS, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Delaware</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>2834</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>87-0455038</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 7pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 7pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 7pt">(I.R.S. Employer<BR>
    Identification Number) </FONT></I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">1900 Lake Park Dr.,
    Suite&#160;380, Smyrna Georgia 30080,
    <FONT style="white-space: nowrap">(678)&#160;384-7220</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Robert T.
    McNally,&#160;Ph.D.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">President&#160;&#038; Chief
    Executive Officer</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">GeoVax Labs, Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">1900 Lake Park Dr.,
    Suite&#160;380</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Smyrna Georgia 30080</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Telephone:
    <FONT style="white-space: nowrap">(678)&#160;384-7220</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Facsimile:
    <FONT style="white-space: nowrap">(678)&#160;384-7281</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 7pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service) </FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>From time to time after the effective
    date of this registration statement.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><U><FONT style="font-size: 8pt">With Copies
    To</FONT></U><FONT style="font-size: 8pt">:</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">T. Clark Fitzgerald
    III,&#160;Esq.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Womble Carlyle
    Sandridge&#160;&#038; Rice, PLLC</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">271
    17<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Street, NW, Suite&#160;2400</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Atlanta, Georgia 30363</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Telephone:
    <FONT style="white-space: nowrap">(404)&#160;879-2455</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Facsimile:
    <FONT style="white-space: nowrap">(404)&#160;870-4869</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
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<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Large accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;&#160;&#160;Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Non-accelerated</FONT>
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" align="center" valign="top">
    (Do not check if a smaller reporting
    company)&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="66%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of <BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee(1)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Units, each unit consisting of one share of common stock,
    $0.001&#160;par value, and warrants to purchase 0.20 shares of
    common stock
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $40,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $2,852
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common stock included in the units(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Warrants included in the units
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;(4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common stock issuable upon exercise of the warrants included in
    the units(3)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;(4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Warrants issued to placement agent
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;(4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Common stock issuable upon exercise of placement agent warrants
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $&#151;(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $40,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $2,852
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Calculated pursuant to
    Rule&#160;457(o) on the basis of the maximum aggregate offering
    price of all of the securities to be registered.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes shares to be sold by the
    selling shareholders as defined in the accompanying prospectus
    as part of units sold.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Pursuant to Rule&#160;416 under the
    Securities Act of 1933, this registration statement shall be
    deemed to cover the additional securities (i)&#160;to be offered
    or issued in connection with any provision of any securities
    purported to be registered hereby to be offered pursuant to
    terms which provide for a change in the amount of securities
    being offered or issued to prevent dilution resulting from stock
    splits, stock dividends, or similar transactions and
    (ii)&#160;of the same class as the securities covered by this
    registration statement issued or issuable prior to completion of
    the distribution of the securities covered by this registration
    statement as a result of a split of, or a stock dividend on, the
    registered securities.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Registration fee calculated
    pursuant to Rule&#160;457(g) under the Securities Act of 1933.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act or until the Registration Statement shall
    become effective on such date as the Securities and Exchange
    Commission, acting pursuant to Section&#160;8(a), may
    determine.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Unless otherwise indicated and except for the financial
    statements, all share amounts and prices in this registration
    statement assume the consummation of a reverse stock split of
    our common stock at a ratio of
    <FONT style="white-space: nowrap">1-for-50</FONT> to
    be effected at least one week prior to the effectiveness of the
    registration statement, with the exact timing of the reverse
    stock split, to be determined by the Board of Directors. The
    Board of Directors may choose a different ratio and expects to
    be authorized to select a ratio of
    <FONT style="white-space: nowrap">1-for-20,</FONT>
    <FONT style="white-space: nowrap">1-for-30,</FONT>
    <FONT style="white-space: nowrap">1-for-40,</FONT> or
    <FONT style="white-space: nowrap">1-for-50.</FONT></I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">PRELIMINARY PROSPECTUS, SUBJECT
    TO COMPLETION DATED MARCH&#160;31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g22735g2273501.gif" alt="(GEOVAX LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 22pt">GEOVAX LABS, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UP
    TO&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;UNITS,
    EACH CONSISTING OF ONE SHARE OF COMMON STOCK</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">AND A WARRANT TO PURCHASE 0.20
    SHARES OF COMMON STOCK</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is a best efforts offering of up
    to&#160;&#160;&#160;&#160;&#160; units at a price of
    $&#160;&#160;&#160;&#160;&#160; per unit. Each unit consists of
    one share of GeoVax Labs, Inc. common stock ($0.001&#160;par
    value) and a five-year callable warrant to purchase up to 0.20
    additional shares at an exercise price of
    $&#160;&#160;&#160;&#160;&#160; per share, or 20% above the
    offering price of the units. The units will separate immediately
    upon issuance and trade separately. We are
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    and the selling stockholders are
    offering&#160;&#160;&#160;&#160;&#160;&#160;shares as part of
    the units offered. We will not receive any proceeds from sales
    of units by the selling stockholders.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is quoted on the OTC Bulletin&#160;Board under
    the symbol &#147;GOVX.OB.&#148; On March&#160;30, 2010, the last
    reported sale price for our common stock on the OTC
    Bulletin&#160;Board was $0.&#160;&#160;&#160;&#160;&#160; per
    share. We do not intend to apply for listing of the five-year
    callable warrants on any securities exchange. We intend to apply
    for listing of our common stock on either The Nasdaq Global
    Market or The Nasdaq Capital Market, which we collectively refer
    to as Nasdaq, under the symbol &#147;GOVX.&#148; We expect the
    listing to occur immediately prior to the date of this
    prospectus. No assurance can be given that our application will
    be approved.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to the effectiveness of the registration statement of
    which this prospectus is a part, we plan to implement a reverse
    stock split of our common stock anticipated to be on a
    <FONT style="white-space: nowrap">1-for-50</FONT>
    basis. <B><I>Unless otherwise indicated, and except for the
    financial statements, all share amounts and prices assume the
    consummation of the reverse stock split.</I></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the common stock involves certain risks. See
    &#147;Risk Factors&#148; beginning on page&#160;6 for a
    discussion of these risks.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Offering</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Public offering price per unit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Placement agent commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds to us(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds to stockholders(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Before deducting expenses of this offering payable by us
    estimated to be approximately $&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    No units will be sold on behalf of the selling stockholders
    until after all units offered by the Company are sold.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to pay the placement agent a commission of six
    percent (6%) of the price of each unit sold, and to reimburse
    certain expenses, up to $50,000. In addition, we have agreed to
    sell to the placement agent for nominal consideration, warrants
    to purchase shares of our common stock equal in number to six
    percent (6%) of the number of units sold in this offering. See
    &#147;Plan of Distribution.&#148; Because there is no minimum
    offering amount required as a condition to closing in this
    offering, the actual public offering amount, placement agent
    fees, and proceeds to us, if any, are not presently determinable
    and may be substantially less than the total offering amounts
    set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The placement agent is not required to sell any specific number
    of units or dollar amount of units but will use its best efforts
    to sell the units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This offering will terminate
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    unless the offering is fully subscribed before that date or we
    decide to terminate the offering prior to that date. In either
    event, the offering may be closed without further notice to you.
    All costs associated with the registration will be borne by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Brokers or dealers effecting transactions in these shares should
    confirm that the shares are registered under the applicable
    state law or that an exemption from registration is available.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Global Hunter Securities
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g22735g2273502.gif" alt="GLOBAL HUNTER SECURITIES)"><FONT style="font-size: 18pt">
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this Prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>PROSPECTUS SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>SUMMARY FINANCIAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>THE OFFERING</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>MARKET FOR REGISTRANT&#146;S COMMON EQUITY AND
    RELATED STOCKHOLDER MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>SELECTED FINANCIAL DATA</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>BUSINESS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>DIRECTORS AND EXECUTIVE OFFICERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS,
    DIRECTORS AND OFFICERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>SELLING STOCKHOLDERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>DESCRIPTION OF CAPITAL STOCK AND UNIT WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>INDEX TO 2009 CONSOLIDATED FINANCIAL
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g22735exv10w14.htm">EX-10.14</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g22735exv10w15.htm">EX-10.15</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g22735exv10w16.htm">EX-10.16</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g22735exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g22735exv23w2.htm">EX-23.2</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
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</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in this
    prospectus and in any accompanying prospectus supplement. We
    have not authorized anyone to provide you with different
    information.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We have not authorized anyone to make an offer of these
    shares of common stock in any jurisdiction where the offer is
    not permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should not assume that the information in this prospectus
    or prospectus is accurate as of any date other than the date on
    the front of this prospectus.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='101'>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights information contained elsewhere in
    this prospectus. It does not contain all of the information that
    you should consider before investing in our securities. Please
    read the entire prospectus carefully, including the section
    entitled &#147;Risk Factors&#148; and our consolidated financial
    statements and the related notes. We have not authorized anyone
    else to provide you with different information, and if you
    receive any unauthorized information you should not rely on it.
    The information appearing in this prospectus is accurate only as
    of its date. Our business, financial condition, results of
    operations and prospects may have changed since that date.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Unless otherwise indicated and except for the financial
    statements, all share amounts and prices in the registration
    statement of which this prospectus is a part assume the
    consummation of a reverse stock split of our common stock at a
    ratio of
    <FONT style="white-space: nowrap">1-for-50</FONT> to
    be effected at least one week prior to the effectiveness of the
    registration statement, with the exact timing of the reverse
    stock split to be determined by the Board of Directors. The
    Board of Directors expects to be authorized to select a ratio of
    <FONT style="white-space: nowrap">1-for-20,</FONT>
    <FONT style="white-space: nowrap">1-for-30,</FONT>
    <FONT style="white-space: nowrap">1-for-40,</FONT> or
    <FONT style="white-space: nowrap">1-for-50.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Company
    Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a biotechnology company dedicated to developing vaccines
    that prevent and fight human immunodeficiency virus (commonly
    known as HIV) infections that result in acquired
    immunodeficiency syndrome, also known as AIDS. We have
    preventative vaccines being evaluated in a Phase 2a human
    clinical trial in individuals who are not HIV infected and have
    recently been permitted by the United States Food and Drug
    Administration, or FDA, to conduct a Phase 1 human therapeutic
    clinical trial in individuals who are HIV infected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our preventative vaccines seek to prevent or control infection
    by HIV, reduce the rate of disease progression to AIDS and
    reduce the risk of HIV transmission. Our therapeutic vaccines
    target impeding viral replication to reduce viral load in HIV
    infected individuals with a view to reducing or eliminating the
    need for anti-HIV medications, and thereby reducing the cost of
    treatment and the detrimental side effects associated with
    current drug treatments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccines address the version, known as clade B,&#160;of the
    HIV virus most prevalent in the developed world and have been
    shown to induce strong T-cell and antibody immune responses in
    non-human primates against the primate version of the HIV virus.
    Our goals include raising funds to develop additional HIV
    vaccines for global markets that have a different version
    (clade) of the virus, manufacturing and testing these vaccines
    under using Good Manufacturing and Good Laboratory Procedures
    consistent with FDA guidelines, conducting human trials for
    vaccine safety and effectiveness, and obtaining regulatory
    approvals to advance the development and commercialization of
    our vaccines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our preventative vaccine is one of only five vaccine candidates
    out of more than 80 tested by the HIV Vaccine Trials Network,
    which we refer to as the HVTN, in Phase 1 human clinical trials
    to have progressed to Phase 2 testing. Based on current
    enrollment progress, we expect the Phase 2a trial to be
    completed during 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investigational New Drug, or IND, application to test our
    therapeutic vaccine in a Phase 1 human clinical trial is based
    on promising summary data from three pilot studies we conducted
    of therapeutic vaccination in simian immunodeficiency virus
    infected non-human primates. We expect the Phase 1 trial which
    we plan to begin in the first half of 2010, to generate vaccine
    performance data within 14 to 17&#160;months and trial
    completion, with full enrollment within 36&#160;months after the
    date of first patient enrollment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccine candidates incorporate two delivery components: a
    recombinant deoxyribonucleic acid, or DNA, and a recombinant
    poxvirus, designated modified vaccinia Ankara, or MVA, which
    both deliver genes that encode inactivated HIV-1 derived
    proteins to the immune system. Both components are designed to
    support production of non-infectious virus-like particles in
    vaccinated individuals that prime and boost immune responses.
    When properly administered in series, our vaccine candidates
    induce strong T-cell and antibody responses in non-human
    primates against multiple HIV proteins.
</DIV>
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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the DNA and MVA vaccines contain sufficient HIV-1 genes to
    support the production of non-infectious virus-like particles in
    vaccinated people which display forms of proteins that appear
    authentic to the immune system. When used together, the
    recombinant DNA component is used to prime immune responses
    which are boosted by administration of the recombinant MVA
    component. In certain settings, the recombinant MVA alone may be
    sufficient for priming and boosting the immune responses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Work on our vaccines began during the 1990s at Emory University
    in Atlanta, Georgia, under the direction of Dr.&#160;Harriet L.
    Robinson, who is now our Chief Scientific Officer. The vaccine
    technology was developed in collaboration with researchers at
    the United States National Institutes of Health, or the NIH,
    National Institute of Allergy and Infectious Disease, or the
    NIAID, and the United States Centers for Disease Control and
    Prevention, or CDC. The technology developed at Emory University
    is exclusively licensed to us. We also have nonexclusive rights
    through our license to certain patents owned by the NIH and
    exclusive license rights to certain manufacturing process
    patents of MFD, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2005, a Phase 1 human clinical trial to test our preventative
    vaccine concluded successfully. After receiving &#147;Safe to
    Proceed&#148; status for a new IND by the FDA, a Phase 1 trial
    combining low doses of the DNA vaccine with the MVA vaccine
    began in May 2006. An additional Phase 1 human clinical trial
    began in September 2006 to test full doses of the vaccines. In
    total, this Phase 1 testing included four clinical study stages.
    All trials tested various combinations and doses of our DNA and
    MVA vaccines in human volunteers for their ability to raise
    HIV-specific immune responses as well as for their safety.
    Successful results from all Phase 1 testing supported the
    initiation of the first Phase 2 testing. Our Phase 2a human
    clinical trial began in January 2009 and will involve 225
    participants at sites in the United States and South America.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also conducting preclinical research on the impact of
    adding adjuvants, which are immune system stimulants, to our
    vaccine components to see if this can improve the effectiveness
    of our vaccine candidates. This work is being funded by the NIH
    through an Integrated Preclinical/Clinical AIDS Vaccine
    Development Grant, or an IPCAVD grant, to GeoVax. Pre-clinical
    animal trials have been conducted, with very encouraging
    results. If the activities funded by the IPCAVD grant are
    successful, it may result in a secondary clinical program for
    the development of the next generation of our HIV/AIDS vaccines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the human clinical testing to date on our vaccines,
    except for the therapeutic trial we expect to begin in the first
    half of 2010, has been conducted by the HVTN using funding from
    the NIH. Separately, in September 2007 we received a five-year
    IPCAVD grant from the NIH. The total award of more than
    $18&#160;million is limited to meritorious HIV/AIDS prevention
    vaccine programs and subject to annual renewal. The funds we are
    raising in this offering will be used for general business
    purposes and to expand and accelerate our ability to fund
    research and clinical trials in hopes of accelerating the date
    our preventative and therapeutic vaccines receive required
    regulatory approval for commercial distribution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is currently quoted on the OTC
    Bulletin&#160;Board under the symbol &#147;GOVX.OB&#148;. We
    intend to apply for listing of our common stock on Nasdaq under
    the symbol &#147;GOVX,&#148; which we expect to occur
    immediately prior to the date of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, &#147;GeoVax,&#148; the &#147;Company,&#148;
    &#147;we,&#148; &#147;our,&#148; and similar terms include
    GeoVax Labs, Inc., and its operating subsidiary, unless the
    context indicates otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are incorporated under the laws of the State of Delaware. Our
    principal executive offices are located at 1900 Lake Park Drive,
    Suite&#160;380, Smyrna, Georgia 30080 (metropolitan Atlanta).
    Our telephone number is
    <FONT style="white-space: nowrap">(678)&#160;384-7220.</FONT>
    The address of our website is www.geovax.com. Information on our
    website is not part of this prospectus.
</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary financial data are derived from our
    audited consolidated financial statements. The historical
    results presented below are not necessarily indicative of the
    results to be expected for any future period. You should read
    the information set forth below in conjunction with
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations,&#148; and our consolidated
    financial statements and the related notes, beginning on
    <FONT style="white-space: nowrap">page&#160;F-1</FONT>
    of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Statement of Operations Data:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total revenues (grant income)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,668,195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,910,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    237,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    852,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    670,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (584,166
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,611,086
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic and diluted net loss per common share(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.25
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.30
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.26
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Balance Sheet Data:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,315,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,056,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,246,404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,396,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,685,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Redeemable convertible preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,016,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,744,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,709,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,647,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,203,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (500,583
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Adjusted to give effect on a pro forma basis of an assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split of our common stock.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    OFFERING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Securities Offered</B> </TD>
    <TD></TD>
    <TD valign="top">
    Up to&#160;&#160;&#160;&#160;&#160;units. Each unit will consist
    of one share of our common stock and a warrant to purchase an
    additional 0.20&#160;shares of our common stock.  The
    first&#160;&#160;&#160;&#160;&#160;units sold will only include
    shares sold by the Company.  The remaining     units sold will
    include shares sold by the selling stockholders.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Shares Outstanding on the Date of</B>
    <B>Effectiveness of this</B> <B>Registration Statement</B> </TD>
    <TD></TD>
    <TD valign="top">
    15,652,814&#160;shares. (1)</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Shares Outstanding on the Date of</B>
    <B>Effectiveness If All the</B> <B>Units Offered and</B>
    <B>Registered are Sold</B> </TD>
    <TD></TD>
    <TD valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;shares. (1)</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Description of Unit Warrants:</B> </TD>
    <TD></TD>
    <TD valign="top">
    The five-year callable warrants will have an exercise price of
    $&#160;&#160;&#160;&#160;&#160;per share, or 20% above the
    offering price of the units. See &#147;Description of Capital
    Stock and Unit Warrants.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B> </TD>
    <TD></TD>
    <TD valign="top">
    To have vaccines manufactured for our clinical trials; to
    conduct a Phase&#160;2 human clinical trial for the therapeutic
    use of our vaccine; toward conducting our planned Phase 2b human
    clinical trial for a preventative HIV vaccine; and for working
    capital and general corporate purposes. We will not receive any
    proceeds from the sale of units by the selling stockholders.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>OTC Bulletin&#160;Board Symbol for Our Common Stock</B> </TD>
    <TD></TD>
    <TD valign="top">
    <B>GOVX.OB</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Proposed Nasdaq Listing Symbol for Our Common Stock</B> </TD>
    <TD></TD>
    <TD valign="top">
    <B>GOVX</B></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Risk Factors</B> </TD>
    <TD></TD>
    <TD valign="top">
    The securities offered by this prospectus are speculative and
    involve a high degree of risk and investors purchasing
    securities should not purchase the securities unless they can
    afford the loss of their entire investment. See &#147;Risk
    Factors&#148; beginning on page&#160;6.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Placement Agent&#146;s Common Stock Purchase Warrant</B> </TD>
    <TD></TD>
    <TD valign="top">
    In connection with this offering, we have also agreed to sell
    our placement agent a five-year warrant to purchase shares of
    our common stock equal in number to 6% of the units sold in this
    offering. If our placement agent exercises this warrant, each
    share of common stock may be purchased at
    $&#160;&#160;&#160;&#160;&#160; per share (120% of the price of
    the units sold in this offering).</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Unless otherwise indicated, all share amounts and prices
    assume the consummation of a reverse stock split of our common
    stock at a ratio of
    <FONT style="white-space: nowrap">1-for-50</FONT> to
    be effected at least one week prior to the effectiveness of the
    registration statement of which this prospectus is a part, with
    the exact timing of the reverse stock split to be determined by
    the Board of Directors upon stockholder approval. The Board of
    Directors expects to be authorized to select a ratio of
    <FONT style="white-space: nowrap">1-for-20,</FONT>
    <FONT style="white-space: nowrap">1-for-30,</FONT>
    <FONT style="white-space: nowrap">1-for-40,</FONT> or
    <FONT style="white-space: nowrap">1-for-50.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The number of shares of our common stock to be outstanding after
    this offering is based on the number of shares outstanding as of
    March&#160;31, 2010, and excludes:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    1,017,529&#160;shares of common stock reserved for future
    issuance under our equity incentive plans. As of March&#160;31,
    2010, there were options to purchase 1,032,255&#160;shares of
    our common stock outstanding under our equity incentive plans
    with a weighted average exercise price of $5.85 per share;
</TD>
</TR>

</TABLE>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    907,595&#160;shares of common stock issuable upon exercise of
    currently outstanding warrants as of March&#160;31, 2010, with
    exercise prices ranging from $7.00 per share to $16.50 per share;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to&#160;&#160;&#160;&#160;&#160;&#160;shares of common stock
    that will be issued upon exercise of the unit warrants at an
    exercise price of $&#160;&#160;&#160;&#160;&#160;&#160;per share
    (120% of the offering price per unit) sold as part of the units
    in this offering; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to&#160;&#160;&#160;&#160;&#160;&#160;shares of common stock
    that will be subject to the placement agent&#146;s warrant.
</TD>
</TR>

</TABLE>
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    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should carefully consider the risks, uncertainties and
    other factors described below before you decide whether to buy
    units. Any of the factors could materially and adversely affect
    our business, financial condition, operating results and
    prospects and could negatively impact the market price of our
    securities. Also, you should be aware that the risks and
    uncertainties described below are not the only ones we face.
    Additional risks and uncertainties, of which we are not yet
    aware, or that we currently consider to be immaterial, may also
    impair our business operations. You should also refer to the
    other information contained in this prospectus, including our
    financial statements and the related notes.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Financial Results and Need for Additional
    Financing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have a history of operating losses, and we expect losses to
    continue for the foreseeable future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have had no product revenue to date, and there can be no
    assurance that we will ever generate any product revenue. We
    have experienced operating losses since we began operations in
    2001. As of December&#160;31, 2009, we had an accumulated
    deficit of approximately $17.5&#160;million. We expect to incur
    additional operating losses and expect cumulative losses to
    increase as our research and development, preclinical, clinical,
    manufacturing and marketing efforts expand. Our ability to
    generate revenue and achieve profitability depends on our
    ability to successfully complete the development of our product
    candidates, conduct preclinical tests and clinical trials,
    obtain the necessary regulatory approvals, and manufacture and
    market the resulting products. Unless we are able to
    successfully meet these challenges, we will not be profitable
    and may not remain in business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business will require continued funding. If we do not receive
    adequate funding, we will not be able to continue our
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have financed our operations principally through the
    private placement of equity securities and through NIH grants.
    We will require substantial additional financing at various
    intervals for our operations, including for clinical trials, for
    operating expenses including intellectual property protection
    and enforcement, for pursuit of regulatory approvals and for
    establishing or contracting out manufacturing, marketing and
    sales functions. There is no assurance that such additional
    funding will be available on terms acceptable to us or at all.
    If we are not able to secure the significant funding that is
    required to maintain and continue our operations at current
    levels or at levels that may be required in the future, we may
    be required to delay clinical studies, curtail operations or
    obtain funds through collaborative arrangements that may require
    us to relinquish rights to some of our products or potential
    markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The costs of conducting all of our human clinical trials to date
    have been borne by the HVTN, funded by the NIH, with GeoVax
    incurring costs associated with manufacturing the clinical
    vaccine supplies and other study support. This includes the cost
    of conducting the ongoing Phase 2a human clinical study of our
    preventative vaccine. We cannot predict the level of support we
    will receive from the HVTN and NIH for any additional clinical
    studies. We do not currently anticipate any governmental support
    for our planned Phase 1 therapeutic vaccine human clinical trial.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operations are also partially supported by the IPCAVD grant
    awarded to us to support our HIV/AIDS vaccine program. The
    project period for the grant, which is renewable annually,
    covers a five year period which commenced October 2007. The most
    recent annual award under the grant is for the period
    September&#160;1, 2009 through August&#160;31, 2010 in the
    amount of $4.7&#160;million. If the annual grant does not occur,
    we will experience a shortfall in anticipated cash flow and will
    be required to seek other funds promptly to address the
    shortfall. We intend to pursue additional grants from the
    federal government; however, as we progress to the later stages
    of our vaccine development activities, government financial
    support may be more difficult to obtain, or may not be available
    at all. It will, therefore, be necessary for us to look to other
    sources of funding in order to finance our development
    activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we have the contractual right through July&#160;31,
    2010 to obtain additional equity financing pursuant to a stock
    purchase arrangement with an existing investor, we may be unable
    to access the full
</DIV>
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    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    remaining amount available from the investor prior to the
    expiration of the stock purchase agreement. This will depend on
    the prevailing market price of our common stock, and its trading
    volume. The extent to which we rely on the investor as a source
    of funding prior to the expiration of the investor&#146;s
    purchase commitment will depend on a number of factors,
    including whether this offering is successfully completed, the
    prevailing market price of our common stock and the extent to
    which we are able to secure equity capital from other sources.
    Even if we do access the full amount available under the stock
    purchase agreement, we will still need additional capital to
    fully implement our business, operating and development plans.
    Should the financing we require to sustain our working capital
    needs be unavailable, or prohibitively expensive, when we
    require it, the consequences could be a material adverse effect
    on our business, operating results, financial condition and
    prospects.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    current economic downturn may adversely impact our ability to
    raise capital.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The recession and adverse conditions in the national and global
    markets may negatively affect both our ability to raise capital
    and our operations in the future. The volatile equity markets
    and adverse credit markets may make it difficult for us to raise
    capital or procure credit in the future to fund the growth of
    our business, which could have a negative impact on our business
    and results of operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Development and Commercialization of Product
    Candidates and Dependence on Third Parties</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    products are still being developed and are unproven. These
    products may not be successful.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To become profitable, we must generate revenue through sales of
    our products, however our products are in varying stages of
    development and testing. Our products have not been proven in
    human research trials and have not been approved by any
    government agency for sale. If we cannot successfully develop
    and prove our products and processes, and if we do not develop
    other sources of revenue, we will not become profitable and at
    some point we would discontinue operations.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Whether
    we are successful will be dependent, in part, upon the
    leadership provided by our management. If we were to lose the
    services of any of these individuals, our business and
    operations may be adversely affected.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whether our business will be successful will be dependent, in
    part, upon the leadership provided by our officers, particularly
    our President and Chief Executive Officer and our Chief
    Scientific Officer. The loss of the services of these
    individuals may have an adverse effect on our operations.
    Although we carry some key man insurance on Dr.&#160;Harriet L.
    Robinson, the amount of such coverage may not be sufficient to
    offset any adverse economic effects on our operations and we do
    not carry key man insurance on any of our other executive
    officers.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulatory
    and legal uncertainties could result in significant costs or
    otherwise harm our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To manufacture and sell our products, we must comply with
    extensive domestic and international regulation. In order to
    sell our products in the United States, approval from the FDA is
    required. Satisfaction of regulatory requirements, including FDA
    requirements, typically takes many years, and if approval is
    obtained at all, it is dependent upon the type, complexity and
    novelty of the product, and requires the expenditure of
    substantial resources. We cannot predict whether our products
    will be approved by the FDA. Even if they are approved, we
    cannot predict the time frame for approval. Foreign regulatory
    requirements differ from jurisdiction to jurisdiction and may,
    in some cases, be more stringent or difficult to meet than FDA
    requirements. As with the FDA, we cannot predict if or when we
    may obtain these regulatory approvals. If we cannot demonstrate
    that our products can be used safely and successfully in a broad
    segment of the patient population on a long-term basis, our
    products would likely be denied approval by the FDA and the
    regulatory agencies of foreign governments.
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will face intense competition and rapid technological change
    that could result in products that are superior to the products
    we will be commercializing or developing.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for vaccines that protect against or treat HIV/AIDS
    is intensely competitive and is subject to rapid and significant
    technological change. We will have numerous competitors in the
    United States and abroad, including, among others, large
    companies with substantially greater resources than us. These
    competitors may develop technologies and products that are more
    effective or less costly than any of our future products or that
    could render our products obsolete or noncompetitive. We expect
    most of these competitors to have substantially more resources
    than us. If our products are not competitive, we may not be able
    to remain in business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    product candidates are based on new medical technology and,
    consequently, are inherently risky. Concerns about the safety
    and efficacy of our products could limit our future
    success.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the risks of failure inherent in the
    development of product candidates based on new medical
    technologies. These risks include the possibility that the
    products we create will not be effective, that our product
    candidates will be unsafe or otherwise fail to receive the
    necessary regulatory approvals, and that our product candidates
    will be hard to manufacture on a large scale or will be
    uneconomical to market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many pharmaceutical products cause multiple potential
    complications and side effects, not all of which can be
    predicted with accuracy and many of which may vary from patient
    to patient. Long term
    <FONT style="white-space: nowrap">follow-up</FONT>
    data may reveal additional complications associated with our
    products. The responses of potential physicians and others to
    information about complications could materially affect the
    market acceptance of our products, which in turn would
    materially harm our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    experience delays in our clinical trials that could adversely
    affect our financial results and our commercial
    prospects.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not know whether planned clinical trials will begin on
    time or whether we will complete any of our clinical trials on
    schedule or at all. Product development costs will increase if
    we have delays in testing or approvals or if we need to perform
    more or larger clinical trials than planned. Significant delays
    may adversely affect our financial results and the commercial
    prospects for our products, and delay our ability to become
    profitable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We rely heavily on the HVTN, independent clinical investigators,
    and other third party service providers for successful execution
    of our clinical trials, but do not control many aspects of their
    activities. We are responsible for ensuring that each of our
    clinical trials is conducted in accordance with the general
    investigational plan and protocols for the trial. Moreover, the
    FDA requires us to comply with standards, commonly referred to
    as Good Clinical Practices, for conducting and recording and
    reporting the results of clinical trials to assure that data and
    reported results are credible and accurate and that the rights,
    integrity and confidentiality of trial participants are
    protected. Our reliance on third parties that we do not control
    does not relieve us of these responsibilities and requirements.
    Third parties may not complete activities on schedule, or may
    not conduct our clinical trials in accordance with regulatory
    requirements or our stated protocols. The failure of these third
    parties to carry out their obligations could delay or prevent
    the development, approval and commercialization of our product
    candidates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    to obtain timely regulatory approvals required to exploit the
    commercial potential of our products could increase our future
    development costs or impair our future sales.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of our vaccines are approved by the FDA for sales in the
    United States or by other regulatory authorities for sale in
    foreign countries. To exploit the commercial potential of our
    technologies, we are conducting and planning to conduct
    additional pre-clinical studies and clinical trials. This
    process is expensive and can require a significant amount of
    time. Failure can occur at any stage of testing, even if the
    results are favorable. Failure to adequately demonstrate safety
    and efficacy in clinical trials would prevent regulatory
    approval and restrict our ability to commercialize our
    technologies. Any such failure may severely harm our business.
    In addition, any approvals we obtain may not cover all of the
    clinical indications for which approval
</DIV>
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    <BR>
    8
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    is sought, or may contain significant limitations in the form of
    narrow indications, warnings, precautions or contraindications
    with respect to conditions of use, or in the form of onerous
    risk management plans, restrictions on distribution, or
    post-approval study requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">State
    pharmaceutical marketing compliance and reporting requirements
    may expose us to regulatory and legal action by state
    governments or other government authorities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In recent years, several states have enacted legislation
    requiring pharmaceutical companies to establish marketing
    compliance programs and file periodic reports on sales,
    marketing, pricing and other activities. Similar legislation is
    being considered in other states. Many of these requirements are
    new and uncertain, and available guidance is limited. Unless we
    are in full compliance with these laws, we could face
    enforcement action and fines and other penalties and could
    receive adverse publicity, all of which could harm our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be subject to new federal and state legislation to submit
    information on our open and completed clinical trials to public
    registries and databases.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 1997, a public registry of open clinical trials involving
    drugs intended to treat serious or life-threatening diseases or
    conditions was established under the FDA Modernization Act, or
    the FDMA, to promote public awareness of and access to these
    clinical trials. Under the FDMA, pharmaceutical manufacturers
    and other trial sponsors are required to post the general
    purpose of these trials, as well as the eligibility criteria,
    location and contact information of the trials. Since the
    establishment of this registry, there has been significant
    public debate focused on broadening the types of trials included
    in this or other registries, as well as providing for public
    access to clinical trial results. A voluntary coalition of
    medical journal editors has adopted a resolution to publish
    results only from those trials that have been registered with a
    no-cost, publicly accessible database, such as
    www.clinicaltrials.gov. Federal legislation was introduced in
    the fall of 2004 to expand www.clinicaltrials.gov and to require
    the inclusion of study results in this registry. The
    Pharmaceutical Research and Manufacturers of America has also
    issued voluntary principles for its members to make results from
    certain clinical studies publicly available and has established
    a website for this purpose. Other groups have adopted or are
    considering similar proposals for clinical trial registration
    and the posting of clinical trial results. Failure to comply
    with any clinical trial posting requirements could expose us to
    negative publicity, fines and other penalties, all of which
    could materially harm our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will face uncertainty related to pricing and reimbursement and
    health care reform.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In both domestic and foreign markets, sales of our products will
    depend in part on the availability of reimbursement from
    third-party payers such as government health administration
    authorities, private health insurers, health maintenance
    organizations and other health care-related organizations.
    Reimbursement by such payers is presently undergoing reform and
    there is significant uncertainty at this time how this will
    affect sales of certain pharmaceutical products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Medicare, Medicaid and other governmental healthcare programs
    govern drug coverage and reimbursement levels in the United
    States. Federal law requires all pharmaceutical manufacturers to
    rebate a percentage of their revenue arising from
    Medicaid-reimbursed drug sales to individual states. Generic
    drug manufacturers&#146; agreements with federal and state
    governments provide that the manufacturer will remit to each
    state Medicaid agency, on a quarterly basis, 11% of the average
    manufacturer price for generic products marketed and sold under
    abbreviated new drug applications covered by the state&#146;s
    Medicaid program. For proprietary products, which are marketed
    and sold under new drug applications, manufacturers are required
    to rebate the greater of (a)&#160;15.1% of the average
    manufacturer price or (b)&#160;the difference between the
    average manufacturer price and the lowest manufacturer price for
    products sold during a specified period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the federal and state governments in the United States and
    foreign governments continue to propose and pass new
    legislation, rules and regulations designed to contain or reduce
    the cost of health care. Existing regulations that affect the
    price of pharmaceutical and other medical products may also
    change before any of our products are approved for marketing.
    Cost control initiatives could decrease the price that we
    receive for any product developed in the future. In addition,
    third-party payers are increasingly challenging the price and
</DIV>
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    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cost-effectiveness of medical products and services and
    litigation has been filed against a number of pharmaceutical
    companies in relation to these issues. Additionally, some
    uncertainty may exist as to the reimbursement status of newly
    approved injectable pharmaceutical products. Our products may
    not be considered cost effective or adequate third-party
    reimbursement may not be available to enable us to maintain
    price levels sufficient to realize an adequate return on our
    investment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be successful in establishing collaborations for product
    candidates we may seek to commercialize, which could adversely
    affect our ability to discover, develop, and commercialize
    products.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to seek collaborations for the development and
    commercialization of product candidates in the future. The
    timing and terms of any collaboration will depend on the
    evaluation by prospective collaborators of the clinical trial
    results and other aspects of our vaccine&#146;s safety and
    efficacy profile. If we are unable to reach agreements with
    suitable collaborators for any product candidate, we will be
    forced to fund the entire development and commercialization of
    such product candidates, and we may not have the resources to do
    so. If resource constraints require us to enter into a
    collaboration early in the development of a product candidate,
    we may be forced to accept a more limited share of any revenues
    this product may eventually generate. We face significant
    competition in seeking appropriate collaborators. Moreover,
    these collaboration arrangements are complex and time-consuming
    to negotiate and document. We may not be successful in our
    efforts to establish collaborations or other alternative
    arrangements for any product candidate. Even if we are
    successful in establishing collaborations, we may not be able to
    ensure fulfillment by collaborators of their obligations or our
    expectations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We do
    not have manufacturing, sales and marketing experience and our
    lack of experience may restrict our success in commercializing
    our product candidates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not have experience in manufacturing, marketing, or
    selling vaccines. We may be unable to establish satisfactory
    arrangements for manufacturing, marketing, sales, and
    distribution capabilities necessary to commercialize and gain
    market acceptance for our products. To obtain the expertise
    necessary to successfully manufacture, market, and sell our
    vaccines, we will require the development of our own commercial
    infrastructure
    <FONT style="white-space: nowrap">and/or</FONT>
    collaborative commercial arrangements and partnerships. Our
    ability to make that investment and also execute our current
    operating plan is dependent on numerous factors, including, the
    performance of third party collaborators with whom we may
    contract. Accordingly, we may not have sufficient funds to
    successfully commercialize our vaccines in the United States or
    elsewhere.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, our products may not gain market acceptance among
    physicians, patients, healthcare payers and the medical
    community. Significant factors in determining whether we will be
    able to compete successfully include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the efficacy and safety of our vaccines;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the time and scope of regulatory approval;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reimbursement coverage from insurance companies and others;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price and cost-effectiveness of our products;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    patent protection.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be required to defend lawsuits or pay damages for product
    liability claims.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Product liability is a major risk in testing and marketing
    biotechnology and pharmaceutical products. We may face
    substantial product liability exposure in human clinical trials
    and for products that we sell after regulatory approval. We
    carry product liability insurance and we expect to continue such
    policies. However, product liability claims, regardless of their
    merits, could exceed policy limits, divert management&#146;s
    attention, and adversely affect our reputation and the demand
    for our products.
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Intellectual Property</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    could lose our license rights to our important intellectual
    property if we do not fulfill our contractual obligations to our
    licensors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our rights to significant and important parts of the technology
    we use in our vaccines are licensed from third parties and so
    are subject to termination if we do not fulfill our contractual
    obligations to our licensees. Termination of intellectual
    property rights under any of our licenses could adversely impact
    our ability to produce or protect our vaccines. Our obligations
    under our licenses include requirements that we pay milestone
    payments to licensors upon the achievement of clinical
    development and regulatory approval milestones, royalties as we
    sell commercial products, and reimburse patent filing and
    maintenance expenses. Should we become insolvent or bankrupt,
    our licensors could terminate our rights to critical technology
    we rely upon.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    parties may claim that we infringe their intellectual property
    or proprietary rights, which could cause us to incur significant
    expenses or prevent us from selling products.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our success will depend in part on our ability to operate
    without infringing the patents and proprietary rights of third
    parties. The manufacture, use and sale of new products have been
    subject to substantial patent rights litigation in the
    pharmaceutical industry. These lawsuits generally relate to the
    validity and infringement of patents or proprietary rights of
    third parties. Infringement litigation is prevalent with respect
    to generic versions of products for which the patent covering
    the brand name product is expiring, particularly since many
    companies which market generic products focus their development
    efforts on products with expiring patents. Pharmaceutical
    companies, biotechnology companies, universities, research
    institutions or other third parties may have filed patent
    applications or may have been granted patents that cover aspects
    of our products or our licensors&#146; products, product
    candidates or other technologies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Future or existing patents issued to third parties may contain
    patent claims that conflict with our products. We expect to be
    subject to infringement claims from time to time in the ordinary
    course of business, and third parties could assert infringement
    claims against us in the future with respect to our current
    products or with respect to products that we may develop or
    license. Litigation or interference proceedings could force us
    to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stop or delay selling, manufacturing or using products that
    incorporate or are made using the challenged intellectual
    property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay damages;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into licensing or royalty agreements that may not be
    available on acceptable terms, if at all.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any litigation or interference proceedings, regardless of their
    outcome, would likely delay the regulatory approval process, be
    costly and require significant time and attention of our key
    management and technical personnel.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Any
    inability to protect intellectual property rights in the United
    States and foreign countries could limit our ability to
    manufacture or sell products.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will rely on trade secrets, unpatented proprietary know-how,
    continuing technological innovation and, in some cases, patent
    protection to preserve our competitive position. Our patents and
    licensed patent rights may be challenged, invalidated, infringed
    or circumvented, and the rights granted in those patents may not
    provide proprietary protection or competitive advantages to us.
    We and our licensors may not be able to develop patentable
    products. Even if patent claims are allowed, the claims may not
    issue, or in the event of issuance, may not be sufficient to
    protect the technology owned by or licensed to us. If patents
    containing competitive or conflicting claims are issued to third
    parties, we may be prevented from commercializing the products
    covered by such patents, or may be required to obtain or develop
    alternate technology. In addition, other parties may duplicate,
    design around or independently develop similar or alternative
    technologies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not be able to prevent third parties from infringing or
    using our intellectual property, and the parties from whom we
    may license intellectual property may not be able to prevent
    third parties from infringing or using the licensed intellectual
    property. We generally will attempt to control and limit access
    to,
</DIV>
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    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and the distribution of, our product documentation and other
    proprietary information. Despite efforts to protect this
    proprietary information, however, unauthorized parties may
    obtain and use information that we may regard as proprietary.
    Other parties may independently develop similar know-how or may
    even obtain access to these technologies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The laws of some foreign countries do not protect proprietary
    information to the same extent as the laws of the United States,
    and many companies have encountered significant problems and
    costs in protecting their proprietary information in these
    foreign countries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The United States Patent and Trademark Office and the courts
    have not established a consistent policy regarding the breadth
    of claims allowed in pharmaceutical patents. The allowance of
    broader claims may increase the incidence and cost of patent
    interference proceedings and the risk of infringement
    litigation. On the other hand, the allowance of narrower claims
    may limit the value of our proprietary rights.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to This Offering and Our Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will have broad discretion over the use of the net proceeds from
    this offering.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no minimum offering amount required as a condition to
    closing this offering and therefore net proceeds from this
    offering will be immediately available to us to use at our
    discretion. We intend to use the proceeds as described in
    &#147;Use of Proceeds.&#148; However, the allocation of proceeds
    will depend in part upon how much money we raise and future
    developments in our business. Our judgment as to such
    allocations may not result in positive returns on your
    investment and you will not have an opportunity to evaluate the
    economic, financial, or other information upon which we base our
    decisions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    sales by our stockholders may adversely affect our stock price
    and our ability to raise funds in new stock
    offerings.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of substantial amounts of our common stock in the public
    market following this offering, or the perception that these
    sales could occur, could cause the market price of our common
    stock to decline. These sales could also make it more difficult
    for us to sell equity or equity-related securities in the future
    at a time and price that we deem appropriate. Most of the
    outstanding shares held by our affiliates will be eligible for
    sale upon the expiration of
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements 180&#160;days after the date of this prospectus,
    subject in some cases to volume and other restrictions of
    Rule&#160;144 under the Securities Act. The
    <FONT style="white-space: nowrap">lock-up</FONT>
    period may be extended in certain cases for up to 18 additional
    days.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    is no public market for the warrants to purchase common stock in
    this offering.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no established public trading market for the warrants
    being offered in this offering, and we do not expect a market to
    develop. In addition, we do not intend to apply for listing the
    warrants on any securities exchange. Without an active market,
    the liquidity of the warrants will be limited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the registration statement covering the shares issuable upon
    exercise of the warrants contained in the units is no longer
    effective, the unit warrants will be issued with restrictive
    legends unless such shares are eligible for sale under
    Rule&#160;144.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    offering may not be fully subscribed and, even if the offering
    is fully subscribed, we will need additional capital in the
    future. If additional capital is not available, we may not be
    able to continue to operate our business pursuant to our
    business plan and we may have to discontinue our operations
    entirely.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The placement agent in this offering will offer the units on a
    &#147;best-efforts&#148; basis, meaning that we may raise
    substantially less than the total maximum offering amounts. No
    refund will be made available to investors if less than all of
    the units are sold. Based on our proposed use of proceeds, we
    will likely need significant additional financing, which we may
    seek to raise through, among other things, public and private
    equity offerings and debt financing. Any equity financing will
    be dilutive to existing stockholders, and any debt financings
    will likely involve covenants restricting our business
    activities. Additional financing may not be available on
    acceptable terms, or at all.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    impact of the proposed reverse stock split on the price of our
    common stock is uncertain.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate effecting the
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split of our common stock for the purpose of
    increasing the per share trading price, among others. However,
    the price may decline due to many factors including:
    (i)&#160;the negative perception of reverse stock splits held by
    some stock market participants; (ii)&#160;the adverse effect on
    liquidity that might be caused by a reduced number of shares
    outstanding; and (iii)&#160;the costs associated with
    implementing a reverse stock split. The effect of the reverse
    stock split upon the market price of our common stock cannot be
    predicted with any certainty, and the history of similar stock
    splits for companies in similar circumstances to ours is varied.
    It is also possible that a reverse stock split may not increase
    the per share price of our common stock in proportion to the
    reduction in the number of shares of our common stock
    outstanding or result in a permanent increase in the per share
    price, which depends on many factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investors
    in this offering will experience immediate and substantial
    dilution and may experience additional dilution in the
    future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors in this offering will incur immediate and substantial
    dilution as a result of this offering. After giving effect to
    the sale by us of all of&#160;&#160;&#160;&#160;&#160; units
    offered in this offering at a public offering price of
    $&#160;&#160;&#160;&#160;&#160; per unit, and after deducting
    placement agent commissions and estimated offering expenses
    payable by us, our net tangible book value per share, as of
    December&#160;31, 2009, would have been
    $&#160;&#160;&#160;&#160;&#160;, representing an immediate
    dilution of $&#160;&#160;&#160;&#160;&#160; per share,
    or&#160;&#160;&#160;&#160;&#160;%, of the public offering price,
    assuming no exercise of the warrants. In addition, in the past,
    we issued options and warrants to acquire shares of common
    stock. To the extent these options are ultimately exercised,
    investors in this offering will sustain future dilution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market price of our common stock is highly
    volatile.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market price of our common stock has been and is expected to
    continue to be highly volatile. Factors, including announcements
    of new developments by us or other companies, regulatory
    matters, new or existing medicines or procedures, concerns about
    our financial position, operating results, litigation,
    government regulation, developments or disputes relating to
    agreements, patents or proprietary rights, may have a
    significant impact on the market price of our stock. In
    addition, potential dilutive effects of future sales of shares
    of common stock by stockholders and by us, including those sold
    pursuant to this prospectus and subsequent sale of common stock
    by the holders of warrants and options could have an adverse
    effect on the market price of our shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    common stock does not have a vigorous trading market and you may
    not be able to sell your securities when desired.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have a limited active public market for our common shares. We
    cannot assure you that a more active public market will ever
    develop, allowing you to sell large quantities of shares or all
    of your holdings. Consequently, you may not be able to liquidate
    your investment in the event of an emergency or for any other
    reason.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have never paid dividends and have no plans to do
    so.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of shares of our common stock are entitled to receive
    such dividends as may be declared by our Board of Directors. To
    date, we have paid no cash dividends on our shares of common
    stock and we do not expect to pay cash dividends on our common
    stock in the foreseeable future. We intend to retain future
    earnings, if any, to provide funds for operations of our
    business. Therefore, any return investors in our common stock
    may have will be in the form of appreciation, if any, in the
    market value of their shares of common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to maintain an effective system of internal controls, we
    may not be able to accurately report our financial results or
    prevent fraud.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to reporting obligations under the United States
    securities laws. The SEC, as required by the Sarbanes-Oxley Act
    of 2002, adopted rules requiring every public company to include
    a management
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    report on such company&#146;s internal controls over financial
    reporting in its annual report, which contains management&#146;s
    assessment of the effectiveness of our internal controls over
    financial reporting. Effective internal controls are necessary
    for us to produce reliable financial reports and are important
    to help prevent fraud. As a result, our failure to achieve and
    maintain effective internal controls over financial reporting
    could result in the loss of investor confidence in the
    reliability of our financial statements, which in turn could
    negatively impact the trading price of our stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to remain current in our reporting requirements, our
    securities could be removed from the OTC Bulletin&#160;Board,
    which would limit the ability of broker-dealers to sell our
    securities and the ability of stockholders to sell their
    securities in the secondary market.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Companies trading on the OTC Bulletin&#160;Board must be
    reporting issuers under Section&#160;12 of the Exchange Act, and
    must be current in their reports under Section&#160;13, to
    maintain price quotation privileges on the OTC
    Bulletin&#160;Board. If we fail to remain current on our
    reporting requirements, we could be removed from the OTC
    Bulletin&#160;Board. As a result, the market liquidity for our
    securities could be severely adversely affected by limiting the
    ability of broker-dealers to sell our securities and the ability
    of stockholders to sell their securities in the secondary market.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    is no guarantee that our shares will be listed on
    Nasdaq.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Promptly after the filing of the registration statement of which
    this prospectus is a part, we intend to apply for listing of our
    common stock on Nasdaq. Upon pricing of this offering, we
    believe that we can satisfy the listing requirements and expect
    that our common stock will be listed on Nasdaq. Such listing,
    however, is not guaranteed. If the application is not approved,
    our common stock will continue to be quoted on the OTC
    Bulletin&#160;Board. Even if such listing is approved, there can
    be no assurance any broker will be interested in trading our
    stock. Therefore, it may be difficult to sell your shares of
    common stock if you desire or need to sell them. Our placement
    agent is not obligated to make a market in our securities, and
    even after making a market, can discontinue market making at any
    time without notice. Neither we nor the placement agent can
    provide any assurance that an active and liquid trading market
    in our securities will develop or, if developed, that the market
    will continue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    need additional capital, and the sale of additional shares or
    other equity securities could result in additional dilution to
    our stockholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that our current cash and cash equivalents,
    anticipated cash flow from operations and the net proceeds from
    this financing will be sufficient to meet our anticipated cash
    needs through mid-2012. We may, however, require additional cash
    resources. If our resources are insufficient to satisfy our cash
    requirements, we may seek to sell additional equity securities
    or borrow money. The sale of additional equity securities could
    result in additional dilution to our stockholders. The
    incurrence of indebtedness would result in debt service
    obligations and could result in operating and financing
    covenants that would restrict our operations. We cannot assure
    you that financing will be available in amounts or on terms
    acceptable to us, if at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will issue a warrant to our placement agent in this
    offering.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to issue our placement agent a warrant to
    purchase up to a total of up to 6% of the units sold in this
    offering. The shares issuable upon exercise of this warrant are
    identical to those offered by this prospectus. This warrant is
    exercisable at $&#160;&#160;&#160;&#160;&#160; per share, which
    is equal to 120% of the price of the units sold in the offering,
    and expires five years from the effective date of the
    registration statement. The warrant may also be exercised on a
    cashless basis. During the term of the warrant, our placement
    agent will have the opportunity to profit from an increase in
    the price of the shares. The existence of the warrant may
    adversely affect the market price of the shares and the terms on
    which we can obtain additional financing.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    directors and executive officers beneficially own a significant
    amount of our common stock and will be able to exercise
    significant influence on matters requiring stockholder
    approval.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our directors and executive officers collectively beneficially
    own approximately 21.6% of our common stock as of March&#160;31,
    2010. After the offering and assuming all shares offered hereby
    are sold, our directors and executive officers will collectively
    beneficially own approximately&#160;&#160;&#160;&#160;&#160;% of
    our common stock. Consequently, our directors and executive
    officers as a group will continue to be able to exert
    significant influence over the election of directors and the
    outcome of most corporate actions requiring stockholder approval
    and our business, which may have the effect of delaying or
    precluding a third party from acquiring control of us.
    Furthermore, Emory University beneficially owns 29.5% of our
    common stock as of March&#160;31, 2010, and will beneficially
    own approximately&#160;&#160;&#160;&#160;&#160;% if all shares
    offered hereby are sold. If our directors and executive officers
    move to act in concert with Emory University, their ability to
    influence stockholder actions will be even more significant.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    provisions of our certificate of incorporation may make it more
    difficult for a third party to effect a change in
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our certificate of incorporation authorizes our Board of
    Directors to issue up to 10,000,000&#160;shares of preferred
    stock. The preferred stock may be issued in one or more series,
    the terms of which may be determined at the time of issuance by
    our Board of Directors without further action by the
    stockholders. These terms may include voting rights including
    the right to vote as a series on particular matters, preferences
    as to dividends and liquidation, conversion rights, redemption
    rights and sinking fund provisions. The issuance of any
    preferred stock could diminish the rights of holders of our
    common stock, and therefore could reduce the value of such
    common stock. In addition, specific rights granted to future
    holders of preferred stock could be used to restrict our ability
    to merge with, or sell assets to, a third party. The ability of
    our Board of Directors to issue preferred stock could make it
    more difficult, delay, discourage, prevent or make it more
    costly to acquire or effect a
    <FONT style="white-space: nowrap">change-in-control,</FONT>
    which in turn could prevent the stockholders from recognizing a
    gain in the event that a favorable offer is extended and could
    materially and negatively affect the market price of our common
    stock.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained in this prospectus, includes
    forward-looking statements as defined in the Private Securities
    Reform Act of 1995. These forward-looking statements are often
    identified by words such as &#147;may,&#148; &#147;will,&#148;
    &#147;expect,&#148; &#147;intend,&#148; &#147;anticipate,&#148;
    &#147;believe,&#148; &#147;estimate,&#148; &#147;continue,&#148;
    &#147;plan,&#148; their negatives, and similar expressions,
    although not all forward-looking statements contain these
    identifying words. These statements involve estimates,
    assumptions and uncertainties that could cause actual results to
    differ materially from those expressed for the reasons described
    in this prospectus. You should not place undue reliance on these
    forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward-looking statements contained in this prospectus are
    based on our expectations, which reflect estimates and
    assumptions made by our management. These estimates and
    assumptions reflect our best judgment based on currently known
    industry developments, our scientific work, contractual
    arrangements, and other factors. Although we believe such
    estimates and assumptions to be reasonable, they are inherently
    uncertain and involve a number of risks and uncertainties that
    are beyond our control. In addition, our assumptions about
    future events may prove to be inaccurate. We caution all readers
    that the forward-looking statements contained in this prospectus
    are not guarantees of future performance, and we cannot assure
    any reader that such statements will be realized or the
    forward-looking events and circumstances will occur. Actual
    results may differ materially from those anticipated or implied
    in the forward-looking statements due to the factors listed in
    the &#147;Risk Factors&#148; section and elsewhere in this
    prospectus. All forward-looking statements speak only as of the
    date of this prospectus. We do not intend to publicly update or
    revise any forward-looking statements as a result of new
    information, future events or otherwise. These cautionary
    statements qualify all forward-looking statements attributable
    to us, or persons acting on our behalf. The risks, contingencies
    and uncertainties relate to, among other matters, the following:
    our history of operating losses, our need for
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continued funding, the development stage of our vaccines,
    regulatory and legal uncertainties, competition, the difficulty
    of obtaining timely regulatory approvals, uncertainty as to
    third party reimbursements, the impact of healthcare reform,
    difficulties related to our intellectual property, and other
    factors discussed under &#147;Risk Factors.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other factors besides those described in this prospectus and any
    prospectus supplement could also affect our actual results.
    These forward-looking statements are largely based on our
    expectations and beliefs concerning future events, which reflect
    estimates and assumptions made by our management. These
    estimates and assumptions reflect our best judgment based on
    currently known market conditions and other factors relating to
    our operations and business environment, all of which are
    difficult to predict and many of which are beyond our control.
</DIV>

<A name='106'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that the net proceeds from the sale of
    the&#160;&#160;&#160;&#160;&#160;&#160;shares by us will be
    approximately $&#160;&#160;&#160;&#160;&#160; assuming that we
    sell the maximum number of units we are offering pursuant to
    this prospectus. We will retain broad discretion over the use of
    the net proceeds to us from any sale of the shares under this
    prospectus. Except as described in this prospectus, we currently
    anticipate that the net proceeds from any sale of the shares
    under this prospectus will be used together with other funds
    available as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approximately $2,500,000 to have vaccines manufactured for our
    clinical trials;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approximately $3,500,000 to conduct a Phase 2 human clinical
    trial for the therapeutic use of our HIV vaccine;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to $15,000,000 toward conducting our planned Phase 2b human
    clinical trial for a preventative HIV vaccine;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the remainder for working capital, and general corporate
    purposes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If substantially less than the maximum amount of units to be
    sold by Company is sold, we may need to seek additional capital
    as soon as practicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We plan to apply the proceeds in approximately the order listed
    above. However, as our business develops, the amount to be
    allocated to particular uses may change.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from the sale of shares by the
    selling stockholders but we will receive proceeds, if any, from
    the exercise of warrants included within the units sold pursuant
    to this offering. Since the warrants may or may not be exercised
    and, if exercised, may be exercised in whole or in part using a
    cashless exercise mechanism, we cannot predict the amount or
    timing of sums we may receive as a result of any warrant
    exercises.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    FOR REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is currently traded on the OTC
    Bulletin&#160;Board market under the symbol &#147;GOVX.OB&#148;.
    Promptly after the filing of the registration statement of which
    this prospectus is a part, we intend to apply for listing of our
    shares on Nasdaq. The following table sets forth the high and
    low bid prices for our common stock for the periods indicated.
    The prices represent quotations between dealers and do not
    include retail
    <FONT style="white-space: nowrap">mark-up,</FONT>
    markdown, or commission, and do not necessarily represent actual
    transactions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Actual Historical as<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Adjusted for the Reverse<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stock Split(1)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter (through March&#160;30,&#160;2010)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes the consummation of a reverse stock split of our common
    stock at a ratio of
    <FONT style="white-space: nowrap">1-for-50.</FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;31, 2010, there were approximately 1,300 holders
    of record of our common stock. The number of record holders does
    not reflect the number of beneficial owners of our common stock
    for whom shares are held by brokerage firms and other
    institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that there will be approximately 1,200 holders of
    record of our common stock immediately subsequent to
    implementation of the assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split of our common stock, giving effect to the
    estimated reduction resulting from the payout of fractional
    share interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not paid any dividends since our inception and do not
    contemplate paying dividends in the foreseeable future.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our capitalization as of
    December&#160;31, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on an actual basis (giving effect to the assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split of our common stock);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a pro forma as adjusted basis giving effect to the sale of
    shares of common stock in this offering at an assumed public
    offering price of $&#160;&#160;&#160;&#160;&#160; per share,
    after deducting the estimated commissions and estimated offering
    expenses payable by us, and application of net proceeds.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pro Forma<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>as Adjusted(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common stock, $0.001&#160;par value(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preferred stock, $0.001&#160;par value, 10,000,000&#160;shares
    authorized, none outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    -0-
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional
    <FONT style="white-space: nowrap">paid-in-capital</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,266,447
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deficit accumulated during the development stage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (17,537,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Stockholders&#146; Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,744,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This column does not reflect the issuance or exercise of any
    warrants included within the units sold as part of this offering
    or the warrant to our placement agent.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Before the
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split, 900,000,000 pre-split common shares were
    authorized and 781,628,192 pre-split common shares outstanding.
    Subsequent to the assumed reverse stock split, these amounts are
    18,000,000 and 15,632,563, respectively.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    FINANCIAL DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following selected financial data are derived from our
    audited consolidated financial statements. The historical
    results presented below are not necessarily indicative of the
    results to be expected for any future period. You should read
    the information set forth below in conjunction with the
    information contained in Item&#160;7, &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148;, and our consolidated financial statements and
    the related notes, beginning on
    <FONT style="white-space: nowrap">page&#160;F-1</FONT>
    of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Statement of Operations Data:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total revenues (grant income)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,668,195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,910,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    237,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    852,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    670,467
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (584,166
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,611,086
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic and diluted net loss per common share(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.25
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.30
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.26
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Balance Sheet Data:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,315,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,056,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,246,404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,396,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,685,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Redeemable convertible preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,016,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity (deficit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,744,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,709,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,647,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,203,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (500,583
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Adjusted to give effect on a pro forma basis of an assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split of our common stock.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
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<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<BR>
    AND RESULTS OF OPERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion and analysis of our financial condition
    and results of operations should be read together with the
    discussion under &#147;Selected Financial Data&#148; and our
    consolidated financial statements included in this prospectus.
    This discussion contains forward-looking statements that involve
    risks and uncertainties because they are based on current
    expectations and relate to future events and our future
    financial performance. Our actual results may differ materially
    from those anticipated in these forward-looking statements as a
    result of many important factors, including those set forth
    under &#147;Risk Factors&#148; and elsewhere in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax, a biotechnology company, focuses on developing vaccines
    to protect against or to treat diseases caused by HIV. We have
    exclusively licensed from Emory University vaccine technology,
    which was developed at Emory University in collaboration with
    the NIH and the CDC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our major ongoing research and development programs are focused
    on the clinical development of our DNA and MVA vaccines
    (designed for use together in a prime-boost system) for the
    prevention
    <FONT style="white-space: nowrap">and/or</FONT>
    treatment of HIV/AIDS. We are developing two clinical pathways
    for our vaccine candidates&#160;&#151; (i)&#160;as a
    preventative vaccine to prevent or control infection of
    individuals who are exposed to the HIV virus, and (ii)&#160;as a
    therapeutic vaccine to prevent development of AIDS in those
    individuals who have already been infected with the HIV virus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our HIV vaccine candidates have successfully completed
    preclinical efficacy testing in non-human primates and our
    preventative HIV vaccine candidate has completed Phase 1
    clinical testing trials in humans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our preventative vaccine candidate is currently in a Phase 2a
    human clinical trial, being conducted by the HVTN, with funding
    from the NIH. We expect to complete this trial during 2011 based
    on current patient enrollment rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With regard to our therapeutic vaccine candidate, the FDA has
    recently permitted us to begin a Phase 1 human clinical trial.
    We expect the Phase 1 trial to generate vaccine performance data
    within 14 to 17&#160;months and trial completion, with full
    enrollment, within 36&#160;months after the date of first
    patient enrollment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to our clinical development program for our vaccine
    candidates, we are conducting preclinical research on the impact
    of adding adjuvants (immune system stimulants) to our vaccine
    components to investigate whether they can improve the
    effectiveness of our vaccine candidates. This work is being
    funded by the NIH through an IPCAVD grant to GeoVax. If the
    activities funded by the IPCAVD grant are successful, it may
    result in a secondary clinical program for the development of
    the next generation of our HIV/AIDS vaccines.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies and Estimates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This discussion and analysis of our financial condition and
    results of operations is based on our consolidated financial
    statements, which have been prepared in accordance with
    accounting principles generally accepted in the United States.
    The preparation of these financial statements requires
    management to make estimates and judgments that affect the
    reported amounts of assets, liabilities, revenues and expenses,
    and related disclosure of contingent assets and liabilities. On
    an ongoing basis, management evaluates its estimates and adjusts
    the estimates as necessary. We base our estimates on historical
    experience and on various other assumptions that are believed to
    be reasonable under the circumstances, the results of which form
    the basis for making judgments about the carrying values of
    assets and liabilities that are not readily apparent from other
    sources. Actual results may differ materially from these
    estimates under different assumptions or conditions.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our significant accounting policies are summarized in
    Note&#160;2 to our consolidated financial statements. We believe
    the following critical accounting policies affect our more
    significant judgments and estimates used in the preparation of
    our consolidated financial statements:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Impairment
    of Long-Lived Assets</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Long-lived assets are reviewed for impairment whenever events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. Recoverability of assets to be
    held and used is measured by a comparison of the carrying amount
    of the assets to the future net cash flows expected to be
    generated by such assets. If such assets are considered to be
    impaired, the impairment to be recognized is measured by the
    amount by which the carrying amount of the assets exceeds the
    discounted expected future net cash flows from the assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recognize revenue in accordance with the SEC&#146;s Staff
    Accounting Bulletin&#160;No.&#160;101, Revenue Recognition in
    Financial Statements, as amended by Staff Accounting
    Bulletin&#160;No.&#160;104, Revenue Recognition, or
    SAB&#160;104. SAB&#160;104 provides guidance in applying
    U.S.&#160;generally accepted accounting principles to revenue
    recognition issues, and specifically addresses revenue
    recognition for upfront, nonrefundable fees received in
    connection with research collaboration agreements. During 2009,
    2008 and 2007, our revenue consisted solely of grant funding
    received from the National Institutes of Health. Revenue from
    this arrangement is approximately equal to the costs incurred
    and is recorded as income as the related costs are incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for stock-based transactions in which the Company
    receives services from employees, directors or others in
    exchange for equity instruments based on the fair value of the
    award at the grant date. Compensation cost for awards of common
    stock is estimated based on the price of the underlying common
    stock on the date of issuance. Compensation cost for stock
    options or warrants is estimated at the grant date based on each
    instrument&#146;s fair-value as calculated by the Black-Scholes
    option pricing model. The Company recognizes stock-based
    compensation cost as expense ratably on a straight-line basis
    over the requisite service period for the award.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity
    and Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, we had cash and cash equivalents of
    $3,515,784 and total assets of $4,315,597, as compared to
    $2,191,180 and $3,056,241, respectively, at December&#160;31,
    2008. Working capital totaled $3,309,355 at December&#160;31,
    2009, compared to $2,455,412 at December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Sources
    and Uses of Cash</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a development-stage company (as defined by Financial
    Accounting Standards Board (FASB) Accounting Standards
    Codification (ASC) Topic 915, <I>&#147;Development Stage
    Entities&#148;</I>) and do not have any products approved for
    sale. Due to our significant research and development
    expenditures, we have not been profitable and have generated
    operating losses since our inception in 2001. Our primary
    sources of cash are from sales of our equity securities and from
    government grant funding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows from Operating Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net cash used in operating activities was $1,425,150,
    $2,367,886, and $3,265,743 for the years ended December&#160;31,
    2009, 2008 and 2007, respectively. Generally, the differences
    between years are due to fluctuations in our net losses which,
    in turn, result from fluctuations in expenditures from our
    research activities, offset by net changes in our assets and
    liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The costs of conducting all of our human clinical trials to
    date, except for the therapeutic human clinical trial we expect
    to begin in the first half of 2010, have been borne by the HVTN,
    funded by the NIH, with
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax incurring costs associated with manufacturing the
    clinical vaccine supplies and other study support. HVTN and NIH
    are bearing the cost of conducting our ongoing Phase 2a human
    clinical study, but we cannot predict the level of support we
    will receive from the HVTN and NIH for any additional clinical
    studies. We do not currently anticipate any governmental support
    for our planned Phase 1 therapeutic vaccine trial.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operations are also partially supported by the IPCAVD grant
    awarded to us in September 2007 by the NIH to support our
    HIV/AIDS vaccine program. The project period for the grant,
    which is renewable annually, covers a five year period which
    commenced October 2007, with an expected annual award of
    generally between $3 and $4&#160;million per year (approximately
    $18.3&#160;million in the aggregate). The most recent annual
    award under the grant is for the period September&#160;1, 2009
    through August&#160;31, 2010 in the amount of $4.7&#160;million.
    We are utilizing this funding to further our HIV/AIDS vaccine
    development, optimization, and production for human clinical
    trial testing, primarily with regard to our research into
    vaccine adjuvants. The funding we receive pursuant to this grant
    is recorded as revenue at the time the related expenditures are
    incurred, and thus partially offsets our net losses. If the
    annual grant does not occur, we will experience a shortfall in
    anticipated cash flow and will be required to seek other funds
    promptly to address the shortfall. We intend to pursue
    additional grants from the federal government; however, as we
    progress to the later stages of our vaccine development
    activities, government financial support may be more difficult
    to obtain, or may not be available at all. It will, therefore,
    be necessary for us to look to other sources of funding in order
    to finance our development activities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows from Investing Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our investing activities have consisted predominantly of capital
    expenditures. Capital expenditures for the years ended
    December&#160;31, 2009, 2008 and 2007, were $270,246, $99,831,
    and $-0-, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows from Financing Activities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net cash provided by financing activities was $3,020,000,
    $2,668,541, and $3,167,950 for the years ended December&#160;31,
    2009, 2008 and 2007, respectively. During 2009, we received
    $1,500,000 from the exercise of a stock purchase warrant. During
    2009 and 2008, we received $1,520,000 and $406,091,
    respectively, from the sale of our common stock to an investor,
    Fusion Capital, net of costs associated with the financing
    arrangement. The remaining cash generated by our financing
    activities relates to the sale of our common stock to individual
    accredited investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we signed a stock purchase agreement with an
    existing investor, which provides for the sale of up to
    $10&#160;million of shares of our common stock. In connection
    with this agreement, we filed a registration statement related
    to the transaction with the SEC covering the shares that have
    been issued or may be issued to the investor under the stock
    purchase agreement. The SEC declared the registration statement
    effective on July&#160;1, 2008, and we now have the right until
    July&#160;31, 2010 to sell our shares of common stock to the
    investor from time to time in amounts ranging from $80,000 to
    $1&#160;million per purchase transaction, depending on certain
    conditions as set forth in the stock purchase agreement. Through
    December&#160;31, 2009, we have sold a cumulative total of
    $2,020,000 of common stock to our investor, leaving $7,980,000
    available pursuant to the stock purchase agreement as of that
    date. Depending on general stock market conditions, and the
    prevailing price of our common stock leading July&#160;31, 2010,
    we may not be able to, or may choose not to, access the full
    amount available under the stock purchase agreement. The extent
    to which we rely on the stock purchase agreement as a source of
    funding will depend on a number of factors including whether
    this offering is successfully completed, the prevailing market
    price of our common stock and the extent to which we can secure
    working capital from other sources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate incurring additional losses for several years as
    we expand our drug development and clinical programs and proceed
    into higher cost human clinical trials. Conducting clinical
    trials for our vaccine candidates in development is a lengthy,
    time-consuming and expensive process. We do not expect to
    generate product sales from our development efforts for several
    years. If we are unable to successfully develop and market
    pharmaceutical products over the next several years, our
    business, financial condition and results of operations will be
    adversely impacted.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any event, we anticipate raising additional capital during
    the remainder of 2010, although there can be no assurance that
    we will be able to do so. While we believe that we will be
    successful in obtaining the necessary financing to fund our
    operations through grants, our stock purchase agreement with the
    investor
    <FONT style="white-space: nowrap">and/or</FONT> other
    sources, there can be no assurances that such additional funding
    will be available to us on reasonable terms or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our capital requirements, particularly as they relate to product
    research and development, have been and will continue to be
    significant. We intend to seek FDA approval of our products,
    which may take several years. We will not generate revenues from
    the sale of our products for at least several years, if at all.
    We will be dependent on obtaining financing from third parties
    in order to maintain our operations, including our clinical
    program. Due to the existing uncertainty in the capital and
    credit markets, and adverse regional and national economic
    conditions which may persist or worsen, capital may not be
    available on terms acceptable to the Company or at all. If we
    fail to obtain additional funding when needed, we would be
    forced to scale back or terminate our operations, or to seek to
    merge with or to be acquired by another company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that our current working capital, combined with the
    proceeds from the IPCAVD grant awarded annually from the NIH,
    and the net proceeds of this offering will be sufficient to
    support our planned level of operations through 2012, assuming
    all units are sold but no warrants are exercised for cash.
    Should the financing we require to sustain our working capital
    needs be unavailable or prohibitively expensive when we require
    it, the consequences could be a material adverse effect on our
    business, operating results, financial condition and prospects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To prepare the Company&#146;s capital structure for the offering
    described in this prospectus, our Board of Directors has called
    a special meeting of stockholders, to be held on April&#160;13,
    2010, seeking stockholder approval of an increase in our
    authorized shares of common stock from 900,000,000 to
    2,000,000,000 and a reverse stock split of our common stock with
    a ratio of
    <FONT style="white-space: nowrap">1-for-20,</FONT>
    <FONT style="white-space: nowrap">1-for-30,</FONT>
    <FONT style="white-space: nowrap">1-for-40,</FONT> or
    <FONT style="white-space: nowrap">1-for-50,</FONT>
    with the timing and specific ratio of the reverse stock split to
    be implemented, if at all, within four months after approval, at
    the discretion of the Board of Directors. If the reverse stock
    split is implemented, our authorized shares will be
    proportionally reduced and, we expect, the per share price of
    our common stock will be increased. We believe these actions
    will help GeoVax complete the offering described in this
    prospectus by helping GeoVax qualify its common stock for
    listing on Nasdaq, increasing the GeoVax share price, and
    broadening the pool of investors to include investors who will
    not invest in shares with low prices, such as certain
    institutional investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have no off-balance sheet arrangements that are likely or
    reasonably likely to have a material effect on our financial
    condition or results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Contractual
    Obligations</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Contractual obligations represent future cash commitments and
    liabilities under agreements with third parties, and exclude
    contingent liabilities for which we cannot reasonably predict
    future payment. Additionally, the expected timing of payment of
    the obligations presented below is estimated based on current
    information. Timing of payments and actual amounts paid may be
    different depending on the timing of receipt of goods or
    services or changes to
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    terms or amounts for some obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table represents our contractual obligations as of
    December&#160;31, 2009, aggregated by type (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="60%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payments Due by Period</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Less than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>1-3<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>4-5<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>More than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Contractual Obligations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;years</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating Lease Obligations(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    115
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Emory University&#160;&#151; License Agreement(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    115
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Our operating lease obligations relate to the facility lease for
    our 8,430&#160;square foot facility in Smyrna, Georgia, which
    houses our laboratory operations and our administrative offices.
    The lease, which was effective November&#160;1, 2009, expires on
    December&#160;31, 2014.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to the Emory License, we have committed to make
    potential future milestone and royalty payments which are
    contingent upon the occurrence of future events. Such events
    include development milestones, regulatory approvals and product
    sales. Because the achievement of these milestones is currently
    neither probable nor reasonably estimable, the contingent
    payments have not been included in the table above or recorded
    on our consolidated balance sheets. The aggregate total of all
    potential milestone payments included in the Emory License
    (excluding royalties on net sales) is approximately
    $3.5&#160;million.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, except as disclosed in the table
    above, we had no other material firm purchase obligations or
    commitments for capital expenditures and no committed lines of
    credit or other committed funding or long-term debt. We have
    employment agreements with our four senior management team
    members and a consulting agreement with our Chairman, each of
    which may be terminated with no more than 90&#160;days advance
    written notice.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Net
    Operating Loss Carryforwards</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, we had consolidated net operating
    loss carryforwards for income tax purposes of
    $72.2&#160;million, which will expire in 2010 through 2029 if
    not utilized. Approximately $59.7&#160;million of our net
    operating loss carryforwards relate to the operations of our
    predecessor, Dauphin Technology, Inc. prior to the 2006 merger
    between Dauphin Technology, Inc. and GeoVax, Inc. We also have
    research and development tax credits of $522,000 available to
    reduce income taxes, if any, which will expire in 2022 through
    2028 if not utilized. The amount of net operating loss
    carryforwards and research tax credits available to reduce
    income taxes in any particular year may be limited in certain
    circumstances. Based on an assessment of all available evidence
    including, but not limited to, our limited operating history in
    our core business and lack of profitability, uncertainties of
    the commercial viability of our technology, the impact of
    government regulation and healthcare reform initiatives, and
    other risks normally associated with biotechnology companies, we
    have concluded that it is more likely than not that these net
    operating loss carryforwards and credits will not be realized
    and, as a result, a 100% deferred tax valuation allowance has
    been recorded against these assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Net
    Loss</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recorded net losses of $3,284,252, $3,728,187 and $4,241,796
    for the years ended December&#160;31, 2009, 2008 and 2007,
    respectively. Our operating results will typically fluctuate due
    to the timing of activities and related costs associated with
    our vaccine research and development activities and our general
    and administrative costs, as described in more detail below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Grant
    Revenue</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recorded grant revenues of $3,668,195 in 2009, $2,910,170 in
    2008 and $237,004 in 2007. During 2007, we were awarded the
    IPCAVD grant by the NIH to support our HIV/AIDS vaccine program.
    The project period for the grant, which is renewable annually,
    covers a five year period which commenced October 2007, with an
    expected annual award of generally between $3 to $4&#160;million
    per year (approximately $18.3&#160;million in the aggregate). We
    are utilizing this funding to further our HIV/AIDS vaccine
    development, optimization and production, primarily with regard
    to our research into vaccine adjuvants. The grant is subject to
    annual renewal, with the latest grant award covering the period
    from September 2009 through August 2010 in the amount of
    $4.7&#160;million. As of December&#160;31, 2009, there is
    approximately $4.0&#160;million remaining from the current grant
    year&#146;s award and (assuming that the remaining budgeted
    amounts under the grant are awarded annually to the Company)
    there is an additional $7.5&#160;million available through the
    grant for the remainder of the original five year project period
    ending August&#160;31, 2012.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Research
    and Development</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our research and development expenses were $4,068,682 in 2009,
    $3,741,489 in 2008 and $1,757,125 in 2007. Research and
    development expenses can vary considerably on a
    <FONT style="white-space: nowrap">period-to-period</FONT>
    basis, depending on our need for vaccine manufacturing and
    testing of manufactured vaccine by third parties, and due to
    fluctuations in the timing of other external expenditures
    related to our IPCAVD grant from the NIH. Research and
    development expense includes stock-based compensation expense of
    $304,654, $494,041 and $284,113 for 2009, 2008 and 2007,
    respectively (see discussion below). Our research and
    development costs do not include costs incurred by HVTN in
    conducting trials of GeoVax vaccines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The increase in research and development expense during each of
    the periods is due primarily to increased costs associated with
    our vaccine manufacturing activities in preparation for the
    commencement of Phase 2 clinical testing, costs associated with
    our activities funded by our NIH grant (especially from the 2007
    to the 2008 period, as the grant was awarded to us in September
    2007), and higher personnel costs associated with the addition
    of new scientific personnel. Our recently initiated Phase 2a
    clinical trial is being conducted and funded by the HVTN, but we
    are responsible for the manufacture of vaccine product to be
    used in the trial. We cannot predict the level of support we may
    receive from HVTN or other federal agencies (or divisions
    thereof) for our future clinical trials. We expect that our
    research and development costs will continue to increase in 2010
    and beyond as we progress through the human clinical trial
    process leading up to possible product approval by the FDA. We
    do not currently anticipate any governmental support for our
    planned Phase 1 therapeutic vaccine trial.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since our inception, all of our research and development efforts
    have been focused on development of our HIV/AIDS vaccines, which
    we have managed and evaluated to date as a single project. Upon
    our receipt of the IPCAVD grant in late 2007, we began incurring
    additional costs directly associated with the grant. The table
    below summarizes our research and development expenses for each
    of the years in the three year period ended December&#160;31,
    2009 (in thousands). The amounts shown related to the IPCAVD
    grant represent all direct costs associated with the grant
    activities, including salaries and personnel-related expenses,
    supplies, consulting, contract services and travel. The
    remainder of our research and development expense is allocated
    to our general HIV/AIDS vaccine program.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>R&#038;D Project</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IPCAVD Grant&#160;&#151; Vaccine Adjuvants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,772,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,504,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    215,458
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    DNA/MVA Vaccines&#160;&#151; HIV/AIDS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,296,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,236,639
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,541,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Research and Development Expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,068,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,741,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,757,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccine candidates still require significant, time-consuming
    and costly research and development, testing and regulatory
    clearances. Completion of clinical development will take several
    years or more, but the length of time generally varies
    substantially according to the type, complexity, novelty and
    intended use of a product candidate. The cost of the ongoing
    Phase 2a clinical trial for our preventative vaccine is being
    funded by the HVTN, but we cannot be certain whether the HVTN or
    any other external source will provide funding for further
    development. We intend to use offering proceeds to fund the cost
    of the Phase 1 clinical trial of our therapeutic vaccine, which
    we estimate will cost approximately $700,000; and we also may
    use a portion of the proceeds of this offering to conduct a
    Phase&#160;2 clinical trial for our therapeutic vaccine, which
    we estimate at $3.5&#160;million. We intend to seek government
    or third party support for future clinical human trials, but
    there can be no assurance that we will be successful. The
    duration and the cost of future clinical trials may vary
    significantly over the life of the project as a result of
    differences arising during development of the human clinical
    trial protocols, including, among others, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of patients that ultimately participate in the
    clinical trial;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the duration of patient
    <FONT style="white-space: nowrap">follow-up</FONT>
    that seems appropriate in view of the results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of clinical sites included in the clinical
    trials;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the length of time required to enroll suitable patient subjects.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Due to the uncertainty regarding the timing and regulatory
    approval of clinical trials and preclinical studies, our future
    expenditures are likely to be highly volatile in future periods
    depending on the outcomes. From time to time, we will make
    determinations as to how much funding to direct to these
    programs in response to their scientific, clinical and
    regulatory success, anticipated market opportunity and the
    availability of capital to fund our programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In developing our product candidates, we are subject to a number
    of risks that are inherent in the development of products based
    on innovative technologies. For example, it is possible that our
    vaccines may be ineffective or toxic, or will otherwise fail to
    receive the necessary regulatory clearances, causing us to
    delay, extend or terminate our product development efforts. Any
    failure by us to obtain, or any delay in obtaining, regulatory
    approvals could cause our research and development expenditures
    to increase which, in turn, could have a material adverse effect
    on our results of operations and cash flows. Because of the
    uncertainties of clinical trials, estimating the completion
    dates or cost to complete our research and development programs
    is highly speculative and subjective. As a result of these
    factors, we are unable to accurately estimate the nature, timing
    and future costs necessary to complete the development of our
    product candidates. In addition, we are unable to reasonably
    estimate the period when material net cash inflows could
    commence from the sale, licensing or commercialization of such
    product candidates, if ever.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">General
    and Administrative Expense</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our general and administrative expenses were $2,914,845 in 2009,
    $2,970,068 in 2008 and $2,784,182 in 2007. General and
    administrative costs include officers&#146; salaries, legal and
    accounting costs, patent costs, amortization expense associated
    with intangible assets, and other general corporate expenses.
    General and administrative expense includes stock-based
    compensation expense of $994,011, $1,525,008 and $1,234,380 for
    2009, 2008 and 2007, respectively (see discussion below). We
    expect that general and administrative expenses may increase in
    the future in support of expanded research and development
    activities and other general corporate activities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation Expense</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recorded total stock-based compensation expense of
    $1,298,665, $2,019,049 and $1,518,496 during the years ended
    December&#160;31, 2009, 2008 and 2007, respectively, which was
    allocated to research and development expense or general and
    administrative expense according to the classification of cash
    compensation paid to the employee, consultant or director to
    whom the stock compensation was granted. In addition to amounts
    related to the issuance of stock options to employees, the
    figures include amounts related to common stock and stock
    purchase warrants issued to consultants. For the three years
    ended December&#160;31, 2009, stock-based compensation expense
    was allocated as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General and administrative expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    994,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,525,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,234,383
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Research and development expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    304,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    494,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stock option expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,298,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,019,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,518,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other
    Income</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest income was $31,080 in 2009, $73,200 in 2008 and $62,507
    in 2007. The variances between years are primarily attributable
    to the cash available for investment and to interest rate
    fluctuations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Impact of
    Inflation</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the three year period ended December&#160;31, 2009, we do
    not believe that inflation and changing prices had a material
    impact on our operations or on our financial results.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures about Market Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our exposure to market risk is limited primarily to interest
    income sensitivity, which is affected by changes in the general
    level of United States interest rates, particularly because a
    significant portion of our investments are in short-term bank
    certificates of deposits and institutional money market funds.
    The primary objective of our investment activities is to
    preserve principal while at the same time maximizing the income
    received without significantly increasing risk. Due to the
    nature of our short-term investments, we believe that we are not
    subject to any material market risk exposure. We do not have any
    derivative financial instruments or foreign currency instruments.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not entered into off-balance sheet financing
    arrangements, other than operating leases.
</DIV>
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<A name='111'>
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    <B><FONT style="font-family: 'Times New Roman', Times">BUSINESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax is a biotechnology company dedicated to developing
    vaccines that prevent and fight HIV infections that result in
    AIDS. We have preventative vaccines being evaluated in a Phase
    2a human clinical trial in individuals who are not HIV infected
    and have recently received permission to conduct a Phase 1 human
    therapeutic clinical trial in individuals who are HIV infected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our preventative vaccines seek to prevent the progression of an
    HIV infection to AIDS and reduce the possibility for HIV
    transmission. Our therapeutic vaccines target reducing viral
    load in HIV infected individuals with a view to reducing or
    eliminating the need for oral medications, and thereby reducing
    the cost of treatment and detrimental side effects associated
    with current drug treatments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccines under development address the clade B version of
    HIV most prevalent in the developed world and have been shown to
    induce strong T-cell and antibody immune responses in non-human
    primates against the primate version of the HIV virus. Our goals
    include raising funds for developing additional HIV vaccines for
    global markets that have a different version of the virus,
    manufacturing and testing these vaccines under Good
    Manufacturing and Good Laboratory Procedures consistent with FDA
    guidelines, conducting human trials for vaccine safety and
    effectiveness, and obtaining regulatory approvals to advance the
    development and commercialization of our vaccines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our preventative vaccine is one of only five vaccine candidates
    out of more than 80 tested by the HVTN in Phase 1 human clinical
    trials to have progressed to Phase 2 testing. Based on current
    enrollment progress, we expect the Phase 2a trial to be
    completed during 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The IND application we filed with the FDA in late February 2010
    to support our request to test our therapeutic vaccine in a
    Phase 1 human clinical trial is based on promising summary data
    from three pilot studies we conducted of therapeutic vaccination
    in simian immunodeficiency virus infected non-human primates. We
    expect the Phase 1 trial to generate vaccine performance data
    within 14 to 17&#160;months and trial completion, with full
    enrollment, within 36&#160;months after the date of first
    patient enrollment,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccine candidates incorporate two delivery components: a
    recombinant DNA (deoxyribonucleic acid); and a recombinant
    poxvirus, MVA, which both deliver genes that encode inactivated
    HIV derived proteins to the immune system. Both components are
    designed to support production of non-infectious virus-like
    particles in vaccinated individuals that prime and boost immune
    responses. When properly administered in series, our vaccine
    candidates induce strong T-cell and antibody responses in
    non-human primates against multiple HIV proteins.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Both the DNA and MVA vaccines contain sufficient HIV-1 genes to
    support the production of non-infectious virus-like particles in
    vaccinated people which display forms of proteins that appear
    authentic to the immune system. When used together, the
    recombinant DNA component is used to prime immune responses
    which are boosted by administration of the recombinant MVA
    component. In certain settings the recombinant MVA alone may be
    sufficient for priming and boosting the immune responses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also conducting preclinical research on the impact of
    adding adjuvants, which are immune system stimulants, to our
    vaccine components to see if this can improve the effectiveness
    of our vaccine candidates. This work is being funded by the NIH
    through an IPCAVD grant to GeoVax. Pre-clinical animal trials
    have been conducted, with very encouraging results. If the
    activities funded by the IPCAVD grant are successful, it may
    result in a secondary clinical program for the development of
    the next generation of our HIV/AIDS vaccines.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our primary business is conducted by our subsidiary, GeoVax,
    Inc., which was incorporated under the laws of Georgia in June
    2001. The predecessor of our parent company, GeoVax Labs, Inc.
    (the reporting entity) was originally incorporated in June 1988
    under the laws of Illinois as Dauphin Technology, Inc., or
    Dauphin. In September 2006, Dauphin completed a merger with
    GeoVax, Inc. As a result of that merger, GeoVax, Inc. became a
    wholly-owned subsidiary of Dauphin, and Dauphin changed its name
    to GeoVax Labs,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Inc. Unless otherwise indicated, information for periods prior
    to the September 2006 merger is that of GeoVax, Inc. In June
    2008, the Company was reincorporated under the laws of Delaware.
    We currently do not conduct any business other than GeoVax,
    Inc.&#146;s business of developing new products for the
    treatment or prevention of human diseases.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Overview
    of HIV/AIDS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">What is
    HIV?</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    HIV , is a retrovirus that carries its genetic code in the form
    of ribonucleic acid, or RNA. Retroviruses use RNA and the
    reverse transcriptase enzyme to create DNA from the RNA
    template. The HIV-1 virus invades a human cell and produces its
    viral DNA which is subsequently inserted into the chromosomes,
    which are genetic material of the cell. HIV preferentially
    infects and replicates in helper T-cells (a type of white blood
    cell) that changes the T-cells from immunity producing cells to
    cells that produce and release HIV particles into the blood
    stream. This process results in the destruction of the immune
    defense system of the infected individual and ultimately, the
    development of AIDS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are several AIDS-causing HIV virus subtypes, or
    &#147;clades&#148;, that are found in different regions of the
    world. These subtypes are identified as subtype A, subtype B on
    through C, D, E, F, etc. The predominant subtype found in
    Europe, North America, South America, Japan and Australia is B
    whereas the predominant subtypes in Africa are A and C. In India
    the predominant subtype is C. Each subtype is at least 20%
    different in its genetic sequence from other subtypes. These
    differences may mean that any vaccines or treatments developed
    against one subtype may only be partially effective or
    ineffective against other subtypes. Thus there is often a
    geographical focus to designing and developing vaccines suited
    for the local clade.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    HIV, even within subtypes, has a high rate of mutation that
    supports a significant level of genetic variation. In drug
    treatment programs, virus mutation can result in the development
    of drug resistance, referred to as virus drug escape, thereby
    rendering drug therapy ineffective. Hence, we believe that
    multi-drug therapy is very important. If several drugs are
    active against virus replication, the virus must undergo
    multiple simultaneous mutations to escape, which is less likely.
    The same is true for immune responses. HIV can escape single
    targeted immune responses. However, our scientists believe if an
    immune response is directed against multiple targets (called
    epitopes), virus escape is much less frequent. Vaccination
    against more than one of the proteins found in HIV increases the
    number of targets for the immune response as well as the chance
    that HIV will not escape the vaccine-stimulated immune response,
    thus resulting in protection against infection or the
    development of clinical AIDS once infection occurs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">What is
    AIDS?</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AIDS is the final, life-threatening stage of infection with the
    virus known as HIV. Infection with HIV severely damages the
    immune system, the body&#146;s defense against disease. HIV
    infects and gradually destroys T-cells and macrophages, which
    are white blood cells that play key roles in protecting humans
    against infectious disease caused by viruses, bacteria, fungi
    and other micro-organisms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Opportunistic infections by organisms, normally posing no
    problem for control by a healthy immune system, can ravage
    persons with immune systems damaged by HIV infections.
    Destruction of the immune system occurs over years; the average
    onset of the clinical disease recognized as AIDS occurs after
    three to ten years of HIV infection if the virus is not treated
    effectively with drugs; but the time to developing AIDS is
    highly variable.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AIDS in humans was first identified in the United States in
    1981, but researchers believe that it was present in Central
    Africa as early as 1959. AIDS is most often transmitted sexually
    from one person to another but it is also transmitted by blood
    in shared needles and through pregnancy and childbirth.
    Heterosexual activity is the most frequent route of transmission
    worldwide.
</DIV>

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    The level of virus in blood, known as viral load, is the best
    indicator of the speed with which an individual will progress to
    AIDS, as well as the frequency with which an individual will
    spread infection. An
</DIV>
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    estimated 1% or fewer of those infected have low enough levels
    of the virus to preclude progression to disease and to not
    transmit the infection. These individuals are commonly called
    long-term non-progressors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    AIDS is considered by many in the scientific and medical
    community to be the most lethal infectious disease in the world.
    According to the 2008 Report on the Global AIDS Epidemic
    published by UNAIDS, the Joint United Nations Programme on
    HIV/AIDS, the total number of people living with HIV is
    33.4&#160;million globally with approximately 2.7&#160;million
    newly infected in 2008 alone. Approximately 25&#160;million
    people infected with HIV have died since the start of the HIV
    pandemic in 1981. The United States currently suffers about
    56,000 infections per year with the highest rates found in
    Washington, DC where an estimated 3% of the population is
    infected; this is a prevalence rate higher than in some
    developing countries. According to International AIDS Vaccine
    Initiative, or the IAVI, in a model developed with Advanced
    Marketing Commitment dated June 2005, the global market for a
    safe and effective AIDS vaccine is estimated at approximately
    $4&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At present, the standard approach to treating HIV infection is
    to lower viral replication rates through the use of combinations
    of drugs. Available drugs include reverse transcriptase
    inhibitors (RTIs), protease inhibitors (PIs), integration
    inhibitors and inhibitors of cell entry to block multiple
    essential steps in virus replication. However, HIV is prone to
    genetic changes that can produce strains that are resistant to
    currently approved drugs. When HIV acquires resistance to one
    drug within a class, it can often become resistant to the entire
    class, meaning that it may be impossible to re-establish control
    of a genetically altered strain by substituting different drugs
    in the same class. Furthermore, these treatments continue to
    have significant limitations which include toxicity, patient
    non-adherence to the treatment regimens and cost. As a result,
    over time, many patients develop intolerance to these
    medications or simply give up taking the medications due to the
    side effects.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to IAVI, the cost and complexity of new treatment
    advances for AIDS puts them out of reach for most people in the
    countries where treatment is needed the most and as noted above,
    in industrialized nations, where drugs are more readily
    available, side effects and increased rates of viral resistance
    have raised concerns about their long term use. AIDS vaccines,
    therefore, are seen by many as the most promising way to end the
    HIV/AIDS pandemic. It is expected that vaccines for HIV/AIDS,
    once developed, will be used worldwide by any organization that
    provides health care services, including hospitals, medical
    clinics, the military, prisons and schools.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">HIV/AIDS
    Vaccines Being Developed by GeoVax</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccines, initially developed by our Chief Scientific
    Officer, Dr.&#160;Harriet L. Robinson at Emory University in
    collaboration with researchers at the NIH, NIAID and the CDC,
    incorporate two vaccine delivery components: (1)&#160;a
    recombinant DNA and (2)&#160;a recombinant poxvirus, known as
    MVA, both of which deliver genes that encode inactivated HIV
    derived proteins to the immune system. Both the DNA and MVA
    vaccines contain sufficient HIV genes to support the production
    of non-infectious virus-like particles in vaccinated people
    which display forms of proteins that appear authentic to the
    immune system. When used together, the recombinant DNA component
    is used to prime immune responses which are boosted by
    administration of the recombinant MVA component. However, in
    certain settings the recombinant MVA alone may be sufficient for
    priming and boosting the immune responses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial work of the Company was on the development of a
    preventative vaccine for use in uninfected people to limit
    infection, disease and transmission should they be exposed to
    the virus. In 2008, we undertook the development of a
    therapeutic vaccine for use in HIV infected people to supplement
    approved drug regimens. For both preventative and therapeutic
    applications, our current focus is on a vaccine for use against
    clade B, which is common in the United States and the
    industrially developed world. However, if efficacy is documented
    against clade B, we plan to develop vaccines designed for use to
    combat the subtypes that predominate in developing countries
    (clades A, C and AG recombinant).
</DIV>
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    <I><FONT style="font-family: 'Times New Roman', Times">Induction
    of T-cell and Antibody Immune Responses</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our vaccines induce T-cell and antibody immune responses against
    two major HIV-1 proteins, the Gag protein and envelope
    glycoprotein, or Env. The induction of both antibodies and
    T-cells is beneficial because these immune responses work
    through different mechanisms. Antibodies can block viruses from
    infecting cells. The avidity, or tightness, of antibody binding
    to Env of HIV correlates with reduced levels of virus
    replication in experiments completed using non-human primates.
    This result most likely reflects a tightly bound antibody that
    is blocking HIV infection as well as tagging the virus for
    destruction. The MVA vaccine also induces HIV specific IgA,
    which functions to protect mucosal surfaces and can be measured
    in rectal secretions. Both vaccines elicit CD8 T-cells, a type
    of T-cell that can recognize and kill cells that become infected
    by virus. CD8 T-cells are important for the control of the virus
    that has established an infection.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">DNA and
    MVA as Vaccine Vectors</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The availability of DNA and MVA vaccine delivery vectors
    provides GeoVax with the means to design combination vaccines to
    induce different patterns of T-cell and antibody responses.
    Specifically, the use of DNA to prime immune responses and MVA
    to boost elicits higher levels of T-cells and thus this format
    is well-suited for either preventative or therapeutic uses.
    Alternatively, the use of MVA alone to both prime and boost the
    immune response elicits higher levels of antibodies and is
    therefore well-suited for use in prevention.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    MVA was selected for use as a viral vaccine because of its well
    established safety record and because of the ability of
    recombinants of this vector to carry other viral proteins to
    induce protective responses for a number of viral diseases;
    these effects were demonstrated in preclinical animal models.
    MVA was originally developed as a safer smallpox vaccine for use
    in immune compromised humans by further attenuating the standard
    smallpox vaccine. The attenuation (loss of disease causing
    ability) was accomplished by making over 500 passages of the
    virus in chicken embryos or chick embryo fibroblasts which
    resulted in large genomic deletions. These deletions affected
    the ability of MVA to replicate in human cells, which is the
    cause of safety problems, but did not compromise the ability of
    MVA to grow on avian cells that are used for manufacturing the
    virus. The deletions also resulted in the loss of immune evasion
    genes which assist the spread of wild type smallpox infections,
    even in the presence of human immune responses. MVA was safely
    administered to over 120,000&#160;people in the 1970s to protect
    them against smallpox.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax&#146;s DNA and MVA vaccines express over 66% of the HIV
    protein components and thus, are designed to stimulate immune
    responses with significant breadth. The vaccines cannot cause an
    HIV infection or AIDS because they do not produce the complete
    virus. We believe that the vaccines could provide multi-target
    protection against the AIDS virus, thus preventing infection and
    in those that do become infected, limiting virus escape, large
    scale viral replication and the onset of clinical signs of AIDS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Preclinical
    Studies</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the development of our vaccines, multiple efficacy trials
    were conducted using non-human primates (rhesus macaques)
    infected with experimental viruses that cause AIDS-like disease
    in these animals. The experimental data produced by these trials
    documented the ability of prototypes of our vaccines to induce
    immune responses that can prevent infection as well as reduce
    the levels of viral replication in those animals that become
    infected, depending on the experimental design of the trials.
    For example, challenge studies completed by infecting animals
    using the rectal route and a dose estimated to be 40 to 400
    times the typical human challenge dose were used to demonstrate
    that vaccination using our adjuvant product can prevent, not
    just control, infections in approximately 25% of the animals,
    even after 12 experimental challenges. For therapeutic studies
    rhesus macaques were infected with virus, placed on
    antiretroviral drugs, which mimic those used in humans, and
    vaccinated prior to ceasing drug therapy. Animals that were
    removed from drug therapy without vaccination experienced viral
    rebounds to the levels found prior to drug therapy whereas
    vaccinated animals had the ability to control virus replication
    at reduced levels; some approaching 1000-fold reductions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on our preventative vaccination studies in animals, the
    FDA allowed the vaccines to be tested in Phase 1 trials in HIV
    uninfected humans. The use of the vaccines for a therapeutic in
    HIV infected humans
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    has also recently been allowed by the FDA, and our goal is to
    initiate a Phase 1 clinical trial in the first half of 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Preventative
    Vaccine&#160;&#151; Phase 1 Human Clinical Trials</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of our preventative vaccination trials in humans have been
    conducted by the HVTN, a network that is funded and supported by
    the NIH. The HVTN is the largest worldwide clinical trials
    network focused on the development and testing of HIV/AIDS
    vaccines. The GeoVax vaccine tested by the HVTN is designed for
    use where clade B infections are most common, specifically in
    North America and Western Europe. In our first Phase 1 trial,
    HVTN 045,&#160;our DNA vaccine was tested alone to document its
    safety and immunogenicity. Our second trial, HVTN 065, was
    designed to test the combined use of DNA and MVA and consisted
    of a dose escalation for DNA delivered at 0 and 8&#160;weeks and
    MVA delivered at 16 and 24&#160;weeks, a DDMM regimen. The low
    dose consisted of 0.3&#160;mg of DNA and 1x10
    <SUP style="font-size: 85%; vertical-align: top">7</SUP> tissue

    culture infectious doses
    (TCID<SUB style="font-size: 85%; vertical-align: text-bottom">
    50</SUB>) of MVA. Once safety was demonstrated for the low dose
    in 10 participants, the full dose (3&#160;mg of DNA and 1x10
    <SUP style="font-size: 85%; vertical-align: top">8</SUP>

    TCID<SUB style="font-size: 85%; vertical-align: text-bottom">
    50</SUB> of MVA) was administered to 30 participants. A single
    dose of DNA at time 0 followed by MVA at weeks 8 and 24, a DMM
    regimen, and three doses of MVA at weeks 0, 8 and 24, an MMM
    regimen, were also tested in 30 participants each. Participants
    were followed for 12&#160;months for safety and immune responses
    measurements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Data from the HVTN 065 trial again documented the safety of the
    vaccine products but also showed that the DDMM and MMM regimens
    induced different patterns of immune responses. The full dose
    DDMM regimen induced higher response rates for CD4+ T-cell (77%)
    and CD8+ T-cells (42%) compared to the MMM regimen (43% CD4+ and
    17% CD8+ response rates). In contrast, the highest response
    rates and titers of antibodies to the HIV Env protein were
    induced in the group that received only the MVA using the MMM
    regimen. Antibody response rates were documented to be higher
    for the MMM group using three different assays designed to
    measure total binding antibody levels for the immune dominant
    gp41 portion of the Env protein (27% for DDMM and 75% for MMM),
    binding of antibodies to the form of Env in the vaccines,
    designated ADA gp140, (81% for DDMM and 86% for MMM)&#160;and
    neutralizing antibodies (7% for DDMM and 30% for MMM). The
    1/10th&#160;dose DDMM regimen induced overall similar T-cell
    responses but reduced antibody responses while the response
    rates were intermediate in the DMM group.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Preventative
    Vaccine&#160;&#151; Phase 2 Human Clinical Trials</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on the safety and the immunogenicity results in the HVTN
    045 and HVTN 065 trials, the use of two full dose DNA priming
    immunizations followed by two full dose MVA booster
    immunizations was selected for testing by the HVTN in a Phase 2a
    trial (designated HVTN 205)&#160;which commenced patient
    enrollment in February 2008. While more than 80 experimental HIV
    vaccines have been completed by the HVTN in Phase 1 trials, only
    five vaccine candidates, including the GeoVax vaccine candidate,
    have progressed to Phase 2 trials since 1992. The Phase 2a trial
    is designed to produce a larger database of safety and
    immunogenicity data in low risk individuals before proceeding to
    a Phase 2b trial in high risk individuals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The HVTN 205 trial was originally designed to test only the DDMM
    regimen, which consists of two DNA primes followed by two MVA
    boosts, but it is currently being amended to include testing the
    MVA priming and boosting regimen, or MMM,&#160;using an
    additional 75 participants. The addition of an amendment to add
    the MMM arm was triggered by two factors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the success of the U.S.&#160;Military-Thailand Phase 3 trial,
    the first successful HIV-1 vaccine efficacy trial, which was
    completed with a vaccine component that did not elicit high
    T-cell responses;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    recent data from our ongoing studies in non-human primates
    showing that the MMM vaccine protected as well as the more
    complex DDMM regimen against infection by repeated challenge
    using the rectal route.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect the Phase 2a trial, parts A and B to require another
    18 to 24&#160;months to complete.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming the vaccine safety and immunogenicity profiles remain
    promising, the next stage will be a Phase 2b proof of concept
    trial in high risk individuals. GeoVax is currently
    manufacturing vaccine material for this trial so that
    progression through the development path can proceed smoothly.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Therapeutic
    Vaccine&#160;&#151; Phase 1 Human Clinical Trials</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To help serve those people who are already infected with HIV,
    the Company is testing its vaccine for the ability to
    supplement, or even supplant, the need for antiretroviral
    therapeutic drugs in HIV-infected individuals. Antiretroviral
    therapeutic drugs, which are taken for life by individuals once
    infected with HIV, have side effects and are expensive, costing
    on average $18,000 per year. Thus the need for improved
    therapies is well known.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In July 2008, we reported summary data from three pilot studies
    on therapeutic vaccination in simian immunodeficiency virus, or
    SIV, infected non-human primates; the vaccine used was specific
    for SIV but with the design features of our HIV/AIDS vaccine. In
    these pilot studies, conducted at Emory, the immune systems of a
    subset of the infected and then vaccinated animals were able to
    control the infection with 100 to 1000 times reductions in viral
    levels post the cessation of drugs. Based on these results, in
    late February 2010 we filed an IND with the FDA to support Phase
    1 clinical testing in HIV infected individuals. The Company
    recently received permission to begin the trial. This initial
    trial will be conducted in Atlanta and enroll individuals who
    began successful antiretroviral therapeutic drug treatment
    within the first year of HIV infection. The goal of this trial
    is to document the safety and immunogenicity of the vaccine
    using the DDMM regimen in patients with well-controlled
    infections. We expect the Phase 1 trial to generate vaccine
    performance data within 14 to 17&#160;months and trial
    completion, with full enrollment, within 36&#160;months after
    the date of first patient enrollment,
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Preclinical
    preventative studies using Granulocyte/Monocyte-Colony
    Stimulating Factor (GM-CSF)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax&#146;s research pipeline includes the use of adjuvants
    with its DNA/MVA vaccine. One of these, GM-CSF, is a protein
    produced as a normal function of immune responses. GM-CSF has
    been used with success in non-human primate experiments wherein
    the rate for preventing infection by a total of twelve moderate
    dose challenges through the rectal site was increased.
    Specifically, using the DDMM regimen and a DNA vaccine
    co-expressing GM-CSF resulted in an increased protection rate
    from approximately 25% to 70%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Support
    from the Federal Government</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of our Phase 1 human clinical trials to date, and our
    ongoing Phase 2a trial, with the exception of the therapeutic
    clinical trial we expect to begin in the first half of 2010,
    have been conducted by the HVTN and funded by NIH-NIAID. Our
    responsibility for these trials has been to provide sufficient
    supplies of vaccine materials and technical expertise when
    necessary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2007, we were the recipient of the IPCAVD grant to
    support our HIV/AIDS vaccine program, which was subsequently
    amended such that the total award now totals approximately
    $18.3&#160;million. This grant was awarded by the NIH-NIAID. The
    project period for the grant is over the five-year period that
    commenced October 2007. The grant is subject to annual renewal
    with the latest grant award covering the period from September
    2009 through August 2010. 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. We are utilizing this funding to
    further our HIV/AIDS vaccine development, optimization and
    production, including the GM-CSF adjuvant program.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Government
    Regulation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Regulation by governmental authorities in the United States and
    other countries is a significant factor in our ongoing research
    and development activities and in the manufacture of our
    products under development. Complying with these regulations
    involves a considerable amount of time and expense.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the United States, drugs are subject to rigorous federal and
    state regulation. The Federal Food, Drug and Cosmetic Act, as
    amended, or the FDC Act, and the regulations promulgated
    thereunder, and other federal and state statutes and regulations
    govern, among other things, the testing, manufacture, safety,
    efficacy, labeling, storage, record keeping, approval,
    advertising and promotion of medications and medical devices.
    Product development and approval within this regulatory
    framework is difficult to predict, takes a number of years and
    involves great expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The steps required before a pharmaceutical agent may be marketed
    in the United States include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pre-clinical laboratory tests, in vivo pre-clinical studies and
    formulation studies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the submission to the FDA of an IND application for human
    clinical testing which must become effective before human
    clinical trials can commence;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adequate and well-controlled human clinical trials to establish
    the safety and efficacy of the product;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the submission of a New Drug Application to the FDA;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    FDA approval of the New Drug Application prior to any commercial
    sale or shipment of the product.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of these steps is described further below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to obtaining FDA approval for each product, each
    domestic manufacturing establishment must be registered with,
    and approved by, the FDA. Domestic manufacturing establishments
    are subject to biennial inspections by the FDA and must comply
    with the FDA&#146;s Good Manufacturing Practices for products,
    drugs and devices.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Pre-Clinical
    Testing</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pre-clinical testing includes laboratory evaluation of chemistry
    and formulation, as well as cell culture and animal studies to
    assess the potential safety and efficacy of the product.
    Pre-clinical safety tests must be conducted by laboratories that
    comply with FDA GLP regulations. The results of pre-clinical
    testing are submitted to the FDA as part of the IND application
    and are reviewed by the FDA prior to the commencement of human
    clinical trials. Unless the FDA objects to an IND, the IND
    becomes effective 30&#160;days following its receipt by the FDA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clinical trials involve the administration of the AIDS vaccines
    to healthy volunteers or to patients under the supervision of a
    qualified principal investigator. Clinical trials are conducted
    in accordance with the FDA GLP regulations under protocols that
    detail the objectives of the study, the parameters to be used to
    monitor safety and the efficacy criteria to be evaluated. Each
    protocol must be submitted to the FDA as part of the IND.
    Further, each clinical study must be conducted under the
    auspices of an independent institutional review board at the
    institution where the study will be conducted. The institutional
    review board will consider, among other things, ethical factors,
    the safety of human subjects and the possible liability of the
    institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clinical trials are typically conducted in three sequential
    phases, but the phases may overlap. In Phase 1, the initial
    introduction of the product into healthy human subjects, the
    vaccine is tested for safety (including adverse side effects)
    and dosage tolerance. Phase 2 is the proof of principal stage
    and involves trials in a limited patient population to determine
    the utility of the product for inducing the desired effect for
    specific, targeted indications, and to determine dosage
    tolerance and optimal dosage and identify possible adverse side
    effects and safety risks. When there is evidence that the
    product may be effective and has an acceptable safety profile in
    Phase 2 evaluations, Phase 3 trials are undertaken to further
    evaluate clinical efficacy and to test for safety within an
    expanded patient population at geographically dispersed
    multi-center clinical study sites. The manufacturer or the FDA
    may suspend clinical trials at any time if either believes that
    the individuals participating in the trials are being exposed to
    unacceptable health risks.
</DIV>
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    <I><FONT style="font-family: 'Times New Roman', Times">New Drug
    Application and FDA Approval Process</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The results and details of the pre-clinical studies and clinical
    studies are submitted to the FDA in the form of a New Drug
    Application. If the New Drug Application is approved, the
    manufacturer may market the product in the United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">International
    Approval</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whether or not the FDA has approved the drug, approval of a
    product by regulatory authorities in foreign countries must be
    obtained prior to the commencement of commercial sales of the
    drug in such countries. The requirements governing the conduct
    of clinical trials and drug approvals vary widely from country
    to country, and the time required for approval may be longer or
    shorter than that required for FDA approval.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Regulations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to FDA regulations, our business activities may also
    be regulated by the Occupational Safety and Health Act, the
    Environmental Protection Act, the Toxic Substances Control Act,
    the Resource Conservation and Recovery Act and other present and
    potential future federal, state or local regulations. Violations
    of regulatory requirements at any stage may result in various
    adverse consequences, including regulatory delay in approving or
    refusal to approve a product, enforcement actions, including
    withdrawal of approval, labeling restrictions, seizure of
    products, fines, injunctions
    <FONT style="white-space: nowrap">and/or</FONT> civil
    or criminal penalties. Any product that we develop must receive
    all relevant regulatory approvals or clearances before it may be
    marketed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Competition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There currently is no FDA licensed and commercialized HIV/AIDS
    vaccine or competitive vaccine available in the world market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are several small and large biopharmaceutical companies
    pursuing HIV/AIDS vaccine research and development, including
    Novartis, Wyeth, Sanofi-Aventis, Glaxo-Smith Kline and the NIH
    Vaccine Research Center. Other HIV/AIDS vaccines are in varying
    stages of research, testing and clinical trials including those
    supported by the IAVI, the European Vaccine Initiative, and the
    South African AIDS Vaccine Initiative, as well as others.
    Following the reported failure of the Merck vaccine in September
    2007, the Merck vaccine program and the NIH Vaccine Research
    Center vaccine program, which both use Ad5 vectors, were placed
    on hold. Since then, the NIH Vaccine Research Center product has
    moved into an experimental Phase 2b trial to learn more about
    immune responses and AIDS control. This trial has been
    restricted to the roughly 50% of U.S. citizens who do not have
    high levels of antibodies to the Ad5 vector used in the vaccine
    and to men who are circumcised.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In October 2009, the results from a Phase 3 community based
    trial in Thailand using a recombinant canarypox as a priming
    vaccine and a bivalent form of the gp120 subunit of Env as a
    protein booster vaccine were reported; protection against HIV
    infection at the rate of 31% was reported. This level of
    protection was significant in a &#147;modified intent to
    treat&#148; analysis in which the seven participants in the
    16,500&#160;person trial who had become infected by the day of
    the first inoculation were excluded. The manufacturer of the
    ALVAC portion of the vaccine, Sanofi Pasteur, and the gp120
    portion, Global Solutions for Infectious Diseases, did not have
    additional vaccine in stock at the time of the announcement and
    it is currently unclear how they plan to follow up on their
    finding. The results of this trial are highly encouraging
    because they represent the first success of an AIDS vaccine in
    humans and demonstrate that a vaccine can prevent HIV infections.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To our knowledge, none of our competitors&#146; products have
    been tested in large scale non-human primate trials that have
    both included experimental infection through the rectal site and
    shown to induce levels of protection or duration of protection
    comparable to that achieved using experimental prototypes of
    GeoVax&#146;s vaccines. Furthermore, many competitor vaccine
    development programs require vaccine compositions which are much
    more complicated than ours. For these reasons, we believe that
    it may be possible for our vaccine to compete successfully in
    the marketplace if licensed.
</DIV>
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    35
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Overall, the biopharmaceutical industry is competitive and
    subject to rapid and substantial technological change.
    Developments by others may render our proposed vaccination
    technologies noncompetitive or obsolete, or we may be unable to
    keep pace with technological developments or other market
    factors. Technological competition in the industry from
    pharmaceutical and biotechnology companies, universities,
    governmental entities and others diversifying into the field is
    intense and is expected to increase. Many of the pharmaceutical
    companies that compete with us have significantly greater
    research and development capabilities than we have, as well as
    substantially more marketing, manufacturing, and financial
    resources. In addition, acquisitions of, or investments in,
    small pharmaceutical or biotechnology companies by such large
    corporations could increase their research, financial,
    marketing, manufacturing and other resources. Competitor
    technologies may ultimately prove to be safer, more effective or
    less costly than any vaccine that we develop.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    FDA and other regulatory approvals of our vaccines have not yet
    been obtained and we have not yet generated any revenues from
    product sales. Our future competitive position depends on our
    ability to obtain FDA and other regulatory approvals of our
    vaccines and to license or sell the vaccines to third parties on
    favorable terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Intellectual
    Property</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will be able to protect our proprietary rights from
    unauthorized use by third parties only to the extent that our
    proprietary rights are described by valid and enforceable
    patents or are effectively maintained as trade secrets.
    Accordingly, we are pursuing and will continue to pursue patent
    protection for our proprietary technologies developed through
    our collaboration between Emory, the NIH, and the CDC, or
    developed by us alone. Patent applications have been filed with
    the United States Patent and Trademark Office and in specific
    international markets (countries). Patent applications include
    provisions to cover our DNA and MVA based HIV vaccines, their
    genetic inserts expressing multiple HIV protein components,
    composition, structure, claim of immunization against multiple
    subtypes of HIV, routes of administration, safety and other
    related factors. Patent claims filed for our vaccines include
    provisions for their therapeutic and prophylactic use against
    two diseases: specifically, HIV and smallpox.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are the exclusive, worldwide licensee of a number of patents
    and patent applications, which we refer to as the &#147;Emory
    Technology&#148;, owned, licensed or otherwise controlled by
    Emory for HIV or smallpox vaccines pursuant to a License
    Agreement originally entered into on August&#160;23, 2002 and
    restated on June&#160;23, 2004, which we refer to as the Emory
    License. Through the Emory License we are also a non-exclusive
    licensee of patents owned by the NIH related to the ability of
    our MVA vector vaccine to operate as a vehicle to deliver HIV
    virus antigens, and also to induce an immune response in humans.
    All of our obligations with respect to the NIH-owned MVA patents
    are covered by the Emory License. Currently, there are five
    issued patents and five pending patent applications in the
    United States subject to the Emory License, as well as 26 issued
    patents and 19 pending patent applications in other countries.
    Four of the five issued patents expire in 2026. The fifth issued
    patent will expire at a later date that has not yet been
    determined. The Emory License expires on the expiration date of
    the last to expire of the patents licensed thereunder including
    those that are issued on patents currently pending; we will
    therefore not know the final termination date of the Emory
    License until such patents are issued. The Company may terminate
    the Emory License upon 90&#160;days&#146; written notice. The
    Emory License also contains standard provisions allowing Emory
    to terminate upon breach of contract by the Company or upon the
    Company&#146;s insolvency or bankruptcy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Emory License, among other contractual obligations, requires
    payments based on the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Milestone Payments.</I>&#160;&#160;An aggregate of $3,450,000
    is potentially due to Emory in the future upon the achievement
    of clinical development and regulatory approval milestones as
    defined in the agreement. To date, we have paid a nominal
    milestone fee upon entering Phase 2 clinical trials for our
    preventative HIV/AIDS vaccine.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Maintenance Fees.</I>&#160;&#160;The Company has achieved the
    specified milestones and met its obligations with regard to the
    related payments, and no maintenance fees are (or will be) owed
    to Emory.
</TD>
</TR>

</TABLE>
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    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Royalties.</I>&#160;&#160;Upon commercialization of products
    covered by the Emory License, we will owe royalties to Emory of
    between 5% and 7.5%, depending on annual sales volume, of net
    sales made directly by GeoVax. The agreement also requires
    minimum annual royalty payments of $3&#160;million in the third
    year following product launch, increasing annually to
    $12&#160;million in the sixth year.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Sublicense Royalties.</I>&#160;&#160;In the event that we
    sublicense a covered product to a third party, we will owe
    royalties to Emory based on all payments, cash or noncash, we
    receive from our sublicensees. Those royalties will be 19% of
    all sublicensing consideration we receive prior the first
    commercial sale of a related product; commencing with the first
    commercial sale, the royalty owed to Emory will be 27.5% of all
    sublicensing consideration we receive.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Patent Reimbursements.</I>&#160;&#160;During the term of the
    Emory License we are obligated to reimburse Emory for ongoing
    third party costs in connection with the filing, prosecution and
    maintenance of patent applications subject to the Emory License.
    The expense associated with these ongoing patent cost
    reimbursements to Emory amounted to $85,673, $102,141, and
    $243,653 for the years ended December&#160;31, 2009, 2008 and
    2007, respectively.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may only use the Emory Technology for therapeutic or
    prophylactic HIV or smallpox vaccines. Emory also reserved the
    right to use the Emory Technology for research, educational and
    non-commercial clinical purposes. Due to the use of federal
    funds in the development of the Emory Technology, the United
    States Government has the irrevocable, royalty-free,
    <FONT style="white-space: nowrap">paid-up</FONT>
    right to practice and have practiced certain patents throughout
    the world, should it choose to exercise such rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also the exclusive licensee of five patents from MFD,
    Inc., which we refer to as the MFD Patents, pursuant to a
    license agreement dated December&#160;26, 2004, related to
    certain manufacturing processes used in the production of our
    vaccines. Pursuant to the MFD license agreement, we obtained a
    fully paid, worldwide, irrevocable, exclusive license in and to
    the MFD Patents to use, market, offer for sale, sell, lease and
    import for any AIDS and smallpox vaccine made with GeoVax
    technology and non-exclusive rights for other products. The term
    of the MFD license agreement ends on the expiration date of the
    last to expire of the MFD Patents. These patents expire in 2017
    through 2019.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to patent protection, we also attempt to protect our
    proprietary products, processes and other information by relying
    on trade secrets and non-disclosure agreements with our
    employees, consultants and certain other persons who have access
    to such products, processes and information. Under these
    agreements, all inventions conceived by employees are our
    exclusive property. Nevertheless, there can be no assurance that
    these agreements will afford significant protection against
    misappropriation or unauthorized disclosure of our trade secrets
    and confidential information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot be certain that any of the current pending patent
    applications we have licensed, or any new patent applications we
    may file or license, will ever be issued in the United States or
    any other country. Even if issued, there can be no assurance
    that those patents will be sufficiently broad to prevent others
    from using our products or processes. Furthermore, our patents,
    as well as those we have licensed or may license in the future,
    may be held invalid or unenforceable by a court, or third
    parties could obtain patents that we would need to either
    license or to design around, which we may be unable to do.
    Current and future competitors may have licensed or filed patent
    applications or received patents, and may acquire additional
    patents and proprietary rights relating to products or processes
    competitive with ours.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not a party to any litigation, opposition, interference,
    or other potentially adverse proceeding with regard to our
    patent positions. However, if we become involved in litigation,
    interference proceedings, oppositions or other intellectual
    property proceedings, for example as a result of an alleged
    infringement, or a third-party alleging an earlier date of
    invention, we may have to spend significant amounts of money and
    time and, in the event of an adverse ruling, we could be subject
    to liability for damages, invalidation of our intellectual
    property and injunctive relief that could prevent us from using
    technologies or developing products, any of which could have a
    significant adverse effect on our business financial condition
    and results of operation. In addition, any claims relating to
    the infringement of third-party proprietary rights, or earlier
    date of invention, even if not meritorious, could result in
    costly litigation, lengthy governmental proceedings, divert
</DIV>
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    management&#146;s attention and resources and require us to
    enter royalty or license agreements which are not advantageous
    if available at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Manufacturing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not have the facilities or expertise to manufacture any of
    the clinical or commercial supplies of any of our products. To
    be successful, our products must be manufactured in commercial
    quantities in compliance with regulatory requirements and at an
    acceptable cost. To date, we have not commercialized any
    products, nor have we demonstrated that we can manufacture
    commercial quantities of our product candidates in accordance
    with regulatory requirements. If we cannot manufacture products
    in suitable quantities and in accordance with regulatory
    standards, either on our own or through contracts with third
    parties, it may delay clinical trials, regulatory approvals and
    marketing efforts for such products. Such delays could adversely
    affect our competitive position and our chances of achieving
    profitability. We cannot be sure that we can manufacture, either
    on our own or through contracts with third parties, such
    products at a cost or in quantities which are commercially
    viable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently rely and intend to continue to rely on third-party
    contract manufacturers to produce vaccines needed for research
    and clinical trials. We have entered into arrangements with
    third party manufacturers for the supply of our DNA and MVA
    vaccines for use in our planned clinical trials. These suppliers
    operate under current GMP regulations established by the FDA and
    the European Medicines Agency. We anticipate that these
    suppliers will be able to provide sufficient vaccine supplies to
    complete our currently planned clinical trials. Various
    contractors are generally available in the United States and
    Europe for manufacture of vaccines for clinical trial
    evaluation, however, it may be difficult to replace existing
    contractors for certain manufacturing and testing activities and
    costs for contracted services may increase substantially if we
    switch to other contractors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Research
    and Development</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our expenditures for research and development activities were
    approximately $4,069,000, $3,741,000 and $1,757,000 during the
    years ended December&#160;31, 2009, 2008 and 2007, respectively.
    As our vaccines continue to go through the process to obtain
    regulatory approval, we expect our research and development
    costs to continue to increase significantly as even larger human
    trials proceed in the United States and foreign countries. We
    have not yet formulated any plans for marketing and sales of any
    vaccine candidate we may successfully develop. Compliance with
    environmental protection laws and regulations has not had a
    material effect on our capital expenditures, earnings or
    competitive position to date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Properties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We lease approximately 8,400&#160;square feet of office and
    laboratory space located at 1900 Lake Park Drive,
    Suite&#160;380, Smyrna, Georgia under a 62&#160;month lease
    agreement which began November&#160;1, 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not currently a party to any material legal proceedings.
    We may from time to time become involved in various legal
    proceedings arising in the ordinary course of business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of March&#160;31, 2010, we had 12&#160;full-time and three
    part-time employees. None of our employees are covered by
    collective bargaining agreements and we believe that our
    employee relations are good.
</DIV>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIRECTORS
    AND EXECUTIVE OFFICERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors
    and Executive Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth certain information with respect
    to our directors and executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="52%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Current Position</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Donald G. Hildebrand
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    69
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chairman of the Board of Directors
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert T. McNally,&#160;Ph.D.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    62
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President and Chief Executive Officer, Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mark J. Newman,&#160;Ph.D.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    55
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President, Research and Development
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mark W. Reynolds, CPA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    48
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chief Financial Officer and Corporate Secretary
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson,&#160;Ph.D.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    72
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chief Scientific Officer, Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Steven S. Antebi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    66
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David A. Dodd(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    60
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dean G. Kollintzas(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    36
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John N. Spencer, Jr., CPA(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    69
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peter M. Tsolinas(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    73
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of the Nominating and Corporate Governance Committee of
    the Board of Directors.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of the Audit Committee and the Compensation Committee of
    the Board of Directors.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Donald G. Hildebrand.</I>&#160;&#160;Mr.&#160;Hildebrand
    joined the Board of Directors as Chairman and became our
    President and Chief Executive Officer upon consummation of the
    merger with GeoVax, Inc. in September 2006. Effective
    April&#160;1, 2008, upon the appointment of Dr.&#160;Robert T.
    McNally as our President and Chief Executive Officer,
    Mr.&#160;Hildebrand executed a consulting agreement with the
    Company and remained as Chairman of the Board.
    Mr.&#160;Hildebrand is a founder of GeoVax, Inc., our
    wholly-owned subsidiary, and served as its President and Chief
    Executive Officer and as a member of its Board of Directors from
    its inception in 2001 to April 2008. Prior to founding GeoVax,
    Mr.&#160;Hildebrand was North American President and Chief
    Executive Officer of Rhone Merieux, Inc., a subsidiary of Rhone
    Merieux, S.A., a world leader in the biopharmaceutical and
    animal health industries. In 1997, Mr.&#160;Hildebrand also
    became Global Vice President of Merial Limited, a position that
    he held until retiring in 2000. Mr.&#160;Hildebrand received his
    bachelor of science in microbiology from the University of
    Wisconsin. The Board of Directors has concluded that
    Mr.&#160;Hildebrand should serve on the Board of Directors by
    virtue of his prior experience in the vaccine industry and his
    intimate knowledge of the Company&#146;s history and technology
    resulting from his prior service as its President and Chief
    Executive Officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Robert T. McNally,&#160;Ph.D.</I>&#160;&#160;Dr.&#160;McNally
    joined the Board of Directors in December 2006 and was appointed
    as our President and Chief Executive Officer effective
    April&#160;1, 2008. From 2000 to March 2008, Dr.&#160;McNally
    served as Chief Executive Officer of Cell Dynamics LLC, a cGMP
    laboratory services company. Previously, Dr.&#160;McNally was
    Senior Vice President of Clinical Research for CryoLife, Inc., a
    pioneering company in transplantable human tissues.
    Dr.&#160;McNally is a Fellow of the American Institute for
    Medical and Biological Engineering, serves on the advisory
    boards of the Petit Institute for Bioengineering and Dupree
    College of Management at the Georgia Institute of Technology,
    and is a former Chairman of Georgia Bio, a trade association.
    Dr.&#160;McNally graduated with a Ph.D. in biomedical
    engineering from the University of Pennsylvania. The Board of
    Directors has concluded that Dr.&#160;McNally should serve on
    its Board of Directors by virtue of his prior business and
    scientific experience, including his experience as Chief
    Executive Officer of Cell Dynamics, LLC and as Senior Vice
    President of Clinical Research for CryoLife, Inc., and due to
    his intimate involvement with the Company&#146;s ongoing
    operations as its President and Chief Executive Officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mark J. Newman,&#160;Ph.D.</I>&#160;&#160;Dr.&#160;Newman
    joined the Company as Vice President, Research and Development
    in January 2010. Prior to joining GeoVax, Dr.&#160;Newman served
    in similar positions at PaxVax, Inc. (from March 2009 to
    December 2009), Pharmexa A/S (from January 2006 to December
    2008), and Epimmune, Inc. (from February 1999 to December 2005).
    He has also served in senior scientific management roles at
    Vaxcel, Inc., Apollon, Inc. and Cambridge Biotech Corp.
    Dr.&#160;Newman&#146;s experience includes directing research,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preclinical development and early stage clinical testing of
    protein, peptide, plasmid DNA and viral vectored vaccines and
    multiple vaccine adjuvants. He has co-authored more than 100
    scientific papers, reviews and book chapters during his
    professional career, and is a named co-inventor on six issued
    U.S.&#160;patents and one European patent, all related to
    vaccine technologies. He has also been awarded multiple federal
    government and foundation grants and contracts to support
    research and early stage clinical development in the field of
    vaccines. Dr.&#160;Newman is a graduate of the Ohio State
    University (B.Sc. and M.Sc.) and received his Ph.D. in
    Immunology from the John Curtin School of Medical Research, the
    Australian National University. He completed four years of
    post-doctoral training at Cornell University and the National
    Cancer Institute, National Institutes of Health and served as a
    full time member of the Louisiana State University faculty prior
    to joining the biotech industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mark W. Reynolds, CPA</I>&#160;&#160;Mr.&#160;Reynolds joined
    the Company on a part-time basis in October 2006 as Chief
    Financial Officer and Corporate Secretary, becoming a full-time
    employee in January 2010. From 2003 to 2006, before being named
    Chief Financial Officer of GeoVax Labs, Inc., Mr.&#160;Reynolds
    provided financial and accounting services to GeoVax, Inc. as an
    independent contractor. From 2004 to 2008, Mr.&#160;Reynolds
    served as Chief Financial Officer for Health Watch Systems, Inc.
    a privately-held company in the consumer healthcare industry.
    From 2004 to 2006, he served as Chief Financial Officer for
    Duska Therapeutics, Inc., a publicly-held biotechnology company.
    From 1988 to 2002, Mr.&#160;Reynolds was first Controller and
    later Chief Financial Officer and Corporate Secretary of CytRx
    Corporation, a publicly-held biopharmaceutical company.
    Mr.&#160;Reynolds began his career as an auditor with Arthur
    Andersen&#160;&#038; Co. from 1985 to 1988. He is a certified
    public accountant and earned a masters of accountancy degree
    from the University of Georgia.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Harriet L.
    Robinson,&#160;Ph.D.</I>&#160;&#160;Dr.&#160;Robinson joined the
    Company as Senior Vice President, Research and Development on a
    part-time basis in November 2007 and on a full-time basis in
    February 2008, and was elected to the Board of Directors in June
    2008. She is a co-founder of GeoVax, Inc. and has served as
    chief of its scientific advisory board since formation of the
    company in 2001. From 1999 to February 2008, Dr.&#160;Robinson
    served as the Asa Griggs Candler Professor of Microbiology and
    Immunology at Emory University in Atlanta, Georgia, and from
    1998 to February 2008 as Chief, Division of Microbiology and
    Immunology, Yerkes National Primate Center and Professor at the
    Emory University School of Medicine. She was Professor,
    Department of Microbiology&#160;&#038; Immunology, at the
    University of Massachusetts Medical Center from 1988 to 1997 and
    Staff, then Senior, then Principal Scientist at the University
    of Massachusetts Worcester Foundation for Experimental Biology
    from 1977 to 1987. She was also a National Science Foundation
    Postdoctoral Fellow at the Virus Laboratory, University of
    California, Berkeley, from 1965 to 1967. Dr.&#160;Robinson
    received a bachelor of arts degree from Swarthmore College and
    M.S. and Ph.D. degrees from the Massachusetts Institute of
    Technology. The Board of Directors has concluded that
    Dr.&#160;Robinson should serve on its Board of Directors by
    virtue of her extensive knowledge of the Company&#146;s
    technology as its scientific founder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Steven S. Antebi.</I>&#160;&#160;Mr.&#160;Antebi joined the
    Board of Directors in March 2010. During the last five years, he
    has served as President of Maple Capital Management, a fund
    focusing on debt and equity investments in North America (May
    2007 to present), President and Chief Executive Officer of
    Galileo Partners LLC (2006 to present), and President of Blue
    and Gold Enterprises Inc.
    <FONT style="white-space: nowrap">(2002-2009),</FONT>
    funds that invest in registered direct investments, PIPE
    transactions, private placements, and open market equity
    transactions. Prior to that, he served for twenty years in
    various senior positions at Bear Stearns and Company, including
    institutional sales, trading the firm&#146;s capital in the over
    the counter market, syndicate distribution, and outside
    investment banking. He has served as a member of the Board of
    Governors of Cedars Sinai Medical Center in Los Angeles, one of
    the largest hospital/research centers in the world, for over ten
    years. He serves as Chairman of the Board of Epinex Diagnostic
    Inc., a late stage development company, creating a rapid
    diagnostic system for testing glycated albumen in diabetics.
    Mr.&#160;Antebi is also the Chairman of the Board of the Royalty
    Review Council, a company doing royalty accounting for web
    casting and digital media, covering all five major record
    labels. The Board of Directors concluded that Mr.&#160;Antebi
    should serve on the Board of Directors because of his
    substantial experience in finance and his experience in
    healthcare and technology.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>David A. Dodd.</I>&#160;&#160;Mr.&#160;Dodd joined the Board
    of Directors in March 2010. He is the Chief Executive Officer of
    RiversEdge BioVentures, an investment and advisory firm focused
    on the life sciences and
</DIV>
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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pharmaceuticals industries, which he founded in 2009. He has
    more than 35&#160;years of executive experience in the
    healthcare industry. From December 2007 to June 2009,
    Mr.&#160;Dodd was President, Chief Executive officer and
    Chairman of BioReliance Corporation, an organization that
    provided biological safety testing, viral clearance testing,
    genetic and mammalian technology testing and laboratory animal
    diagnostic services testing. From October 2006 to April 2009, he
    served as non-executive chairman of Stem Cell Sciences Plc.
    Before that, Mr.&#160;Dodd served as President, Chief Executive
    Officer and Director of Serologicals Corporation (Nasdaq: SERO)
    before it was sold to Millipore Corporation in July 2006 for
    $1.5&#160;billion. For five years prior to this, Mr.&#160;Dodd
    served as President and Chief Executive Officer of Solvay
    Pharmaceuticals, Inc. and Chairman of its subsidiary Unimed
    Pharmaceuticals, Inc. The Board of Directors concluded
    Mr.&#160;Dodd should serve on the Board of Directors due to his
    experience in the pharmaceutical industry, as well as his
    background in general management, business transformation,
    corporate partnering, and mergers and acquisitions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dean G. Kollintzas.</I>&#160;&#160;Mr.&#160;Kollintzas joined
    the Board of Directors upon consummation of the merger with
    GeoVax, Inc. in September 2006. Since 2001 Mr.&#160;Kollintzas
    has been an intellectual property attorney specializing in
    biotechnology and pharmaceutical licensing, FDA regulation, and
    corporate/international transactions. Mr.&#160;Kollintzas
    received a microbiology degree from the University of Illinois
    and a J.D. from Franklin Pierce Law Center. He is a member of
    the Wisconsin and American Bar Associations. Since 2004,
    Mr.&#160;Kollintzas has owned and operated a restaurant in
    Joliet, Illinois called The Metro Grill. The Board of Directors
    has concluded that Mr.&#160;Kollintzas should serve on the Board
    of Directors by virtue of his experience with intellectual
    property matters, biotechnology and pharmaceutical licensing,
    and FDA regulation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>John N. (Jack) Spencer,&#160;Jr.,
    CPA</I>&#160;&#160;Mr.&#160;Spencer joined the Board of
    Directors upon consummation of the merger with GeoVax, Inc. in
    September 2006. Mr.&#160;Spencer is a certified public
    accountant and was a partner of Ernst&#160;&#038; Young where he
    spent more than 38&#160;years until he retired in 2000.
    Mr.&#160;Spencer also serves as a director for two privately
    held medical technology companies where he also chairs the audit
    committees, and served as a director of Firstwave Technologies
    (Nasdaq:FSTW) from November 2003 until April of 2009. He also
    serves as a consultant to various companies primarily relating
    to financial accounting and reporting matters. Mr.&#160;Spencer
    received a bachelor of science degree from Syracuse University,
    and he earned an M.B.A. degree from Babson College. He also
    attended the Harvard Business School advanced management
    program. The Board of Directors has concluded that
    Mr.&#160;Spencer should serve on the Board of Directors by
    virtue of his experience at Ernst&#160;&#038; Young where he was
    the partner in charge of that firm&#146;s life sciences practice
    for the southeastern United States, and his clients included a
    large number of publicly-owned and privately-held medical
    technology companies, together with his continuing expertise as
    a director of, and a consultant to, other publicly owned and
    privately held companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Peter M. Tsolinas.</I>&#160;&#160;Mr.&#160;Tsolinas joined
    the Board of Directors in August 2008. In 1981 Mr.&#160;Tsolinas
    founded TMA Group Development Corp., a Chicago based real
    estate, architectural and development firm, and he currently
    serves as its Chairman and Chief Executive Officer, a position
    he has held since its formation. He is also a director of Royal
    America Bank. Mr.&#160;Tsolinas has a varied year career of more
    than 45&#160;years as an architect and real estate developer.
    Mr.&#160;Tsolinas attended the University of Illinois where he
    received a bachelor of architecture degree. The Board of
    Directors has concluded that Mr.&#160;Tsolinas should serve on
    the Board of Directors by virtue of his general business
    experience, as the founder of a Company which has been in
    business since 1981, and his knowledge of the Company&#146;s
    shareholder base.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Committee Interlocks and Insider Participation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the fiscal year ended December&#160;31, 2009,
    Mr.&#160;Kollintzas, Mr.&#160;Spencer and Mr.&#160;Tsolinas
    served on the Compensation Committee. None of these individuals
    were officers or employees of the Company or any of its
    subsidiaries during the fiscal year ended December&#160;31,
    2009, nor at any time prior thereto. During the fiscal year
    ended December&#160;31, 2009, none of the members of the
    Compensation Committee had any relationship with the Company
    requiring disclosure under Item&#160;404 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    and none of the Company&#146;s executive officers served on the
    compensation committee (or equivalent), or the Board of
    Directors, of another entity whose executive officer(s) served
    on our Board of Directors or Compensation Committee.
</DIV>
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    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    DISCUSSION AND ANALYSIS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the paragraphs that follow, the Compensation Committee
    provides an overview and analysis of our compensation program
    and policies, the material compensation decisions made under
    those programs and policies with respect to our executive
    officers, and the material factors considered in making those
    decisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Compensation Committee reviews, analyzes and approves the
    compensation of our senior executive officers, including the
    &#147;Named Executive Officers&#148; listed in the tables that
    follow this Compensation Discussion and Analysis. The Named
    Executive Officers for 2009 include our chief executive officer,
    our chief financial officer, and the two other individuals who
    served as executive officers during 2009 and whose total
    compensation for 2009 exceeded $100,000, calculated in
    accordance with the rules and regulations of the SEC. Our Named
    Executive Officers for 2009 were:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Robert T. McNally, President and Chief Executive Officer
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Mark W. Reynolds, Chief Financial Officer
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Harriet L. Robinson, Chief Scientific Officer
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Andrew Kandalepas, our former Senior Vice-President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tables that follow this Compensation Discussion and Analysis
    contain specific data about the compensation earned or paid in
    2009 to the Named Executive Officers. The discussion below is
    intended to help you understand the detailed information
    provided in the compensation tables and put that information
    into the context of our overall compensation program.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Objectives
    of Our Compensation Program</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, we operate in a marketplace where competition for
    talented executives is significant. The biopharmaceutical
    industry is highly competitive and includes companies with far
    greater resources than ours. We are engaged in the long-term
    development of drug candidates without the benefit of
    significant current revenues, and therefore our operations
    involve a high degree of risk and uncertainty. This level of
    risk and uncertainty may make it difficult to retain talented
    executives. Nevertheless, continuity of personnel across
    multi-disciplinary functions is critical to the success of our
    business. Furthermore, since we have relatively few employees,
    each must perform a broad scope of functions, and there is very
    little redundancy in skills.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The objectives of our compensation program for our executive
    officers and other employees are to provide competitive cash
    compensation, health, and retirement benefits, as well as
    long-term equity incentives that offer significant reward
    potential for the risks assumed and for each individual&#146;s
    contribution to our long-term performance. Although the
    Compensation Committee seeks to pay salaries and bonuses
    sufficient to hire and retain talented individuals, the
    Compensation Committee also believes, based on its subjective
    perception of their skills, that many of its employees could
    earn somewhat higher cash compensation at other companies, and
    seeks to address this concern by making stock option grants at a
    somewhat higher level than it would if the salaries and bonuses
    were higher. Individual performance is measured subjectively
    taking into account Company and individual progress toward
    overall corporate goals, as well as each individual&#146;s
    skills, experience, and responsibilities, together with
    corporate and individual progress in the areas of scientific
    innovation, regulatory compliance, business development,
    employee development, and other values designed to build a
    culture of high performance. No particular weight is assigned to
    these measures, and the Compensation Committee is of the view
    that much of the Company&#146;s progress results from team
    effort. These policies and practices are based on the principle
    that total compensation should serve to attract and retain those
    executives and employees critical to our overall success and are
    designed to reward executives for their contributions toward
    business performance that enhances stockholder value.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Role of
    the Compensation Committee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Compensation Committee assists our Board of Directors in
    discharging its responsibilities relating to compensation of our
    executive officers. As such, the Compensation Committee has
    responsibility over certain matters relating to the fair and
    competitive compensation of our executives, employees and
    directors (only
</DIV>
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    <BR>
    42
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    non-employee directors are compensated as directors) as well as
    matters relating to equity-based benefit plans. Each of the
    members of our Compensation Committee is independent in
    accordance with the criteria of independence set forth in
    Rule&#160;5605(a)(2) of the Nasdaq Listing Rules. We believe
    that their independence from management allows the members of
    the Compensation Committee to provide unbiased consideration of
    various elements that could be included in an executive
    compensation program and apply independent judgment about which
    elements best achieve our compensation objectives. Pursuant to
    its charter as in effect prior to March 2010, the Compensation
    Committee was charged specifically with reviewing and
    determining annually the compensation of our Chief Executive
    Officer, approving special bonus payments and perquisites paid
    to and other special compensation or benefit arrangements with
    executive officers, and approving (subject to approval of the
    Board of Directors) recommendations by the Chief Executive
    Officer with respect to grants under our stock option plan and
    any other equity-based plan we might adopt in the future.
    Subject to approval of the Board of Directors, the Compensation
    Committee also set salaries and determines bonuses, sometimes
    referred to as cash incentive awards, for the Company&#146;s
    employees. The Compensation Committee gave due consideration to
    the Chief Executive Officer&#146;s recommendations and could
    change them prior to recommending them to the Board of
    Directors. The Compensation Committee did not exercise the
    authority granted to it by its charter to approve a pool of
    options and other discretionary awards to be used by the Chief
    Executive Officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2010, the Compensation Committee and the Board of
    Directors approved a new charter for the Compensation Committee.
    Pursuant to the new charter, the Compensation Committee is
    responsible for, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reviewing the Company&#146;s overall compensation philosophy and
    strategy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluating and determining the compensation of the Chief
    Executive Officer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluating and setting, in conjunction with the Chief Executive
    Officer, the compensation of other officers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reviewing and approving the annual Compensation Discussion and
    Analysis;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluating and approving the components and amounts of
    compensation of the Company&#146;s employees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluating, considering and approving, in its discretion, the
    Company&#146;s equity-based compensation plans, as well as
    grants and awards made under any such plans to persons other
    than the Chief Executive Officer and submitting them to the
    Board of Directors for its consideration and approval;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approving, with sole and exclusive authority, grants and awards
    made to the Company&#146;s Chief Executive Officer under the
    Company&#146;s equity-based compensation plans;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    evaluating, considering and approving, in its discretion,
    compensation for non-employee members of the Board of
    Directors;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    managing and controlling the operation and administration of the
    Company&#146;s stock option plans.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Elements
    of Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To achieve the objectives described above, the three primary
    compensation elements used for executive officers are base
    salary, cash bonus, and stock option awards. We believe that
    these three elements are the most effective combination in
    motivating and retaining our executive officers at this stage in
    our development. The Compensation Committee has not utilized
    other companies for benchmarking purposes because it believes
    that those businesses which would be most comparable to GeoVax
    are either privately held or divisions of very large medical
    products companies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Base
    Salary</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our philosophy is to maintain executive base salary at a
    competitive level sufficient to recruit and retain individuals
    possessing the skills and capabilities necessary to achieve our
    goals over the long term. Base
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    salaries provide our executive officers with a degree of
    financial certainty and stability and also reward individual
    achievements and contributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Bonus</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Annual cash incentive awards motivate our executive officers to
    contribute toward the achievement of corporate goals and
    objectives. Generally, every employee is eligible to earn an
    annual cash incentive award, promoting alignment and
    <FONT style="white-space: nowrap">pay-for-performance</FONT>
    at all levels of the organization. The Company does not have a
    formalized cash incentive award plan, and awards are based on
    the subjective recommendation of the President and Chief
    Executive Officer (except as to the Chief Executive
    Officer&#146;s cash bonus) and on the Compensation
    Committee&#146;s subjective judgment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Awards</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock option awards are a fundamental element in our executive
    compensation program because they emphasize our long-term
    performance, as measured by creation of stockholder value, and
    align the interests of our stockholders and management. In
    addition, the Compensation Committee believes they are crucial
    to a competitive compensation program for executive officers,
    and they act as a powerful retention tool. In our current
    pre-commercial state, we view the Company as still facing a
    significant level of risk, but with the potential for a high
    reward over a period of time, and therefore we believe that
    stock incentive awards are appropriate for executive officers.
    These awards are provided through initial grants at or near the
    date of hire and through subsequent, periodic grants. The
    initial grant is typically larger than subsequent, periodic
    grants and is intended to motivate the officer to make the kind
    of decisions and implement strategies and programs that will
    contribute to an increase in our stock price over time.
    Subsequent periodic stock option awards may be granted to
    reflect each executive officer&#146;s ongoing contributions to
    the Company, to create an incentive to remain at the Company,
    and to provide a long-term incentive to achieve or exceed our
    corporate goals and objectives. The Company does not have a
    formula for determining stock option awards. Awards are
    generally based on the subjective recommendation of the
    President and Chief Executive Officer and on the Compensation
    Committee&#146;s subjective judgment. The Compensation Committee
    does not typically give much weight to the overall levels of
    stock and stock options owned by the Company&#146;s executive
    officers and directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Accounting
    and Tax Considerations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accounting and tax treatment of compensation generally has
    not been a factor in determining the amounts of compensation for
    the Company&#146;s executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;162(m) of the Internal Revenue Code of 1986, as
    amended, limits tax deductions of public companies on
    compensation paid to certain executive officers in excess of
    $1&#160;million. The Compensation Committee considers the impact
    of Section&#160;162(m) on its compensation decisions, but has no
    formal policy to structure executive compensation so that it
    complies with the requirements of Section&#160;162(m) due to the
    overall level of compensation paid. In general, stock options
    granted under the Company&#146;s 2006 Equity Incentive Plan, or
    the Plan, are intended to qualify under and comply with the
    &#147;performance based compensation&#148; exemption provided
    under Section&#160;162(m), thus excluding from the
    Section&#160;162(m) compensation limitation any income
    recognized by executives at the time of exercise of such stock
    options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accounting principles generally accepted in the United States
    require us to recognize an expense for the fair value of
    equity-based compensation awards. The Compensation Committee is
    informed of the accounting implications of significant
    compensation decisions, especially in connection with decisions
    that relate to our equity incentive award plans, but has no
    formal policy to structure executive compensation to align
    accounting expenses of our equity awards with our overall
    executive compensation philosophy and objectives. The
    Compensation Committee has considered the impact of cash
    payments to its employees as compared to the costs it recognizes
    on an accrual basis when stock options are granted.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Setting
    Executive Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, we have not used quantitative methods or
    mathematical formulae in setting any element of executive
    compensation. We use discretion, guided in large part by the
    concept of
    <FONT style="white-space: nowrap">pay-for-performance,</FONT>
    and we consider all elements of an executive&#146;s compensation
    package when setting each portion of compensation. There is no
    pre-established policy or target for the allocation between cash
    and equity incentive compensation, although the Committee
    believes its stock option grants are at a level that permits it
    to retain talented personnel at somewhat lower levels of cash
    compensation than these individuals might otherwise receive.
    <FONT style="white-space: nowrap">Year-to-year</FONT>
    changes in base salary have usually been relatively modest, and
    executive officer base salaries are within a relatively narrow
    range. The Compensation Committee considers relative levels of
    compensation among its various executive officers. Our annual
    cash incentive awards have generally been modest. When made at
    all, the individual cash incentive awards have ranged from
    $10,000 to $15,000 over the last three years. Bonuses have
    usually been paid to all Named Executive Officers when they were
    paid at all. We may choose other compensation approaches if
    circumstances warrant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When determining compensation for a new executive officer, and
    when annually reviewing the compensation for our executive
    officers, factors taken into consideration are the
    individual&#146;s skills, knowledge and experience, the
    individual&#146;s past and potential future impact on our
    short-term and long-term success, the individual&#146;s recent
    compensation levels in other positions, and any present and
    expected compensation information obtained from other
    prospective candidates interviewed during the recruitment
    process. In setting our executive compensation for 2009, no
    specific benchmarking activities were undertaken. We will
    generally make a grant of stock options when an executive
    officer joins us. Options are granted at no less than 100% of
    the fair market value on the date of grant. In determining the
    size of an initial stock option grant to an executive officer,
    we primarily consider company performance and the
    individual&#146;s scope of responsibility. For periodic grants,
    we also consider the Company&#146;s and the individual&#146;s
    continuing performance and the recommendations of the Chief
    Executive Officer, all on a subjective basis. Since the stock
    option grant is meant to be a retention tool, we also consider
    the importance to stockholders of that person&#146;s continued
    service. Stock option grants to executives generally vest over a
    period of three years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Compensation Committee annually reviews and determines the
    compensation for our Chief Executive Officer. Each year,
    recommendations for the compensation for other executive
    officers (other than himself) are prepared by the Chief
    Executive Officer and are reviewed with the Compensation
    Committee and modified by it where appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to assess the performance of a full calendar year,
    annual cash incentive and stock option awards are generally
    determined in December of each year. We do not currently have
    any program, plan or practice in place to time stock option
    grants to our executives or other employees in coordination with
    the release of material non-public information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of our executive compensation review conducted annually
    in December, we review a tally sheet prepared by the President
    and Chief Executive Officer setting forth all components of
    total compensation to our Named Executive Officers and all other
    employees. The tally sheet includes current and proposed base
    salary, proposed annual cash incentive awards and historical, as
    well as proposed, stock option awards. Post-termination pay
    under employment agreements to which our executive officers are
    parties is not considered to be material at the present time.
    These tools are employed by the Compensation Committee both in
    reviewing individual compensation awards and as a useful check
    on total compensation. These tools also show the effect of
    compensation decisions made over time on the total annual
    compensation to a Named Executive Officer and allow the
    Compensation Committee to review historical amounts for
    comparative purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We considered whether our compensation policies and practices
    create risks that are reasonably likely to have a material
    adverse effect on GeoVax, and concluded that they do not.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2009
    Executive Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In December 2008, using its subjective judgment as to the
    overall progress of the Company, skills, experience,
    responsibilities, achievements and historical compensation of
    each of the Named Executive
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Officers, the Compensation Committee established their salaries
    for 2009. At that time, Dr.&#160;McNally recommended that none
    of the Named Executive Officers receive a cash bonus for 2008 or
    salary increases for 2009, except that Mr.&#160;Reynolds should
    receive a salary increase in proportion to his increased time
    commitment to business of the Company. Dr.&#160;McNally made
    this recommendation, and the Compensation Committee accepted it,
    partially in the interest of preserving the Company&#146;s
    overall cash flow to the extent reasonably possible. Stock
    option grants were made at that time. The amount of compensation
    earned by each of the Named Executive Officers during fiscal
    2009, 2008 and 2007 is shown in the Summary Compensation Table
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In December 2009, the Compensation Committee considered 2009
    stock option grants and cash incentive awards as well as base
    salaries for 2010. The Compensation Committee considered the
    same factors, the overall progress of the Company, the skills,
    experience, responsibilities, achievements and historical
    compensation of each of the Named Executive Officers, in
    determining the award of cash bonuses and stock option grants
    for 2009 and salary levels for 2010. In its deliberations on
    executive compensation at its meeting in December 2009, the
    Compensation Committee considered the fact that, during the
    preceding year (at its meeting in December 2008)&#160;the
    Compensation Committee had accepted the recommendation from
    Dr.&#160;McNally that none of the Named Executive Officers
    receive a cash bonus for 2008 and that no salary increases would
    be effective for 2009, except as related to Mr.&#160;Reynolds
    with respect to a proportionate increase relative to his time
    commitment to the business of the Company. The Compensation
    Committee felt that, under the circumstances, it should increase
    the salaries of the Company&#146;s executive officers, and
    decided to increase the salaries of the Company&#146;s executive
    officers. The Compensation Committee reviewed the salary
    increases it had approved for the other employees of the Company
    and determined the average of the increases was approximately
    6.3%. The Compensation Committee then increased executive
    officer salaries by 6.3%, with the exception of
    Dr.&#160;McNally, who received a 10% increase in salary. The
    Compensation Committee provided a higher salary to
    Dr.&#160;McNally because it felt that the Chief Executive
    Officer should be the most highly compensated executive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Robert T. McNally</I>.&#160;&#160;Dr.&#160;McNally serves as
    our President and Chief Executive Officer pursuant to an
    employment agreement executed in April, 2008. In December 2009,
    the Compensation Committee awarded Dr.&#160;McNally a cash bonus
    of $15,000 and a stock option grant for 500,000&#160;shares at
    an exercise price of $0.14 per share. The Compensation Committee
    also increased Dr.&#160;McNally&#146;s annual base salary from
    $250,000 to $275,000 (a 10% increase), effective January&#160;1,
    2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mark W. Reynolds.</I>&#160;&#160;Mr.&#160;Reynolds serves as
    our Chief Financial Officer pursuant to an employment agreement
    amended and restated effective January 2010. Pursuant to this
    agreement, and its predecessor agreement, during 2009
    Mr.&#160;Reynolds provided services to the Company on a
    part-time basis (approximately 75%) and was paid an annualized
    salary of $150,000 during 2009. In December 2009, the
    Compensation Committee awarded Mr.&#160;Reynolds a cash bonus of
    $10,000 and a stock option grant for 500,000&#160;shares at an
    exercise price of $0.14 per share. The Compensation Committee
    also increased Mr.&#160;Reynolds&#146; annual base salary from
    $150,000 to $212,600, effective January&#160;1, 2010. The
    increase in Mr.&#160;Reynolds&#146; base salary was determined
    based on (a)&#160;a proportional increase of $50,000 (33.3%)
    based on Mr.&#160;Reynolds increased time commitment from 75% to
    100%, and (b)&#160;a merit increase of $12,600 (6.3%).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Harriet L. Robinson</I>.&#160;&#160;Dr.&#160;Robinson serves
    as our Chief Scientific Officer pursuant to an employment
    agreement executed in November 2008. In December 2009, the
    Compensation Committee awarded Dr.&#160;Robinson a cash bonus of
    $10,000 and a stock option grant for 500,000&#160;shares at an
    exercise price of $0.14 per share. The Compensation Committee
    also increased Dr.&#160;Robinson&#146;s annual base salary from
    $250,000 to $265,750 (a 6.3% increase), effective
    January&#160;1, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Andrew Kandalepas.</I>&#160;&#160;Mr.&#160;Kandalepas served
    as our Senior Vice President until his resignation in July 2009.
    During 2009, he received an annualized base salary of $225,000
    pursuant to his employment agreement. During 2009, the
    Compensation Committee made no decisions with regard to
    Mr.&#160;Kandalepas&#146; compensation.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Benefits
    Provided to Executive Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We provide our executive officers with certain benefits that the
    Compensation Committee believes are reasonable and consistent
    with our overall compensation program. The Compensation
    Committee will periodically review the levels of benefits
    provided to our executive officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dr.&#160;McNally, Mr.&#160;Reynolds and Dr.&#160;Robinson are
    eligible for health insurance and 401(k) benefits at the same
    level and subject to the same conditions as provided to all
    other employees. The amounts shown in the Summary Compensation
    Table under the heading &#147;Other Compensation&#148; represent
    the value of the Company&#146;s matching contributions to the
    401(k) accounts of these executive officers. Executive officers
    did not receive any other perquisites or other personal benefits
    or property from the Company or any other source.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Employment
    Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Robert T. McNally</I>.&#160;&#160;On March&#160;20, 2008,
    GeoVax entered into an employment agreement with Robert T.
    McNally,&#160;Ph.D. to become our President and Chief Executive
    Officer effective April&#160;1, 2008. The employment agreement
    has no specified term. The employment agreement provided for an
    initial annual salary of $200,000 to Dr.&#160;McNally, subject
    to periodic increases as determined by the Compensation
    Committee. The Board of Directors may also approve the payment
    of a discretionary bonus annually. Dr.&#160;McNally is eligible
    for grants of awards from the Plan and is entitled to
    participate in any and all benefits in effect from
    <FONT style="white-space: nowrap">time-to-time</FONT>
    for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Dr.&#160;McNally at least 60&#160;days prior notice of the
    termination and one week of severance pay for each full year of
    service as President and Chief Executive Officer ($10,577 if
    terminated in fiscal 2010, paid as salary continuance).
    Dr.&#160;McNally may terminate the employment agreement at any
    time by giving us 60&#160;days notice. In that event, he would
    not receive severance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mark W. Reynolds.</I>&#160;&#160;On February&#160;1, 2008,
    GeoVax entered into an amended and restated employment agreement
    with Mark W. Reynolds, our Chief Financial Officer. The
    employment agreement has no specified term. The employment
    agreement provided for an initial annual salary of $115,000 to
    Mr.&#160;Reynolds, which was increased to $150,000 by the
    Compensation Committee and the Board of Directors effective
    January&#160;1, 2009, commensurate with an increased time
    commitment provided by Mr.&#160;Reynolds (50% to 75%). The
    employment agreement was again amended and restated, effective
    January&#160;1, 2010, to reflect a further adjustment for
    Mr.&#160;Reynolds time commitment (from 75% to 100%) together
    with a base salary increase to $212,600. The Board of Directors
    may also approve the payment of a discretionary bonus annually.
    Mr.&#160;Reynolds is eligible for grants of awards from the Plan
    and is entitled to participate in any and all benefits in effect
    from
    <FONT style="white-space: nowrap">time-to-time</FONT>
    for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Mr.&#160;Reynolds at least 60&#160;days prior notice of the
    termination and one week of severance pay for each full year of
    service as Chief Financial Officer ($16,354 if terminated in
    fiscal 2010, paid as salary continuance). Mr.&#160;Reynolds may
    terminate the employment agreement at any time by giving us
    60&#160;days notice. In that event, he would not receive
    severance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Harriet L. Robinson.</I>&#160;&#160;On November&#160;19,
    2007, GeoVax entered into an employment agreement with Harriet
    L. Robinson, our Chief Scientific Officer. The employment
    agreement has no specified term. The employment agreement
    provided for an initial base salary of $250,000 to
    Dr.&#160;Robinson, subject to periodic increases as determined
    by the Compensation Committee. Dr.&#160;Robinson initially
    worked part-time for the Company, and became a full-time
    employee in February 2008. The Board of Directors may also
    approve the payment of a discretionary bonus annually.
    Dr.&#160;Robinson is eligible for grants of awards from the Plan
    and is entitled to participate in any and all benefits in effect
    from
    <FONT style="white-space: nowrap">time-to-time</FONT>
    for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Dr.&#160;Robinson at least 90&#160;days prior notice of the
    termination and one week of severance pay for each full year of
    service ($15,332 if terminated in fiscal 2010, paid as salary
    continuance). Dr.&#160;Robinson may terminate the employment
    agreement at any time by giving us 60&#160;days notice. In that
    event, she would not receive severance.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Andrew Kandalepas.</I>&#160;&#160;On February&#160;1, 2007,
    GeoVax entered into an employment agreement with Andrew
    Kandalepas, our Senior Vice President. The employment agreement
    had no specified term. The employment agreement provided for an
    initial annual salary of $210,000 to Mr.&#160;Kandalepas,
    subject to periodic increases as determined by the Compensation
    Committee. Mr.&#160;Kandalepas was also eligible for
    discretionary cash bonuses, grants of awards from the Plan and
    participation in any and all benefits in effect from
    <FONT style="white-space: nowrap">time-to-time</FONT>
    for employees generally. We could terminate the employment
    agreement, with or without cause. Effective June&#160;30, 2009,
    Mr.&#160;Kandalepas resigned from our Board of Directors, and
    effective July&#160;1, 2009, he resigned his position as Senior
    Vice President. We paid Mr.&#160;Kandalepas severance of $18,750.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    COMPENSATION TABLE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information concerning the
    compensation earned during the fiscal years ended
    December&#160;31, 2009, 2008 and 2007 by our Named Executive
    Officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Salary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Bonus<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert T. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    330,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    175,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    567,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mark W. Reynolds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120,740
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    674,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    776,902
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    325,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Scientific Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    234,375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    204,220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    313
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    438,908
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,904
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,904
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew J. Kandalepas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    137,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Former Senior Vice President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    270,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    (through July&#160;1, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    820,088
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts shown in the &#147;Option Awards&#148; column represent
    the aggregate grant date fair value of awards computed in
    accordance with Financial Accounting Standards Board Accounting
    Standards Codification Topic 718, <I>Compensation&#160;&#151;
    Stock Compensation </I>(&#147;FASB ASC Topic 718&#148;). For a
    discussion of the various assumptions made and methods used for
    determining such amounts, see footnotes 2 and 7 to our 2009
    consolidated financial statements contained in this prospectus.
    For 2008, the amount reported for Dr.&#160;Robinson includes
    $158,720, related to the extension of the exercise period of
    stock options granted in prior years. These stock options were
    originally granted with an exercise period of five to seven
    years and were to expire beginning in 2009. The extensions were
    made to adjust the exercise period to ten years from the
    original grant date, consistent with the current stock option
    grant policies of the Company. The extensions did not affect the
    vesting schedule of the grants; all were originally granted with
    a three-year vesting schedule and were fully vested at the time
    of the extensions.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts shown in the &#147;All Other Compensation&#148; column
    represent employer contributions to the Company&#146;s 401(k)
    retirement plan for Dr.&#160;McNally, Mr.&#160;Reynolds and
    Dr.&#160;Robinson, and for Mr.&#160;Kandalepas, the amount in
    this column represents the severance paid to him during the year
    ended December&#160;31, 2009.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This table excludes Mark Newman, who joined GeoVax as Vice
    President, Research and Development in January 2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GRANTS OF
    PLAN-BASED AWARDS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth option awards. No stock awards or
    non-equity incentive awards were granted to the Named Executive
    Officers for the year ended December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All Other Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards: Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exercise or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Base Price of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Grant Date Fair<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Grant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Underlying Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value of Stock and<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($/Sh)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option Awards(2)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert T. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mark W. Reynolds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The exercise price for options is the closing trading price of
    the common stock of the Company on the grant date. The grant
    date is determined by the Compensation Committee. All stock
    option grants during 2009 will vest and become exercisable in
    three equal annual installments on the first three anniversary
    dates of the grant date.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Compensation expense is recognized for all share-based payments
    based on the grant date fair value estimated for financial
    reporting purposes. For a discussion of the various assumptions
    made and methods used for determining such amounts, see
    footnotes 2 and 7 to our 2009 consolidated financial statements
    contained in this prospectus.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional discussion regarding material factors that may be
    helpful in understanding the information included in the Summary
    Compensation Table and Grants of Plan-Based Awards table is
    included above under &#147;Compensation Discussion and
    Analysis.&#148;
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OUTSTANDING
    EQUITY AWARDS AT FISCAL YEAR-END</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth certain information with respect
    to unexercised options previously awarded to our Named Executive
    Officers as of December&#160;31, 2009. There were no stock
    awards outstanding as of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option Awards</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Unexercised Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Unexercised Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option Expiration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#) Exercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#) Unexercisable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price&#160;($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert T. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/11/18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,000
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6/17/18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,333
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/5/17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3/14/17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mark W. Reynolds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/11/18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,333
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/5/17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3/14/17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/2/19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12/11/18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177,913
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2/5/14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    These stock options vest and become exercisable in three equal
    installments on December&#160;2, 2010, 2011 and 2012.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    These stock options vest and become exercisable in two equal
    installments on December&#160;11, 2010 and 2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    These stock options vest and become exercisable in two equal
    installments on June&#160;17, 2010 and 2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    These stock options vest and become exercisable on
    December&#160;5, 2010.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Potential
    Payments Upon Termination or
    <FONT style="white-space: nowrap">Change-in-Control</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under SEC rules, we are required to estimate and quantify the
    payment that would be payable at, following, or in connection
    with any termination, including without limitation resignation,
    severance, retirement or a constructive termination of each
    Named Executive Officer, or a
    <FONT style="white-space: nowrap">change-in-control</FONT>
    of the Company or a change in the Named Executive Officer&#146;s
    responsibilities, with respect to each Named Executive Officer,
    as if the triggering event had occurred as of the last business
    day of the last fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Plan contains provisions that could lead to an accelerated
    vesting of options or other awards. In the event of certain
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transactions described in the Plan, (i)&#160;outstanding options
    or other awards under the Plan may be assumed, converted or
    replaced; (ii)&#160;the successor corporation may substitute
    equivalent options or other awards or provide substantially
    similar consideration to Plan participants as was provided to
    stockholders (after taking into account the existing provisions
    of the options or other awards); or (iii)&#160;the successor
    corporation may replace options or awards with substantially
    similar shares or other property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event the successor corporation (if any) refuses to
    assume or substitute options or other awards as described
    (i)&#160;the vesting of any or all options or awards granted
    pursuant to the Plan will accelerate upon the
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transaction, and (ii)&#160;any or all options granted pursuant
    to the Plan will become exercisable in full prior to the
    consummation of the
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transaction at such time and on such conditions as the
    Compensation Committee determines. If the options are not
    exercised prior to the consummation of the
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transaction, they shall terminate at such time as determined by
    the Compensation Committee. Subject to any greater rights
    granted to Plan participants under the Plan, in the event of the
    occurrence of a
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transaction any outstanding options or other awards will be
    treated as provided in the applicable agreement or plan of
    merger, consolidation, dissolution, liquidation, or sale of
    assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Company experienced a
    <FONT style="white-space: nowrap">change-in-control</FONT>
    transaction described in the Plan on December&#160;31, 2009, the
    value of accelerated options for each Named Executive Officer,
    based on the difference between $9.00, the closing price of our
    common stock on the OTC Bulletin&#160;Board on December&#160;31,
    2009, and, if lower, the exercise price per share of each option
    for which vesting would be accelerated for each Named Executive
    Officer, would be as follows: Dr.&#160;McNally
    &#151;&#160;$62,500; Mr.&#160;Reynolds&#160;&#151; $46,500 and
    Dr.&#160;Robinson&#160;&#151; $43,333. Mr.&#160;Kandalepas
    resigned effective July&#160;1, 2009 and held no outstanding
    options as of December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, our employment agreements with each Named
    Executive Officer provide for payment to the Named Executive
    Officer if we terminate the Named Executive Officer&#146;s
    employment without cause. If each Named Executive Officer was
    terminated without cause on December&#160;31, 2009, the
    following amounts, which represent one week of pay for each full
    year of service to the Company, would be payable to each Named
    Executive Officer as salary continuance under the terms of such
    Named Executive Officer&#146;s employment agreement:
    Dr.&#160;McNally&#160;&#151; $10,577;
    Mr.&#160;Reynolds&#160;&#151; $16,354 and
    Dr.&#160;Robinson&#160;&#151; $15,332. Mr.&#160;Kandalepas
    resigned from our Board of Directors effective June&#160;30,
    2009 and resigned his position as Senior Vice President
    effective July&#160;1, 2009. Mr.&#160;Kandalepas was paid
    severance of $18,750.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Assessment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We considered whether our compensation policies and practices
    create risks that are reasonably likely to have a material
    adverse effect on GeoVax and concluded that they do not. We do
    not tie compensation to specific stock prices or milestones that
    might encourage risk taking to increase stock prices or meet
    specific milestones. When we have granted cash incentive awards,
    they have been retrospective or in relatively modest amounts so
    that they do not encourage inappropriate short-term risk taking.
    We give consideration to subjective elements when we determine
    salaries, bonuses, and option grants that help us evaluate
    employee productivity and contribution to the welfare of GeoVax
    and place less emphasis on short-term metrics or milestones that
    might encourage undue risk taking. When we use stock options, we
    require them to vest over a period of years so that their
    increase in value will be more closely associated with the
    long-term success of the Company.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIRECTOR
    COMPENSATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information concerning the
    compensation earned for service on our Board of Directors during
    the fiscal year ended December&#160;31, 2009 by each individual
    who served as a director at any time during the fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Change<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>in Pension<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Non-Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fees<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incentive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Non-Qualified<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Earned or Paid in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Plan<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Deferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Cash<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)(3)(4)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Earnings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Donald Hildebrand(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    87,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Andrew Kandalepas(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dean Kollintzas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert T. McNally(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Spencer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peter Tsolinas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amount shown in the &#147;All Other Compensation&#148;
    column represents the amount paid to Mr.&#160;Hildebrand for the
    year ended December&#160;31, 2009 pursuant to his consulting
    agreement with the Company. See &#147;Certain Relationships and
    Related Transactions&#160;&#151; Consulting Agreement with
    Donald Hildebrand&#148;.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dr.&#160;McNally, Dr.&#160;Robinson, and Mr.&#160;Kandalepas,
    who were employees of the Company during the fiscal year ended
    December&#160;31, 2009, received no compensation for their
    service as directors. All amounts related to their compensation
    as Named Executive Officers during the fiscal year ended
    December&#160;31, 2009 and prior years are included in the
    &#147;Summary Compensation Table.&#148; Mr.&#160;Kandalepas
    resigned as a director effective June&#160;30, 2009 and resigned
    his position as Senior Vice President effective July&#160;1,
    2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts shown in the &#147;Option Awards&#148; column represent
    the aggregate grant date fair value of awards computed in
    accordance with FASB ASC Topic 718. For a discussion of the
    various assumptions made and methods used for determining such
    amounts, see footnotes 2 and 7 to our 2009 consolidated
    financial statements contained in this prospectus. On
    December&#160;2, 2009, Mr.&#160;Kollintzas, Mr.&#160;Spencer,
    and Mr.&#160;Tsolinas were each granted options to purchase
    500,000&#160;shares of our common stock, with an exercise price
    of $7.00 per share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The table below shows the aggregate numbers of option awards
    outstanding for each non-employee director as of
    December&#160;31, 2009. There were no stock awards outstanding
    for the non-employee directors as of December&#160;31, 2009.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Option Awards<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>as of December&#160;31, 2009<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Donald Hildebrand
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dean Kollintzas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John Spencer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peter Tsolinas
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Compensation Plan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2007, the Board of Directors approved a recommendation
    from the Compensation Committee for director compensation, which
    we refer to as the &#147;Director Compensation Plan.&#148; It
    was subsequently amended in March 2008 and again in December
    2009. The Director Compensation Plan applies only to
    non-employee directors. Directors who are employees of the
    Company receive no compensation for their service as directors
    or as members of committees.
</DIV>
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    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash
    Fees</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For 2009, each non-employee director received an annual retainer
    of $2,000 (paid quarterly) for service as a member of the Audit
    Committee and $1,250 for service as a member of the Compensation
    Committee. The Chairman of the Audit Committee received an
    annual retainer of $9,000, and the Chairman of the Compensation
    Committee received an annual retainer of $6,000 which retainers
    were also paid quarterly. Non-employee directors also received
    fees for each Board of Directors or Committee meeting attended
    as follows: $1,500 per Board of Directors meeting, $1,000 per
    Committee meeting chaired, and $500 per Committee meeting
    attended as a non-chair member. Meetings attended telephonically
    were paid at lower rates ($750, $750 and $400, respectively).
    The non-employee Chairman of the Board received an annual
    retainer of $30,000 (paid quarterly) and was not entitled to
    additional fees for meetings attended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective January&#160;1, 2010, the fees paid to non-employee
    directors for attending meetings of the Board of Directors were
    increased to $3,000 for in person meetings and $1,500 for
    telephonic meetings. Also, the annual cash retainer for members
    (non-chairman) of the Audit Committee was increased to $5,000,
    and the annual cash retainer for members (non-chairman) of the
    Compensation Committee was increased to $3,300. No changes were
    made to the annual cash retainer for the chairman of the Audit
    Committee or the Compensation Committee, nor were any changes
    made to the fees paid for attending committee meetings. The
    members and chairman of the newly formed Nominating and
    Governance Committee will receive the same compensation as
    members of the Compensation Committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock
    Option Grants</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Non-employee directors each receive an automatic grant of
    options to purchase 26,400&#160;shares of common stock on the
    date that such non-employee director is first elected or
    appointed. We currently do not have a formula for determining
    annual stock option grants to directors (upon their re-election
    to the Board of Directors, or otherwise). Such option grants are
    currently determined by the Board of Directors, upon
    recommendation by the Compensation Committee based on the
    Compensation Committee&#146;s annual deliberations and review of
    the director compensation structure of similar companies. At its
    meeting in December 2009, upon a recommendation of the
    Compensation Committee, the Board of Directors determined an
    annual stock option grant of 10,000&#160;shares to its
    non-employee members, with the exception of Mr.&#160;Hildebrand,
    who declined the stock option grant.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Expense
    Reimbursement</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All directors are reimbursed for expenses incurred in connection
    with attending meetings of the Board of Directors and committees.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Policies
    and Procedures for Approval of Related Party
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Audit Committee is responsible for reviewing and approving
    all transactions or arrangements between the Company and any of
    our directors, officers, principal stockholders or any of their
    respective affiliates, associates or related parties, other than
    transactions with officers which are covered by the duties of
    the Compensation Committee. In determining whether to approve or
    ratify a related party transaction, the Audit Committee will
    discuss the transaction with management and will consider all
    relevant facts and circumstances available to it including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the terms of the transaction are fair to the Company and
    at least as favorable to the Company as would apply if the
    transaction did not involve a related party;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether there are demonstrable business reasons for the Company
    to enter into the transaction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the transaction would impair the independence of a
    non-employee director;&#160;and
</TD>
</TR>

</TABLE>
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    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the transaction would present an improper conflict of
    interest for any director or executive officer, taking into
    account the size of the transaction, the direct or indirect
    nature of the related party&#146;s interest in the transaction
    and the ongoing nature of any proposed relationship, and any
    other factors the Audit Committee deems relevant.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consulting
    Agreement with Donald Hildebrand</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2008, we entered into a consulting agreement with
    Donald Hildebrand, the Chairman of our Board of Directors and
    our former President and Chief Executive Officer, pursuant to
    which Mr.&#160;Hildebrand provides business and technical
    advisory services to the Company. The term of the consulting
    agreement began on April&#160;1, 2008 with an original
    termination date of December&#160;31, 2009. In December 2009,
    the Company and Mr.&#160;Hildebrand extended the term of the
    consulting agreement for an additional year. During 2009 and
    2008, Mr.&#160;Hildebrand received $57,600 and $64,000,
    respectively, for his services pursuant to the consulting
    agreement. During the remaining term of the consulting
    agreement, Mr.&#160;Hildebrand will provide us with at least
    16&#160;hours of service per month and will be paid at the rate
    of $4,800 per month. We also pay Mr.&#160;Hildebrand&#146;s
    medical and dental coverage through the term of the consulting
    agreement. We may terminate the consulting agreement, with or
    without cause. If we terminate the consulting agreement without
    cause, we must give Mr.&#160;Hildebrand at least 30&#160;days
    notice and we will be required to pay him, as a severance
    payment, three months compensation ($14,400). Likewise, if the
    consulting agreement is terminated due to the death of
    Mr.&#160;Hildebrand, we will be required to pay his estate three
    months compensation. If Mr.&#160;Hildebrand wishes to terminate
    the consulting agreement, he must provide us with at least
    30&#160;days notice. No severance payments will be due to
    Mr.&#160;Hildebrand upon termination with cause or upon his
    voluntary termination.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transactions
    with Emory University</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Emory University is a significant stockholder of the Company,
    and our primary product candidates are based on technology
    rights subject to a license agreement with Emory University,
    which we refer to as the Emory License. The Emory License, among
    other contractual obligations, requires payments based on
    milestone achievements, royalties on sales by the Company or on
    payments to the Company by our sublicensees, and payment of
    maintenance fees in the event certain milestones are not met
    within the time periods specified in the Emory License. We may
    terminate the Emory License upon 90&#160;days prior written
    notice. In any event, the Emory License expires on the date of
    the latest expiration date of the underlying patents. We are
    also obligated to reimburse Emory University for certain ongoing
    costs in connection with the filing, prosecution and maintenance
    of patent applications subject to the Emory License. Such
    reimbursements to Emory University amounted to $85,673, $102,141
    and $243,653 for the years ended December&#160;31, 2009, 2008
    and 2007, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we entered into two subcontracts with Emory
    University for the purpose of conducting research and
    development activities associated with a grant from the NIH.
    During 2009 and 2008, we recorded $816,651 and $723,887,
    respectively, of expense associated with these subcontracts. All
    amounts paid to Emory University under these subcontracts are
    reimbursable to us pursuant to the NIH grant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through November 2009, we leased office and laboratory space on
    a month-to-month basis from Emtech Biotechnology Development,
    Inc., a related party associated with Emory University. Rent
    expense associated with this lease totaled $43,112, $47,041 and
    $36,588 for the years ended December&#160;31, 2009, 2008 and
    2007, respectively.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Independence</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors has determined that Messrs.&#160;Antebi,
    Dodd, Kollintzas, Spencer and Tsolinas are the members of our
    Board of Directors who are &#147;independent,&#148; as that term
    is defined by Section&#160;301(3)(B) of the Sarbanes-Oxley Act
    of 2002. The Board of Directors has also determined that these
    five individuals meet the definition of &#147;independent
    director&#148; set forth in Rule&#160;5605(a)(2) of the Nasdaq
    Listing Rules. As independent directors,
    Messrs.&#160;Kollintzas, Spencer and Tsolinas serve as the
    members of our Audit and Compensation Committees, and
    Messrs.&#160;Dodd, Kollintzas and Spencer serve as the members
    of the Nominating and Governance Committee.
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SECURITY
    OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS AND
    OFFICERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based solely upon information made available to us, the
    following table sets forth information with respect to the
    beneficial ownership of our common stock as of March&#160;31,
    2010 by (1)&#160;each director; (2)&#160;each of our Named
    Executive Officers; (3)&#160;all executive officers and
    directors as a group; and (4)&#160;each additional person who is
    known by us to beneficially own more than 5% of our common
    stock. Except as otherwise indicated, the holders listed below
    have sole voting and investment power with respect to all shares
    of common stock beneficially owned by them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name and Address of Beneficial Owner(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Owned</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Class(2)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Directors and Executive Officers:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Steven S. Antebi(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    David A. Dodd(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Donald G. Hildebrand(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,426,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Dean G. Kollintzas(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Robert T. McNally(7)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,755
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Mark W. Reynolds(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Harriet L. Robinson(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,279,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    John N. Spencer, Jr.(10)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Peter M. Tsolinas(11)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    706,340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All executive officers and directors as a group
    (10&#160;persons)(12)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,599,462
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Andrew J. Kandalepas(13)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,360
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other 5% Stockholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Emory University(14)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,621,405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stavros Papageorgiou(15)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,111,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Welch&#160;&#038; Forbes LLC(16)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,582,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Less than 1%</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Except as otherwise indicated, the business address of each
    director and executive officer listed is
    <FONT style="white-space: nowrap">c/o&#160;GeoVax</FONT>
    Labs, Inc., 1900 Lake Park Drive, Suite&#160;380, Smyrna,
    Georgia 30080.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    This table is based upon information supplied by our executive
    officers and directors, and with respect to principal
    stockholders, Schedule&#160;13G filed with the SEC. Beneficial
    ownership is determined in accordance with the rules of the SEC.
    Applicable percentage ownership is based on
    15,652,813&#160;shares of common stock outstanding as of
    March&#160;31, 2010. In computing the number of shares
    beneficially owned by a person and the percentage ownership of
    that person, shares of common stock subject to options currently
    exercisable, or exercisable within 60&#160;days of
    March&#160;31, 2010, are deemed outstanding.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Antebi has options to acquire 26,400&#160;shares, which
    will vest in equal amounts over the next three anniversaries of
    his appointment to the Board of Directors, beginning in March
    2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Dodd has options to acquire 26,400&#160;shares, which
    will vest in equal amounts over the next three anniversaries of
    his appointment to the Board of Directors, beginning in March
    2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 355,825&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 36,400&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 52,400&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 46,000&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dr.&#160;Robinson shares voting and investment power over
    1,093,441&#160;shares with Welch&#160;&#038; Forbes LLC, whose
    ownership is described below. Includes options to purchase
    181,245&#160;shares of common stock exercisable within
    60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 36,400&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes warrants to purchase 267,806&#160;shares of common
    stock exercisable within 60&#160;days of March&#160;31, 2010,
    and options to purchase 8,800&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 717,070&#160;shares of common stock
    and warrants to purchase 267,806&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (13) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Kandalepas resigned as an executive officer of the
    Company on July&#160;1, 2009. Ownership information has been
    derived from our stock records, which show Mr.&#160;Kandalepas
    owns theses shares of record.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (14) </TD>
    <TD></TD>
    <TD valign="bottom">
    The address for this stockholder is Administration Building, 201
    Dowman Drive, Atlanta, Georgia 30322. Ownership information has
    been derived from this stockholder&#146;s SEC filing on
    Form&#160;4 filed on January&#160;29, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (15) </TD>
    <TD></TD>
    <TD valign="bottom">
    The address for this stockholder is
    <FONT style="white-space: nowrap">c/o&#160;Morse,</FONT>
    Zelnick, Rose&#160;&#038; Lander LLP, 405 Park Avenue,
    Suite&#160;1401, New York, New York 10022. Includes
    91,854&#160;shares subject to warrants and 503,840&#160;shares
    as to which Mr.&#160;Papageorgiou shares voting and investment
    power. Ownership information has been derived from this
    stockholder&#146;s SEC filing on Schedule&#160;13G filed on
    October&#160;1, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (16) </TD>
    <TD></TD>
    <TD valign="bottom">
    The address for this stockholder is 45 School Street, Boston,
    Massachusetts 02108. This stockholder shares voting and
    investment power with respect to all of these shares. Includes
    1,093,441 shares held by Dr.&#160;Robinson. Ownership
    information has been derived from this stockholder&#146;s
    Schedule&#160;13G filed February&#160;12, 2010.</TD>
</TR>

</TABLE>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELLING
    STOCKHOLDERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents information regarding the selling
    stockholders. Emory University is a principal stockholder.
    Mr.&#160;Hildebrand is our Chairman of the Board and previously
    served as our President and Chief Executive Officer from
    September 2006 to September 2008. See &#147;Certain
    Relationships and Related Transactions&#148; for additional
    information regarding our transactions with Emory University and
    our Consulting Agreement with Mr.&#160;Hildebrand.
    Dr.&#160;Robinson is our Chief Scientific Officer and a director.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares to be Sold in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>the Offering<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Assuming<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>the Maximum<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding Shares<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Before<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Owned Before<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Units are<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beneficially Owned<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Selling Stockholder</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Offering(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sold in this Offer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>After Offering(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Emory University(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,621,405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Donald G. Hildebrand(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,426,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Harriet L. Robinson(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,279,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Applicable percentage of ownership is based on
    15,652,813&#160;shares of our common stock outstanding as of
    March&#160;31, 2010, together with securities exercisable or
    convertible into shares of common stock within sixty days of
    March&#160;31, 2010, for each selling stockholder. Assumes no
    exercise of warrants to be issued in this offering. Beneficial
    ownership is determined in accordance with the rules of the SEC
    and generally includes voting or investment power with respect
    to securities. Shares of common stock are deemed to be
    beneficially owned by the person holding such securities for the
    purpose of computing the percentage of ownership of such person,
    but are not treated as outstanding for the purpose of computing
    the percentage ownership of any other person.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The address for this stockholder is Administration Building, 201
    Dowman Drive, Atlanta, Georgia 30322. Ownership information has
    been derived from this stockholder&#146;s SEC filing on
    Form&#160;4 filed on January&#160;29, 2010.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes options to purchase 355,825&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dr.&#160;Robinson shares voting and investment power over
    1,093,441&#160;shares with Welch&#160;&#038; Forbes LLC.
    Includes options to purchase 181,245&#160;shares of common stock
    exercisable within 60&#160;days of March&#160;31, 2010.</TD>
</TR>

</TABLE>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Global Hunter Securities LLC, referred to as the placement
    agent, has entered into a placement agency agreement with us and
    the selling stockholders in which it has agreed to act as
    placement agent in connection with the offering. Subject to the
    terms and conditions contained in the placement agency
    agreement, the placement agent is using its best efforts to
    introduce us to selected institutional investors who will
    purchase the shares. The placement agent has no obligation to
    buy any of the shares from us nor is the placement agent
    required to arrange the purchase or sale of any specific number
    or dollar amount of the shares, but has agreed to use its best
    efforts to arrange for the sale of all of the shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The placement agency agreement provides that the obligations of
    the placement agent and the investors are subject to certain
    conditions precedent, including the absence of any material
    adverse changes in our business and the receipt of customary
    legal opinions, letters and certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the placement agent and certain
    other persons against certain liabilities under the Securities
    Act of 1933, as amended. The placement agent has informed us
    that it will not engage in overallotment, stabilizing
    transactions or syndicate covering transactions in connection
    with this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to pay the placement agent a fee equal to 6% of
    the proceeds of this offering and to reimburse the placement
    agent for reasonable expenses that it incurs in connection with
    the offering, but in no event greater than
    $&#160;&#160;&#160;&#160;&#160;. The estimated offering expenses
    payable by us, in addition to the placement agent&#146;s fee,
    are approximately $&#160;&#160;&#160;&#160;&#160;, which
    includes our legal and accounting costs and various other fees
    associated with registering and listing the shares offered
    hereby. In addition, we have agreed to issue the placement agent
    a five-year callable warrant to
    purchase&#160;&#160;&#160;&#160;&#160;&#160;shares of our common
    stock, equal in number to 6% of the number of units sold in this
    offering at an exercise price equal to 120% of the offering
    price of the shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the per share and total maximum fees
    we will pay to the placement agent, assuming a maximum
    reimbursement of $&#160;&#160;&#160;&#160;&#160; and the sale of
    all of the shares offered pursuant to this prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because the offering may not be fully subscribed, the actual
    total may be less than the maximum amount set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This is a brief summary of the material provisions of the
    placement agency agreement and does not purport to be a complete
    statement of its terms and conditions. A copy of the placement
    agency agreement has been filed as an exhibit to the
    registration statement of which this prospectus forms a part.
    See &#147;Where You Can Find More Information&#148; on
    page&#160;&#160;&#160; of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent for our common stock to be issued in this
    offering is American Stock Transfer&#160;&#038;
    Trust&#160;Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is traded on the OTC Bulletin&#160;Board under
    the symbol &#147;GOVX:OB.&#148; We intend to apply to list our
    common stock on Nasdaq, as discussed in &#147;Description of
    Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A prospectus in electronic format may be made available on the
    web site maintained by the placement agent and the placement
    agent may distribute the prospectus electronically.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, our executive officers and directors and the selling
    stockholders have entered into
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements pursuant to which we and they have agreed that, for a
    period of 180&#160;days from the date of this prospectus, we
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and they will not, without the prior written consent of the
    placement agent, offer, sell or otherwise transfer or dispose
    of, directly or indirectly, or enter into any swap agreement
    with respect to, any shares of common stock or securities
    convertible into or exchangeable or exercisable for shares of
    common stock, subject to certain exceptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    during the last 17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, we issue an earnings release, or material news or a
    material event relating to us occurs;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, we announce that we will release earnings results during
    the <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">10-day</FONT>
    <FONT style="white-space: nowrap">lock-up</FONT>
    period, then the
    <FONT style="white-space: nowrap">180-day</FONT>
    <FONT style="white-space: nowrap">lock-up</FONT>
    period will be extended until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period that begins on the date the earnings release is issued,
    the public announcement of the material news or the material
    event occurs.
</TD>
</TR>

</TABLE>

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STOCK AND UNIT WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of our capital stock is summarized
    from, and qualified in its entirety by reference to, our
    certificate of incorporation, which has been previously filed
    with the SEC and is incorporated herein by reference. This
    summary is not intended to give full effect to provisions of
    statutory or common law. We urge you to review the following
    documents because they, and not this summary, define your rights
    as a holder of shares of common stock or preferred stock:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The General Corporation Law of the State of Delaware (the
    &#147;DGCL&#148;), as it may be amended from time to time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our certificate of incorporation, as it may be amended or
    restated from time to time, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our bylaws, as they may be amended or restated from time to time.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized capital stock currently consists of
    910,000,000&#160;shares, which are divided into two classes
    consisting of 900,000,000&#160;shares of common stock
    (18,000,000 upon implementation of the assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split), par value $0.001 per share, and
    10,000,000&#160;shares of preferred stock (no change upon
    implementation of the assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split), par value $0.01 per share. As of
    March&#160;31, 2010, there were issued and outstanding
    782,640,692&#160;shares of common stock (15,652,814&#160;shares
    upon implementation of the reverse stock split), options to
    purchase 51,612,757&#160;shares (1,032,255&#160;shares upon
    implementation of the reverse stock split) of common stock and
    warrants to purchase 45,379,740&#160;shares (907,595&#160;shares
    upon implementation of the reverse stock split) of common stock.
    No shares of preferred stock were outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have submitted to our stockholders the following proposals,
    which are described in greater detail in our proxy statement
    pursuant to Section&#160;14(a) of the Securities Exchange Act of
    1934 filed with the SEC on March&#160;12, 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    To approve an amendment to our certificate of incorporation to
    increase the number of our authorized shares of common stock,
    $0.001&#160;par value, from 900,000,000 to 2,000,000,000
    (40,000,000 after the assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    To approve the grant of discretionary authority to our Board of
    Directors to amend our certificate of incorporation to effect a
    reverse stock split of our authorized, issued and outstanding
    common stock at any time within four months after the date
    stockholder approval is obtained at any one of the following
    ratios, as selected by our Board of Directors:
    <FONT style="white-space: nowrap">1-for-20,</FONT>
    <FONT style="white-space: nowrap">1-for-30,</FONT>
    <FONT style="white-space: nowrap">1-for-40,</FONT> or
    <FONT style="white-space: nowrap">1-for-50.</FONT>
    Assuming the proposal to increase our authorized shares is
    approved, the number of authorized shares will be proportionally
    reduced upon implementation of the reverse stock split of our
    common stock.
</TD>
</TR>

</TABLE>
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    <BR>
    57
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that both proposals will be approved at the
    special meeting of the stockholders to be held April&#160;13,
    2010. Upon approval, we will promptly file the amendment to
    increase the number of our authorized shares. We plan to file
    the amendment to implement the reverse stock split of our common
    stock at least one week prior to this offering. We expect to
    select a
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse split ratio, but this will be subject to the discretion
    of our Board of Directors. Unless otherwise indicated and except
    for the financial statements, all share amounts and prices in
    this registration statement assume the selection of a
    <FONT style="white-space: nowrap">1-for-50</FONT>
    ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our common stock are entitled to one vote for each
    share held in the election of directors and in all other matters
    to be voted on by the stockholders. There is no cumulative
    voting in the election of directors. Holders of common stock are
    entitled to receive dividends as may be declared from time to
    time by our Board of Directors out of funds legally available
    therefor. In the event of liquidation, dissolution or winding up
    of the Company, holders of common stock are to share in all
    assets remaining after the payment of liabilities. Holders of
    common stock have no pre-emptive or conversion rights and are
    not subject to further calls or assessments. There are no
    redemption or sinking fund provisions applicable to the common
    stock. The rights of the holders of the common stock are subject
    to any rights that may be fixed for holders of preferred stock.
    All of the outstanding shares of common stock are fully paid and
    non-assessable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are also authorized to issue 10,000,000&#160;shares of
    preferred stock. Under our certificate of incorporation, the
    Board of Directors has the power, without further action by the
    holders of common stock, to designate the relative rights and
    preferences of the preferred stock, and issue the preferred
    stock in one or more series as designated by the Board of
    Directors. The designation of rights and preferences could
    include preferences as to liquidation, redemption and conversion
    rights, voting rights, dividends or other preferences, any of
    which may be dilutive of the interest of the holders of the
    common stock or the preferred stock of any other series. The
    ability of directors, without stockholder approval, to issue
    additional shares of preferred stock could be used as
    anti-takeover measures. Anti-takeover measures may result in you
    receiving less for your stock than you otherwise might. The
    issuance of preferred stock creates additional securities with
    dividend and liquidation preferences over common stock, and may
    have the effect of delaying or preventing a change in control
    without further stockholder action and may adversely affect the
    rights and powers, including voting rights, of the holders of
    common stock. In certain circumstances, the issuance of
    preferred stock could depress the market price of the common
    stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Delaware
    Anti-Takeover Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have elected not to be subject to certain provisions of
    Delaware law that could make it more difficult to acquire us by
    means of a tender offer, a proxy contest, open market purchases,
    removal of incumbent directors and otherwise. These provisions,
    summarized below, are expected to discourage types of coercive
    takeover practices and inadequate takeover bids and to encourage
    persons seeking to acquire control of us to first negotiate with
    our Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, Section&#160;203 of the DGCL prohibits a publicly
    held Delaware corporation from engaging in various
    &#147;business combination&#148; transactions with any
    interested stockholder for a period of three years after the
    date of the transaction in which the person became an interested
    stockholder, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction is approved by the corporation&#146;s board of
    directors prior to the date the interested stockholder obtained
    interested stockholder status;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon consummation of the transaction that resulted in the
    stockholder&#146;s becoming an interested stockholder, the
    stockholder owned at least 85% of the voting stock of the
    corporation outstanding at the time the transaction commenced,
    excluding for purposes of determining the number of shares
    outstanding those shares owned by (a)&#160;persons who are
    directors and also officers and (b)&#160;employee stock plans in
    which employee participants do not have the right to determine
    confidentially whether shares held subject to the plan will be
    tendered in a tender or exchange offer;&#160;or
</TD>
</TR>

</TABLE>
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    <BR>
    58
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on or subsequent to the date the business combination is
    approved by the corporation&#146;s board of directors and
    authorized at an annual or special meeting of stockholders by
    the affirmative vote of at least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the outstanding voting stock that is not owned by the
    interested stockholder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A &#147;business combination&#148; is defined to include
    mergers, asset sales and other transactions resulting in
    financial benefit to a stockholder. In general, an
    &#147;interested stockholder&#148; is a person who, together
    with affiliates and associates, owns or within three years, did
    own, 15% or more of a corporation&#146;s voting stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;203 applies to Delaware corporations that have a
    class of voting stock that is listed on a national securities
    exchange or held of record by more than 2,000 stockholders;
    provided, however, the restrictions of this statute will not
    apply to a corporation if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the corporation&#146;s original charter contains a provision
    expressly electing not to be governed by the statute;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the corporation&#146;s board of directors adopts an amendment to
    the corporation&#146;s bylaws within 90&#160;days of the
    effective date of the statute expressly electing not to be
    governed by it;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the stockholders of the corporation adopt an amendment to its
    charter or bylaws expressly electing not to be governed by the
    statute (so long as such amendment is approved by the
    affirmative vote of a majority of the shares entitled to vote);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a stockholder becomes an interested stockholder inadvertently
    and as soon as practicable divests himself of ownership of a
    sufficient number of shares so that he ceases to be an
    interested stockholder, and during the three year period
    immediately prior to a business combination, would not have been
    an interested stockholder but for the inadvertent acquisition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination is proposed prior to the consummation
    or abandonment of a merger or consolidation, a sale, lease,
    exchange, mortgage, pledge, transfer or other disposition of
    assets of the corporation or a proposed tender or exchange offer
    for 50% or more of the outstanding voting shares of the
    corporation;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination is with an interested stockholder who
    became an interested stockholder at a time when the restrictions
    contained in the statutes did not apply.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our certificate of incorporation includes a provision electing
    not to be governed by Section&#160;203 of the DCGL. Accordingly,
    our board of directors does not have the power to reject certain
    business combinations with interested stockholders based on
    Section&#160;203 of the DCGL.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Unit
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of each unit in this offering, we
    will issue a five-year callable warrant to purchase up to
    0.20&#160;shares of common stock at an exercise price of
    $&#160;&#160;&#160;&#160;&#160; per share, or 20.0% above the
    offering price of the units. After the expiration of the
    exercise period, unit warrant holders will have no further
    rights to exercise the unit warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unit warrants may be exercised only for full shares of
    common stock and may be exercised on a &#147;cashless&#148;
    basis. If the registration statement covering the shares
    issuable upon exercise of the warrants contained in the units is
    no longer effective, the unit warrants may only be exercised on
    a &#147;cashless&#148; basis. We will not issue fractional
    shares of common stock or cash in lieu of fractional shares of
    common stock. Unit warrant holders do not have any voting or
    other rights as a stockholder of our company. The exercise price
    and the number of shares of common stock purchasable upon the
    exercise of each unit warrant are subject to adjustment upon the
    happening of certain events, such as stock dividends,
    distributions, and splits. In addition, the unit warrants have a
    &#147;callable feature&#148; whereby, commencing at any time
    after the date of issuance of the unit warrants, if the average
    closing bid price of the common stock for 30 consecutive trading
    days exceeds $<U>&#160;&#160;&#160;&#160;&#160;</U>, or 225% of
    the offering price of the units, then we shall have the right,
    upon 30&#160;days&#146; prior written notice, to redeem all of
    the then-issuable shares of common stock subject to the unit
    warrant at a price of $0.01 per share of common stock subject to
    the unit warrant.
</DIV>
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    <BR>
    59
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the informational reporting requirements of
    the Exchange Act, which requires us to file annual, quarterly,
    and current reports, proxy statements and other information with
    the SEC. The SEC maintains a website that contains such
    information regarding issuers that file electronically, such as
    GeoVax Labs, Inc. The public may inspect our filings over the
    Internet at the SEC&#146;s home page at www.sec.gov. The public
    may also read and copy any document we file at the Public
    Reference Room of the SEC at 100&#160;F&#160;Street, NE,
    Washington, DC 20549. Information on the operation of the Public
    Reference Room may be obtained by the public by calling the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    Our website address is www.geovax.com. Information contained on
    our website does not constitute a part of this prospectus.
</DIV>

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The audited consolidated financial statements of GeoVax, Labs,
    Inc. and subsidiary for the years ended December&#160;31, 2009,
    2008 and 2007 and for the period of time considered part of the
    development stage from January&#160;1, 2006 to December&#160;31,
    2009, included in this prospectus, have been audited by Porter
    Keadle Moore LLP, an independent registered public accounting
    firm, as set forth in its report appearing herein. Such
    financial statements have been so included in reliance upon the
    reports of such firm given upon its authority as an expert in
    accounting and auditing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The statements of operations, stockholders&#146; deficiency and
    cash flows of GeoVax, Inc. (a Georgia corporation in the
    development stage) for the period from inception (June&#160;27,
    2001)&#160;to December&#160;31, 2005, included in this
    prospectus, have been audited by Tripp, Chafin&#160;&#038;
    Company, LLC, an independent registered public accounting firm,
    as set forth in its report appearing herein. Such financial
    statements have been so included in reliance upon the reports of
    such firm given upon its authority as an expert in accounting
    and auditing.
</DIV>

<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the common stock will be passed upon for us by
    Womble Carlyle Sandridge&#160;&#038; Rice, PLLC, Atlanta,
    Georgia. As of the date of this prospectus, attorneys with
    Womble Carlyle Sandridge&#160;&#038; Rice, PLLC beneficially own
    an aggregate of approximately 33,000&#160;shares (after an
    assumed
    <FONT style="white-space: nowrap">1-for-50</FONT>
    reverse stock split) of our common stock. Certain legal matters
    in connection with this offering will be passed upon for the
    placement agent by Stradling Yocca Carlson&#160;&#038;
    Rauth,&#160;P.C., Newport Beach, California.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    60
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS, INC.<BR>
    (A DEVELOPMENT-STAGE ENTERPRISE)</FONT></B>
</DIV>

<A name='120'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    2009 CONSOLIDATED FINANCIAL STATEMENTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#300'>Reports of Independent Registered Public
    Accounting Firms on Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>Consolidated Balance Sheets as of
    December&#160;31, 2009 and 2008</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>Consolidated Statements of Operations for the
    years ended December&#160;31, 2009, 2008 and 2007 and for the
    Period from Inception (June&#160;27, 2001)&#160;to
    December&#160;31, 2009</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#303'>Consolidated Statements of Stockholders&#146;
    Equity (Deficiency) for the Period from Inception (June&#160;27,
    2001)&#160;to December&#160;31, 2009</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#304'>Consolidated Statements of Cash Flows for the
    years ended December&#160;31, 2009, 2008 and 2007 and for the
    Period from Inception (June&#160;27, 2001)&#160;to
    December&#160;31, 2009</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#305'>Notes to Consolidated Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Financial Statement Schedule:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#306'>Schedule&#160;II&#160;&#151; Valuation and
    Qualifying Accounts for the years ended December&#160;31, 2009,
    2008 and 2007</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-18
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<BR>
    ON FINANCIAL STATEMENTS</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax Labs, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, Georgia
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the accompanying consolidated balance sheets of
    GeoVax Labs, Inc. and subsidiary (a development stage company)
    (the &#147;Company&#148;) as of December&#160;31, 2009 and 2008,
    and the related consolidated statements of operations,
    stockholders&#146; equity, and cash flows for each of the three
    years in the period ended December&#160;31, 2009, and for the
    period of time considered part of the development stage from
    June&#160;27, 2001 to December&#160;31, 2009, except we did not
    audit the Company&#146;s financial statements for the period
    from June&#160;27, 2001 to December&#160;31, 2005 which were
    audited by other auditors. These financial statements are the
    responsibility of the Company&#146;s management. Our
    responsibility is to express an opinion on these financial
    statements based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audits provide a
    reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of GeoVax Labs, Inc. and subsidiary as of
    December&#160;31, 2009 and 2008, and the results of their
    operations and their cash flows for each of the three years in
    the period ended December&#160;31, 2009 in conformity with
    accounting principles generally accepted in the United States of
    America.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our audits of the consolidated financial statements and internal
    controls over financial reporting also included the financial
    statement schedule of the Company, Schedule II, on page F-18.
    This schedule is the responsibility of the Company&#146;s
    management. Our responsibility is to express an opinion based on
    our audits of the consolidated financial statements. In our
    opinion, the financial statement schedule, when considered in
    relation to the basic consolidated financial statements taken as
    a whole, presents fairly in all material respects the
    information set forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have also audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States),
    GeoVax Labs, Inc. and subsidiary&#146;s internal control over
    financial reporting as of December&#160;31, 2009, based on
    criteria established in <I>Internal Control&#160;&#151;
    Integrated Framework</I> issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO) and our report
    dated February&#160;22, 2010, expressed an unqualified opinion
    on the effectiveness of GeoVax Labs, Inc.&#146;s internal
    control over financial reporting.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /S/ PORTER KEADLE MOORE LLP
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, Georgia
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    February&#160;22, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<BR>
    ON FINANCIAL STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Directors
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax, Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, Georgia
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have audited the statements of operations, stockholders&#146;
    deficiency and cash flows of GeoVax, Inc. (a Georgia corporation
    in the development stage) for the period from inception
    (June&#160;27, 2001)&#160;to December&#160;31, 2005. These
    financial statements are the responsibility of the
    Company&#146;s management. Our responsibility is to express an
    opinion on these financial statements based on our audit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audit provides a
    reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In our opinion, the financial statements of GeoVax, Inc.
    referred to above present fairly, in all material respects, the
    results of its operations, changes in stockholders&#146;
    deficiency and cash flows for the period from inception
    (June&#160;27, 2001)&#160;to December&#160;31, 2005, in
    conformity with accounting principles generally accepted in the
    United States of America.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/ TRIPP, CHAFIN&#160;&#038; COMPANY, LLC
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Marietta, Georgia
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    February&#160;8, 2006
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='301'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS, INC.<BR>
    (A DEVELOPMENT-STAGE ENTERPRISE)</FONT></B>
</DIV>
<!-- XBRL,bs -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSOLIDATED
    BALANCE SHEETS</FONT></B>
</DIV>
<!-- XBRL,body -->
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,515,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,191,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grant funds receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    320,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    311,368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Prepaid expenses and other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    299,286
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,880,720
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,801,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment, net of accumulated depreciation and
    amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    344,202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    138,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Licenses, net of accumulated amortization of $159,161 and
    $134,276
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    at December&#160;31, 2009 and 2008 respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,695
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,580
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deposits and other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,315,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,056,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accounts payable and accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    408,344
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    176,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Amounts payable to Emory University (a related party)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    163,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170,162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    571,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    346,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commitments (Note&#160;5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, $.001&#160;par value, 900,000,000&#160;shares
    authorized 781,628,192 and 747,448,876&#160;shares outstanding
    at December&#160;31, 2009 and 2008, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    781,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    747,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,500,452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,215,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deficit accumulated during the development stage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,537,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,253,596
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,744,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,709,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities and stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,315,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,056,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
</DIV>
<!-- /XBRL,bs -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='302'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS. INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(A DEVELOPMENT-STAGE ENTERPRISE)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<!-- XBRL,op -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CONSOLIDATED STATEMENTS OF OPERATIONS</B>
</DIV>
<!-- XBRL,body -->
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="42%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From Inception<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(June&#160;27, 2001) to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Grant revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,668,195
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,910,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    237,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,226,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and development
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,068,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,741,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,757,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,560,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,914,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,970,068
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,784,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,512,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,983,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,711,557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,541,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,073,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Loss from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,315,332
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,801,387
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,304,303
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,846,765
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income (expense):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,080
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    314,586
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,669
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,080
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    308,917
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (17,537,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic and diluted:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Loss per common share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.04
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Weighted average shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    759,563,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    740,143,397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    714,102,311
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    469,267,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
</DIV>
<!-- /XBRL,op -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='303'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS, INC.<BR>
    (A DEVELOPMENT-STAGE ENTERPRISE)<BR>
    <BR>
    <!-- XBRL,se -->CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146;
    EQUITY (DEFICIENCY)</FONT></B>
</DIV>
<!-- XBRL,body -->
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Deficit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stock<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>During the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Stockholders&#146;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Additional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Subscription<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Development<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid in Capital</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Receivable</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Stage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Deficiency)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Capital contribution at inception (June&#160;27, 2001)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2001
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (170,592
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (170,592
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2001
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (170,592
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (170,582
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,497,711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,498
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (139,028
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Issuance of common stock for technology license
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,226,695
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,629
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    148,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2002
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (618,137
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (618,137
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2002
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    174,724,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    174,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,389
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (788,729
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (639,393
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,463,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,464
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,398,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,459,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2003
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (947,804
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (947,804
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2003
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236,188,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236,189
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,372,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,736,533
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    872,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash and stock subscription receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,130,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,130
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,915,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,750,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    239,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Cash payments received on stock subscription receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Issuance of common stock for technology license
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,470,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2004
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,351,828
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,351,828
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2004
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,789,565
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,790
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,386,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,000,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,088,361
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (389,497
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Cash payments received on stock subscription receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,611,086
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,611,086
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,789,565
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,790
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,386,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (500,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,699,447
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (500,583
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Cash payments received on stock subscription receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Conversion of preferred stock to common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177,542,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177,543
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    897,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,075,116
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Common stock issued in connection with merger
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217,994,566
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217,994
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,494,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,712,849
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Issuance of common stock for cashless warrant exercise
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,841,274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,841
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,841
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (584,166
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (584,166
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    711,167,943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    711,168
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,775,661
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,283,613
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,203,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,336,433
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,142,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,162,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Issuance of common stock upon stock option exercise
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    124
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,876
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,518,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,518,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    731,627,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    731,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,441,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,525,409
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,647,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash in private placement transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,806,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,806
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,356,194
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,365,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Transactions related to common stock purchase agreement with
    Fusion Capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,514,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,515
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    399,576
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    406,091
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,798,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,798,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Consultant warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Issuance of common stock for consulting services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    747,448,876
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    747,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,215,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,253,596
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,709,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Transactions related to common stock purchase agreement with
    Fusion Capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,813,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,509,187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,520,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Sale of common stock for cash upon exercise of stock purchase
    warrant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,141,289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,476,859
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Stock-based compensation:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,221,764
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,221,764
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Consultant warrants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    Issuance of common stock for consulting services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Net loss for the year ended December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Balance at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    781,628,192
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    781,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,500,452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (17,537,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,744,232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
</DIV>
<!-- /XBRL,se -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='304'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS. INC.<BR>
    (A DEVELOPMENT-STAGE ENTERPRISE)<BR>
    <BR>
    <!-- XBRL,cf -->CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B>
</DIV>
<!-- XBRL,body -->
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>From Inception<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(June&#160;27,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2001) to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,284,252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3,728,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (17,537,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Adjustments to reconcile net loss to net cash used in operating
    activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    336,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accretion of preferred stock redemption value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    346,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,298,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,019,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,518,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,836,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Changes in assets and liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Grant funds receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,953
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (218,108
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (93,260
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (320,321
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Stock subscriptions receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (897,450
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254,671
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (249,538
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,618
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (44,615
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Deposits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (980
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Accounts payable and accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (252,116
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    405,424
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    571,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 50pt">
    Total adjustments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,859,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,360,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    976,053
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,725,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash used in operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,425,150
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,367,886
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,265,743
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,812,669
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash flows from investing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Purchase of property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (270,246
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (99,831
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (521,888
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (270,246
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (99,831
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (521,888
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash flows from financing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net proceeds from sale of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,020,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,668,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,167,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,121,898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net proceeds from sale of preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    728,443
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash provided by financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,020,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,668,541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,167,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,850,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net increase (decrease) in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,324,604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (97,793
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,515,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents at beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,191,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,990,356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,088,149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents at end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,515,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,191,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,990,356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,515,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-size: 9pt">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Supplemental disclosure of cash flow information Interest paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Supplemental
    disclosure of non-cash investing and financing activities:
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">In
    connection with the Merger discussed in Note&#160;6, all of the
    outstanding shares of the Company&#146;s mandatory redeemable
    convertible preferred stock were converted into shares of common
    stock as of September&#160;28, 2006.
    </FONT>
</DIV>
<!-- /XBRL,cf -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<!-- XBRL,ns -->
<A name='305'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS, INC.<BR>
    (A DEVELOPMENT-STAGE ENTERPRISE)<BR>
    <BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
    Years Ended December&#160;31, 2009, 2008 and 2007 and<BR>
    Period from Inception (June&#160;27, 2001)&#160;to
    December&#160;31, 2009</FONT></B>
</DIV>
</A>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Nature of
    Business</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax Labs, Inc. (&#147;GeoVax&#148; or the
    &#147;Company&#148;), is a biotechnology company focused on
    developing human vaccines for diseases caused by Human
    Immunodeficiency Virus (HIV). The Company has exclusively
    licensed from Emory University (&#147;Emory&#148;) vaccine
    technology which was developed in collaboration with the
    National Institutes of Health (&#147;NIH&#148;) and the Centers
    for Disease Control and Prevention (&#147;CDC&#148;). The
    Company is incorporated under the laws of the State of Delaware
    and its principal offices are located in Smyrna, Georgia
    (metropolitan Atlanta area).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is devoting all of its present efforts to research
    and development. We have funded our activities to date almost
    exclusively from equity financings and government grants, and we
    will continue to require substantial funds to continue these
    activities. We expect that our existing cash resources, combined
    with the proceeds from the NIH grant discussed in Note&#160;4
    and our anticipated use of the common stock purchase agreement
    discussed in Note&#160;7, will be sufficient to fund our planned
    activities at least through 2010. The extent to which we rely on
    the common stock purchase agreement as a source of funding will
    depend on a number of factors including the prevailing market
    price of our common stock and the extent to which we choose to
    secure working capital from other sources, if available.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of Significant Accounting Policies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Basis of
    Presentation and Principles of Consolidation</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying consolidated financial statements include the
    accounts of GeoVax, Inc. from inception together with those of
    GeoVax Labs, Inc. from September&#160;28, 2006 (see
    Note&#160;6). All intercompany transactions have been eliminated
    in consolidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Development-Stage
    Enterprise</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GeoVax is devoting all of its present efforts to research and
    development and is a development stage enterprise as defined by
    Financial Accounting Standards Board (&#147;FASB&#148;)
    Accounting Standard Codification (&#147;ASC&#148;) Topic 915,
    &#147;<I>Development Stage Entities</I>&#148;. All losses
    accumulated since inception (June&#160;27, 2001)&#160;have been
    considered as part of the Company&#146;s development stage
    activities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Use of
    Estimates</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States of
    America requires management to make estimates and assumptions
    that affect the reported amounts of assets and liabilities and
    disclosure of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of revenues
    and expenses during the reporting period. Actual results may
    differ from those estimates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Cash and
    Cash Equivalents</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consider all highly liquid investments with a maturity of
    three months or less when purchased to be cash equivalents. Our
    cash and cash equivalents consist primarily of bank deposits and
    money market accounts. The recorded values approximate fair
    market values due to the short maturities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Fair
    Value of Financial Instruments and Concentration of Credit
    Risk</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Financial instruments that subject us to concentration of credit
    risk consist primarily of cash and cash equivalents, which are
    maintained by a high credit quality financial institution. The
    carrying values reported in the balance sheets for cash and cash
    equivalents approximate fair values.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Property and equipment are stated at cost. The components of
    property and equipment as of December&#160;31, 2009 and 2008 are
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Laboratory equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    389,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    243,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other furniture, fixtures&#160;&#038; equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    521,888
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    251,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (177,686
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (112,795
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    344,202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    138,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Expenditures for maintenance and repairs are charged to
    operations as incurred, while additions and improvements are
    capitalized. Depreciation is computed using the straight-line
    method over the estimated useful lives of the assets which range
    from three to five years. Amortization of leasehold improvements
    is computed using the straight-line method over the remaining
    term of the related lease. Depreciation and amortization expense
    was $64,891, $36,128, and $29,575 during the years ended
    December&#160;31, 2009, 2008 and 2007, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other
    Assets</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other assets consist principally of license agreements for the
    use of technology obtained through the issuance of the
    Company&#146;s common stock. These license agreements are
    amortized on a straight line basis over ten years. Amortization
    expense related to these agreements was $24,886 during each of
    the years ended December&#160;31, 2009, 2008 and 2007,
    respectively, and is expected to be $24,886, $24,886, $19,923,
    $10,000 and $10,000 for each of the next five years,
    respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Impairment
    of Long-Lived Assets</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Long-lived assets are reviewed for impairment whenever events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. Recoverability of assets to be
    held and used is measured by a comparison of the carrying amount
    of the assets to the future net cash flows expected to be
    generated by such assets. If such assets are considered to be
    impaired, the impairment to be recognized is measured by the
    amount by which the carrying amount of the assets exceeds the
    discounted expected future net cash flows from the assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Accrued
    Liabilities</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of the process of preparing our financial statements, we
    estimate expenses that we believe we have incurred, but have not
    yet been billed by our third party vendors. This process
    involves identifying services and activities that have been
    performed by such vendors on our behalf and estimating the level
    to which they have been performed and the associated cost
    incurred for such service as of each balance sheet date in our
    financial statements. Examples of expenses for which we accrue
    include fees for professional services and fees owed to contract
    manufacturers in conjunction with the manufacture of vaccines
    for our clinical trials. We make these estimates based upon
    progress of activities related to contractual obligations and
    information received from vendors.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Restatement
    for Recapitalization</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All share amounts and per share figures in the accompanying
    consolidated financial statements and the related footnotes have
    been restated for the 2006 recapitalization discussed in
    Note&#160;6.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Net Loss
    Per Share</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Basic and diluted loss per common share are computed based on
    the weighted average number of common shares outstanding. All
    common share equivalents (which consist of options and warrants)
    are excluded from the computation of diluted loss per share
    since the effect would be anti-dilutive. Common share
    equivalents which could potentially dilute basic earnings per
    share in the future, and which were excluded from the
    computation of diluted loss per share, totaled: 93,327,497,
    114,829,102; and 93,637,594&#160;shares at December&#160;31,
    2009, 2008 and 2007, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Revenue
    Recognition</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recognize revenue in accordance with the SEC&#146;s Staff
    Accounting Bulletin&#160;No.&#160;101, <I>Revenue Recognition in
    Financial Statements, </I>as amended by Staff Accounting
    Bulletin&#160;No.&#160;104, <I>Revenue Recognition,
    </I>(&#147;SAB&#160;104&#148;). SAB&#160;104 provides guidance
    in applying U.S.&#160;generally accepted accounting principles
    to revenue recognition issues, and specifically addresses
    revenue recognition for upfront, nonrefundable fees received in
    connection with research collaboration agreements. During 2009,
    2008 and 2007, our revenue consisted of grant funding received
    from the National Institutes of Health (see Note&#160;4).
    Revenue from this arrangement is approximately equal to the
    costs incurred and is recorded as income as the related costs
    are incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Research
    and Development Expense</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Research and development expense primarily consists of costs
    incurred in the discovery, development, testing and
    manufacturing of our product candidates. These expenses consist
    primarily of (i)&#160;fees paid to third-party service providers
    to perform, monitor and accumulate data related to the
    Company&#146;s preclinical studies and clinical trials,
    (ii)&#160;costs related to sponsored research agreements,
    (iii)&#160;the costs to procure and manufacture materials used
    in clinical trials, (iv)&#160;laboratory supplies and
    facility-related expenses to conduct development, and
    (v)&#160;salaries, benefits, and share-based compensation for
    personnel. These costs are charged to expense as incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Patent
    Costs</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our expenditures relating to obtaining and protecting patents
    are charged to expense when incurred, and are included in
    general and administrative expense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Period to
    Period Comparisons</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results are expected to fluctuate for the
    foreseeable future. Therefore,
    <FONT style="white-space: nowrap">period-to-period</FONT>
    comparisons should not be relied upon as predictive of the
    results for future periods.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for income taxes using the liability method. Under
    this method, deferred tax assets and liabilities are recognized
    for the estimated future tax consequences attributable to
    differences between the financial statement carrying amounts of
    existing assets and liabilities and their respective tax bases.
    Deferred tax assets and liabilities are measured using enacted
    rates in effect for the year in which temporary differences are
    expected to be recovered or settled. Deferred tax assets are
    reduced by a valuation allowance unless, in the opinion of
    management, it is more likely than not that some portion or all
    of the deferred tax assets will be realized.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We account for stock-based transactions in which the Company
    receives services from employees, directors or others in
    exchange for equity instruments based on the fair value of the
    award at the grant date. Compensation cost for awards of common
    stock is estimated based on the price of the underlying common
    stock on the date of issuance. Compensation cost for stock
    options or warrants is estimated at the grant date based on each
    instrument&#146;s fair-value as calculated by the Black-Scholes-
    option-pricing model. The Company recognizes stock-based
    compensation cost as expense ratably on a straight-line basis
    over the requisite service period for the award. See Note&#160;7
    for additional stock-based compensation information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2009, the FASB issued guidance now codified as ASC Topic
    105, &#147;<I>Generally Accepted Accounting
    Principles</I>&#148;, as the single source of authoritative
    nongovernmental U.S.&#160;generally accepted accounting
    principles (&#147;GAAP&#148;). ASC Topic 105 does not change
    current U.S.&#160;GAAP, but is intended to simplify user access
    to all authoritative GAAP by providing all authoritative
    literature related to a particular topic in one place (the
    &#147;Codification&#148;). The Codification became the source of
    authoritative GAAP recognized by the FASB to be applied by
    nongovernmental entities. Rules and interpretive releases of the
    Securities and Exchange Commission (&#147;SEC&#148;) under
    authority of federal securities laws are also sources of
    authoritative GAAP for SEC registrants. On the effective date of
    ASC Topic 105, the Codification superseded all then-existing
    non-SEC accounting and reporting standards. All other
    non-grandfathered non-SEC accounting literature not included in
    the Codification became non-authoritative. The provisions of ASC
    Topic 105 are effective for interim and annual periods ending
    after September&#160;15, 2009 and, accordingly, are effective
    for the Company for the current fiscal reporting period. The
    adoption of ASC Topic 105 did not have an impact on our results
    of operations, financial position, or cash flows, but will
    impact our financial reporting process by eliminating all
    references to pre-codification standards. All references to
    accounting literature included in the notes to our financial
    statements have been changed to reference the appropriate
    sections of the Codification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following ASC Topic 105, the FASB will not issue new standards
    in the form of Statements, FASB Staff Positions, or Emerging
    Issues Task Force Abstracts. Instead, it will issue Accounting
    Standards Updates. The FASB does not consider Accounting
    Standards Updates as authoritative in their own right.
    Accounting Standards Updates serve only to update the
    Codification, provide background information about the guidance,
    and provide the bases for conclusions on changes in the
    Codification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2006, the FASB issued guidance now codified under
    ASC Topic 820, <I>&#147;Fair Value Measurements and
    Disclosures,&#148; </I>which provides enhanced guidance for
    using fair value to measure assets and liabilities, provides a
    common definition of fair value, and establishes a framework to
    make the measurement of fair value under GAAP more consistent
    and comparable. The pronouncement also requires expanded
    disclosures to provide information about the extent to which
    fair value is used to measure assets and liabilities, the
    methods and assumptions used to measure fair value, and the
    effect of fair value measures on earnings. In February 2008, the
    FASB released additional guidance also now codified under ASC
    Topic 820, which delayed the January&#160;1, 2008 effective date
    for application of certain guidance related to non-financial
    assets and non-financial liabilities, except for items that are
    recognized or disclosed at fair value in the financial
    statements on a recurring basis, until January&#160;1, 2009. The
    implementation of this pronouncement did not have a material
    effect on our results of operations, financial position, or cash
    flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2008, the FASB issued guidance now codified under ASC
    Topic 815, &#147;<I>Derivatives and Hedging</I>&#148;, which
    amends and expands the disclosure requirements previously
    required for derivative instruments and hedging activities. We
    adopted this pronouncement effective January&#160;1, 2009 and it
    did not have a material effect on our results of operations,
    financial position, or cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, the FASB issued guidance now codified under ASC
    Topic 350, &#147;<I>Intangibles&#160;&#151; Goodwill and
    Other</I>,&#148; which amends the factors that should be
    considered in developing renewal or extension assumptions used
    to determine the useful life of a recognized intangible asset.
    We adopted the provisions of this pronouncement effective
    January&#160;1, 2009, and it did not have a material effect on
    our results of operations, financial position, or cash flows.
</DIV>
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    <BR>
    F-11
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, the FASB issued guidance now codified under ASC
    Topic 260, &#147;<I>Earnings Per Share</I>.&#148; This
    pronouncement addresses whether instruments granted in
    share-based payment transactions are participating securities
    prior to vesting, and therefore, need to be included in the
    earnings allocation in calculating earnings per share under the
    two-class method of computing earnings per share. This
    pronouncement requires companies to treat unvested share-based
    payment awards that have non-forfeitable rights to dividend or
    dividend equivalents as a separate class of securities in
    calculating earnings per share. We adopted this pronouncement
    effective January&#160;1, 2009 and it did not have a material
    effect on our results of operations, financial position, or cash
    flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2009, the FASB issued guidance now codified under ASC
    Topic 825, &#147;<I>Financial Instruments,&#148;</I> which
    amends previous Topic 825 guidance to require disclosures about
    fair value of financial instruments in interim as well as annual
    financial statements. We adopted this pronouncement effective
    April&#160;1, 2009 and it did not have a material effect on our
    results of operations, financial position, or cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2009, the FASB issued guidance now codified under ASC
    Topic 855, &#147;<I>Subsequent Events</I>,&#148; which
    establishes general standards of accounting for, and disclosures
    of, events that occur after the balance sheet date but before
    financial statements are issued or are available to be issued.
    We adopted this pronouncement effective June&#160;30, 2009 and
    it did not have a material effect on our results of operations,
    financial position, or cash flows. We have performed an
    evaluation of subsequent events through February&#160;22, 2010,
    which is the date these financial statements were issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not believe that any other recently issued, but not yet
    effective, accounting standards if currently adopted would have
    a material effect on our financial statements.
</DIV>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">License
    Agreements</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Emory License</I>&#160;&#151; During 2002, we entered into a
    license agreement with Emory University (the &#147;Emory
    License&#148;), a related party, for technology required in
    conjunction with certain products under development by us in
    exchange for 35,226,695&#160;shares of our common stock valued
    at $148,856. The Emory License, among other contractual
    obligations, requires payments based on milestone achievements,
    royalties on our sales or on payments to us by our sublicensees,
    and payment of maintenance fees in the event certain milestones
    are not met within the time periods specified in the agreement.
    The Emory License expires on the date of the latest expiration
    date of the underlying patents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>MFD License</I>&#160;&#151; During 2004, we entered into a
    license agreement with MFD, Inc. in exchange for
    2,470,998&#160;shares of our common stock valued at $100,000.
    Pursuant to this agreement, we obtained a fully paid, worldwide,
    irrevocable exclusive license to certain patents covering
    technology that may be employed by our products.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NIH
    Grant</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2007, the National Institutes of Health (NIH)
    awarded us an Integrated Preclinical/Clinical AIDS Vaccine
    Development (IPCAVD) grant to support our HIV/AIDS vaccine
    program. The project period for the grant, which is renewable
    annually, covers a five-year period which commenced October
    2007, with an expected annual award of generally between $3 and
    $4&#160;million per year (approximately $18.3&#160;million in
    the aggregate). The most recent award is for the period
    September&#160;1, 2009 through August&#160;31, 2010 in the
    amount of $4.7&#160;million. We are utilizing this funding to
    further our HIV/AIDS vaccine development, optimization and
    production. We record revenue associated with the grant as the
    related costs and expenses are incurred and such revenue is
    reported as a separate line item in our statements of
    operations. During 2009, 2008 and 2007, we recorded $3,668,195,
    $2,910,170 and $237,004, respectively, of revenue associated
    with the grant.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Commitments</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Lease
    Agreements</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2009, we executed a lease agreement, effective
    November&#160;1, 2009, for approximately 8400&#160;square feet
    of office and laboratory space located in Smyrna, Georgia
    (metropolitan Atlanta). Future
</DIV>
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    <BR>
    F-12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    minimum lease payments pursuant to the 62&#160;month lease total
    $114,570 in 2010, $118,010 in 2011, $121,560 in 2012, $125,180
    in 2013 and $128,920 in 2014.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other
    Commitments</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the normal course of business, we may enter into various firm
    purchase commitments related to production and testing of our
    vaccine material, and other research-related activities. As of
    December&#160;31, 2009, there were less than $10,000 of
    unrecorded outstanding purchase commitments to our vendors and
    subcontractors, which will be due in less than one year.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2006
    Merger and Recapitalization</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company was originally incorporated in June 1988 under the
    laws of Illinois as Dauphin Technology, Inc.
    (&#147;Dauphin&#148;). Dauphin was unsuccessful and its
    operations were terminated in December 2003. In September 2006,
    Dauphin completed a merger (the &#147;Merger&#148;) with GeoVax,
    Inc. which was incorporated under the laws of Georgia in June
    2001. As a result of the Merger, the shareholders of GeoVax,
    Inc. exchanged their shares of common stock for Dauphin common
    stock and GeoVax, Inc. became a wholly-owned subsidiary of
    Dauphin. Dauphin then changed its name to GeoVax Labs, Inc. and
    replaced its officers and directors with those of GeoVax, Inc.
    Subsequent to the Merger, the Company has not conducted any
    business other than GeoVax, Inc.&#146;s business of developing
    human vaccines. The Merger was accounted for under the purchase
    method of accounting as a reverse acquisition in accordance with
    U.S.&#160;generally accepted accounting principles. Under this
    method of accounting, Dauphin was treated as the acquired
    company and, accordingly, all financial information prior to the
    date of Merger presented in the accompanying consolidated
    financial statements, or in the notes herein, as well as any
    references to prior operations, are those of GeoVax, Inc. In
    June 2008, the Company was reincorporated under the laws of the
    State of Delaware.
</DIV>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Stockholders&#146;
    Equity</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">Common
    Stock Transactions</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During April and May 2008, we sold an aggregate of
    8,806,449&#160;shares of our common stock to 16 individual
    accredited investors for an aggregate purchase price of
    $1,365,000. We also issued to the investors warrants to purchase
    an aggregate of 14,104,841&#160;shares of common stock at a
    price of $0.33 per share, 8,258,065 of which expire in May 2013,
    with the remainder expiring in April/May 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In September 2009, we issued 23,141,289&#160;shares of our
    common stock for an aggregate purchase price of $1,500,000 upon
    the exercise of a previously issued stock purchase warrant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may, from time to time, issue shares of our common stock to
    consultants or others in exchange for services. During 2009 and
    2008 we issued 225,000 and 500,000&#160;shares, respectively,
    for consulting services; and we recorded general and
    administrative expense of $31,500 and $74,000 during each
    respective period related to these issuances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">Common
    Stock Purchase Agreement</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we signed a common stock purchase agreement (the
    &#147;Purchase Agreement&#148;) with Fusion Capital
    Fund&#160;II, LLC (&#147;Fusion Capital&#148;). The Purchase
    Agreement allows us to require Fusion Capital to purchase up to
    $10&#160;million of our common stock in amounts ranging from
    $80,000 to $1.0&#160;million per purchase transaction, depending
    on certain conditions, from time to time over a
    <FONT style="white-space: nowrap">25-month</FONT>
    period beginning July&#160;1, 2008, the date on which the SEC
    declared effective the registration statement related to the
    transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purchase price of the shares relating to the Purchase
    Agreement is based on the prevailing market prices of our shares
    at the times of the sales without any fixed discount, and we
    control the timing and amounts of any sales of shares to Fusion
    Capital. Fusion Capital does not have the right or the
    obligation to purchase any shares of our common stock on any
    business day that the purchase price of our common stock is
    below $0.05 per share. As primary consideration for entering
    into the Purchase Agreement, and upon the execution of the
    Purchase Agreement we issued to Fusion Capital
    2,480,510&#160;shares of our common stock as a
</DIV>
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    <BR>
    F-13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    commitment fee, and we agreed to issue to Fusion Capital up to
    an additional 2,480,510 commitment fee shares, on a pro rata
    basis, as we receive the $10&#160;million of future funding. The
    Purchase Agreement may be terminated by us at any time at our
    discretion without any additional cost to us. There are no
    negative covenants, restrictions on future financings, penalties
    or liquidated damages in the agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During 2008 we sold 3,709,964&#160;shares to Fusion under the
    terms of the Purchase Agreement for an aggregate purchase price
    of $500,000, and issued 124,027&#160;shares to Fusion pursuant
    to our deferred commitment fee arrangement. During 2009, we sold
    10,435,991&#160;shares to Fusion for an aggregate purchase price
    of $1,520,000, and issued 377,036&#160;shares pursuant to our
    deferred commitment fee arrangement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">Stock
    Options</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2006 we adopted the GeoVax Labs, Inc. 2006 Equity Incentive
    Plan (the &#147;Stock Option Plan&#148;) for the granting of
    qualified incentive stock options (&#147;ISO&#146;s&#148;),
    nonqualified stock options, restricted stock awards or
    restricted stock bonuses to employees, officers, directors,
    consultants and advisors of the Company. The exercise price for
    any option granted may not be less than fair value (110% of fair
    value for ISO&#146;s granted to certain employees). Options
    granted under the Stock Option Plan have a maximum ten-year term
    and generally vest over three years. The Company has reserved
    51,000,000&#160;shares of its common stock for issuance under
    the Stock Option Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A summary of activity under the Stock Option Plan as of
    December&#160;31, 2009, and changes during the year then ended
    is presented below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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&nbsp;
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&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
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&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
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&nbsp;
</TD>
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&nbsp;
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&nbsp;
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&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Contractual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Intrinsic<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Term (Yrs)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at January&#160;1, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,947,757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,425,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forfeited or expired
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,425,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,947,757
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,292,646
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,409,424
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,984,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information concerning our stock options for the
    years ended December&#160;31, 2009, 2008 and 2007 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average fair value of options granted during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Intrinsic value of options exercised during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total fair value of options vested during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,143,326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,074,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,156,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We use a Black-Scholes model for determining the grant date fair
    value of our stock option grants. This model utilizes certain
    information, such as the interest rate on a risk-free security
    with a term generally equivalent to the expected life of the
    option being valued and requires certain other assumptions, such
    as the expected amount of time an option will be outstanding
    until it is exercised or expired, to calculate the fair value of
    stock options granted. The significant assumptions we used in
    our fair value calculations were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average risk-free interest rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected dividend yield
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life of option
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.8
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stock-based compensation expense related to the Stock Option
    Plan was $1,221,764, $1,798,169 and $1,296,196 during the years
    ended December&#160;31, 2009, 2008 and 2007, respectively. The
    2008 and 2007 expense includes $425,725 and $242,113,
    respectively, associated with extensions of previously issued
    stock option grants (accounted for as reissuances) which were
    due to expire in 2007 to 2011. Stock option expense is allocated
    to research and development expense or to general and
    administrative expense based on the related employee
    classifications and corresponds to the allocation of employee
    salaries. For the three years ended December&#160;31, 2009,
    stock option expense was allocated as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General and administrative expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    917,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,304,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,012,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Research and development expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    304,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    494,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stock option expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,221,764
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,798,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,296,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, there was $943,295 of unrecognized
    compensation expense related to stock-based compensation
    arrangements. The unrecognized compensation expense is expected
    to be recognized over a weighted average remaining period of
    2.2&#160;years.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">Compensatory
    Warrants</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may, from time to time, issue stock purchase warrants to
    consultants or others in exchange for services. A summary of our
    compensatory warrant activity as of December&#160;31, 2009, and
    changes during the year then ended is presented below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Contractual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Intrinsic<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Term (Yrs)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at January&#160;1, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,700,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,970,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forfeited or expired
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,700,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,970,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable at December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,767,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional information concerning our compensatory warrants for
    the years ended December&#160;31, 2009, 2008 and 2007 is as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average fair value of warrants granted during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Intrinsic value of warrants exercised during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total fair value of warrants vested during the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,413
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    266,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We use a Black-Scholes model for determining the grant date fair
    value of our compensatory warrants. The significant assumptions
    we used in our fair value calculations were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average risk-free interest rates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.54
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected dividend yield
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected life of warrant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.5
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
    yrs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Expense associated with compensatory warrants was $45,401,
    $146,880 and $222,300 during the years ended December&#160;31,
    2009, 2008 and 2007, respectively. All such expense was
    allocated to general and administrative expense. As of
    December&#160;31, 2009, there was $121,058 of unrecognized
    compensation expense related to compensatory warrant
    arrangements. The unrecognized compensation expense is expected
    to be recognized over a weighted average remaining period of
    1&#160;year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><U><FONT style="font-family: 'Times New Roman', Times">Investment
    Warrants</FONT></U></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to outstanding stock options and compensatory
    warrants, as of December&#160;31, 2009 we have a total of
    42,409,740 outstanding stock purchase warrants issued to
    investors in connection with previous financing transactions.
    These warrants have a weighted-average exercise price of $0.33
    per share and a weighted-average remaining contractual life of
    2.6&#160;years.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Retirement
    Plan</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We participate in a multi-employer defined contribution
    retirement plan (the &#147;401k Plan&#148;) administered by a
    third party service provider; and the Company contributes to the
    401k Plan on behalf of its employees based upon a matching
    formula. During the years ended December&#160;31, 2009, 2008 and
    2007 our contributions to the 401k Plan were $25,057, $11,691
    and $6,535, respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At December&#160;31, 2009, we have a consolidated federal net
    operating loss (&#147;NOL&#148;) carryforward of approximately
    $72.2&#160;million, available to offset against future taxable
    income which expires in varying amounts in 2010 through 2029.
    Additionally, we have approximately $522,000 in research and
    development (&#147;R&#038;D&#148;) tax credits that expire in
    2022 through 2028 unless utilized earlier. No income taxes have
    been paid to date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of the Merger discussed in Note&#160;6, our NOL
    carryforward increased substantially due to the addition of
    approximately $59.7&#160;million of historical NOL carryforwards
    for Dauphin Technology, Inc. However, Section&#160;382 of the
    Internal Revenue Code contains provisions that may limit our
    utilization of NOL and R&#038;D tax credit carryforwards in any
    given year as a result of significant changes in ownership
    interests that have occurred in past periods or may occur in
    future periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Deferred income taxes reflect the net effect of temporary
    differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts
    used for income tax purposes. Significant components of our
    deferred tax assets and liabilities included the following at
    December&#160;31, 2009 and 2008:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net operating loss carryforward
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,035,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,217,858
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Research and development tax credit carryforward
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    354,581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,569,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,127,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,159,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,700,104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred tax liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,091
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,222
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total deferred tax liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,091
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,222
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net deferred tax assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,128,132
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,674,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Valuation allowance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27,128,132
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,674,882
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL --><DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have established a full valuation allowance equal to the
    amount of our net deferred tax assets due to uncertainties with
    respect to our ability to generate sufficient taxable income to
    realize these assets in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A reconciliation of the income tax benefit on losses at the
    U.S.&#160;federal statutory rate to the reported income tax
    expense is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    U.S. federal statutory rate applied to pretax loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,116,646
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,267,584
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1,442,211
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Permanent differences
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,054
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Research and development credits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,296
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Change in valuation allowance (excluding impact of the Merger
    discussed in Note&#160;6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,113,423
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,096,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,337,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reported income tax expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Related
    Party Transactions</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are obligated to reimburse Emory University (a significant
    stockholder of the Company) for certain prior and ongoing costs
    in connection with the filing, prosecution and maintenance of
    patent applications subject to the Emory License (see
    Note&#160;3). The expense associated with these ongoing patent
    cost reimbursements to Emory amounted to $85,673, $102,141 and
    $243,653 for the years ended December&#160;31, 2009, 2008 and
    2007, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we entered into two subcontracts with Emory for
    the purpose of conducting research and development activities
    associated with our grant from the NIH (see Note&#160;4). During
    2009 and 2008, we recorded $816,651 and $723,887, respectively,
    of expense associated with these subcontracts. All amounts paid
    to Emory under these subcontracts are reimbursable to us
    pursuant to the NIH grant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through November 2009, we leased office and laboratory space on
    a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis from Emtech Biotechnology Development, Inc., a related
    party associated with Emory. Rent expense associated with this
    lease totaled $43,112, $47,041 and $36,588 for the years ended
    December&#160;31, 2009, 2008 and 2007, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In March 2008, we entered into a consulting agreement with
    Donald Hildebrand, the Chairman of our Board of Directors and
    our former President&#160;&#038; Chief Executive Officer,
    pursuant to which Mr.&#160;Hildebrand provides business and
    technical advisory services to the Company. The term of the
    consulting agreement began on April&#160;1, 2008 and originally
    was to end on December&#160;31, 2009; in December 2009 the
    consulting agreement was extended for an additional year. During
    2009 and 2008, we recorded $57,600 and $64,000, respectively, of
    expense associated with the consulting agreement.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Selected
    Quarterly Financial Data (unaudited)</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A summary of selected quarterly financial data for 2009 and 2008
    is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009 Quarter Ended</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue from grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    710,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    752,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,808,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396,689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (861,509
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,348,653
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (230,815
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (843,275
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008 Quarter Ended</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue from grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    599,991
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    376,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,322,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    611,599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (682,510
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,284,352
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (722,108
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,039,217
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='306'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GEOVAX
    LABS, INC.<BR>
    SCHEDULE&#160;II&#160;&#151; VALUATION AND QUALIFYING
    ACCOUNTS<BR>
    <BR>
    For the Years Ended December&#160;31, 2009, 2008 and
    2007</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Additions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Balance at<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Charged to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Charged to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Balance at<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Beginning<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Costs and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>End<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Period</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Expenses</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Accounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Deductions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Period</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reserve Deducted in the Balance Sheet From the Asset to Which it
    Applies:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Allowance for Deferred Tax Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Year ended December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,674,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,453,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27,128,132
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Year ended December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,436,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,237,971
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,674,882
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Year ended December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,792,303
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,644,608
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,436,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g22735g2273501.gif" alt="(GEOVAX LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">GEOVAX LABS, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$40,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Units</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Per
    Unit</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Global Hunter Securities
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g22735g2273502.gif" alt="(GLOBAL HUNTER SECURITIES LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this Prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the estimated costs and expenses
    of the Registrant in connection with the offering described in
    the registration statement all of which will be borne by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC Registration Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA Filing Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing Fees and Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>TOTAL</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145 of the Delaware General Corporation Law (the
    &#147;DGCL&#148;), provides, among other things, that a
    corporation may indemnify any person who was or is a party or is
    threatened to be made a party to any threatened, pending or
    completed action, suit or proceeding (other than an action by or
    in the right of the corporation) by reason of the fact that the
    person is or was a director, officer, employee or agent of the
    corporation, or is or was serving at the corporation&#146;s
    request as a director, officer, employee or agent of another
    corporation, partnership, joint venture, trust or other
    enterprise, against expenses (including attorneys&#146; fees),
    judgments, fines and amounts paid in settlement actually and
    reasonably incurred by the person in connection with the action,
    suit or proceeding. The power to indemnify applies (i)&#160;if
    such person is successful on the merits or otherwise in defense
    of any action, suit or proceeding or (ii)&#160;if such person
    acted in good faith and in a manner he reasonably believed to be
    in or not opposed to the best interests of the corporation, and
    with respect to any criminal action or proceeding, had no
    reasonable cause to believe his conduct was unlawful. The power
    to indemnify applies to actions brought by or in the right of
    the corporation as well, but only to the extent of defense
    expenses (including attorneys&#146; fees but excluding amounts
    paid in settlement), actually and reasonably incurred and not to
    any satisfaction of judgment or settlement of the claim itself,
    and with the further limitation that in such actions no
    indemnification shall be made in the event of any adjudication
    of negligence or misconduct in the performance of his duties to
    the corporation, unless a court believes that in light of all
    the circumstances indemnification should apply.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws provide that we may indemnify any person who was or
    is a party or is threatened to be made a party to any
    threatened, pending or completed action, suit or proceeding,
    whether civil, criminal, administrative or investigative (other
    than an action by or in the right of the Company) by reason of
    the fact that the person is or was a director, officer, employee
    or agent of the Company, or is or was serving at the request of
    the Company as a director, officer, employee or agent of another
    corporation, partnership, joint venture, trust or other
    enterprise, against expenses (including attorneys&#146; fees),
    judgments, fines and amounts paid in settlement actually and
    reasonably incurred by the person in connection with such
    action, suit or proceeding if the person acted in good faith and
    in a manner the person reasonably believed to be in or not
    opposed to the best interests of the Company, and, with respect
    to any criminal action or proceeding, had no reasonable cause to
    believe the person&#146;s conduct was unlawful. Our bylaws also
    provide that we may indemnify any person who was or is a party
    or is threatened to be made a party to any threatened, pending
    or completed action or suit by or in the right of the Company to
    procure a judgment in its favor by reason of the fact that the
    person is or was a director, officer, employee or agent of the
    Company, or is or was serving at the request of the Company as a
    director, officer, employee or agent of another corporation,
    partnership, joint venture, trust or other enterprise against
    expenses (including attorneys&#146; fees) actually and
    reasonably incurred by the person in
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    connection with the defense or settlement of such action or suit
    if the person acted in good faith and in a manner the person
    reasonably believed to be in or not opposed to the best
    interests of the Company and except that no indemnification
    shall be made in respect of any claim, issue or matter as to
    which such person shall have been adjudged to be liable to the
    Company unless and only to the extent that the Delaware Court of
    Chancery or the court in which such action or suit was brought
    shall determine upon application that, despite the adjudication
    of liability but in view of all the circumstances of the case,
    such person is fairly and reasonably entitled to indemnity for
    such expenses which the Delaware Court of Chancery or such other
    court shall deem proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our bylaws, expenses (including attorneys&#146; fees)
    incurred by an officer or director in defending any civil,
    criminal, administrative or investigative action, suit or
    proceeding may be paid by the Company in advance of the final
    disposition of such action, suit or proceeding upon receipt of
    an undertaking by or on behalf of such director or officer to
    repay such amount if it shall ultimately be determined that such
    person is not entitled to be indemnified by the Company. Such
    expenses (including attorneys&#146; fees) incurred by former
    directors and officers or other employees and agents may be so
    paid upon such terms and conditions, if any, as we deem
    appropriate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indemnification and advancement of expenses provided by our
    bylaws is not exclusive, both as to action in such person&#146;s
    official capacity and as to action in another capacity while
    holding such office.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws also provide that we may purchase and maintain
    insurance on behalf of any person who is or was a director,
    officer, employee or agent of the Company, or is or was serving
    at the request of the Company as a director, officer, employee
    or agent of another corporation, partnership, joint venture,
    trust or other enterprise against any liability asserted against
    such person and incurred by such person in any such capacity, or
    arising out of such person&#146;s status as such, whether or not
    the Company would have the power to indemnify such person
    against such liability under our bylaws. The Company maintains
    an insurance policy providing for indemnification of its
    officers, directors and certain other persons against
    liabilities and expenses incurred by any of them in certain
    stated proceedings and under certain stated conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act may be permitted to directors, officers or
    persons controlling the registrant pursuant to the foregoing
    provisions, the registrant has been informed that in the opinion
    of the SEC such indemnification is against public policy as
    expressed in the Securities Act and is therefore unenforceable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">GeoVax
    Labs, Inc., an Illinois corporation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In November and December 2007, we issued an aggregate of
    337,155&#160;shares of our common stock and warrants to purchase
    an aggregate of 534,669&#160;shares of our common stock at
    $16.50 per share to 29 individual accredited investors for an
    aggregate purchase price of $2,612,950. We also granted these
    investors certain &#147;piggyback&#148; registration rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In December 2007, we also issued 38,710&#160;shares of our
    common stock and warrants to purchase an aggregate of
    31,429&#160;shares of our common stock at $16.50 per share to an
    institutional investor for an aggregate purchase price of
    $300,000. We also granted this investor certain
    &#147;piggyback&#148; registration rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In January and March 2008, we issued an aggregate of
    6,000&#160;shares of our common stock and a warrant to purchase
    54,000&#160;shares of our common stock at $16.50 per share to
    Equinox One Consulting, LLC (&#147;Equinox One&#148;) for public
    and financial relations services to be rendered to us during
    2008. The warrant vested in installments with 21,600&#160;shares
    vested upon issuance and 10,800&#160;shares vesting on each of
    June&#160;30, September&#160;30, and December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During April and May 2008, we sold to fifteen individual
    accredited investors 176,129&#160;shares of our common stock and
    warrants to purchase an aggregate of 282,097&#160;shares of
    common stock at an exercise price
</DIV>
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    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of $16.50 per share for an aggregate purchase price of
    $1,365,000. We also granted these investors certain
    &#147;piggyback&#148; registration rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;8, 2008, we entered into the Purchase Agreement (the
    &#147;Purchase Agreement&#148;) with Fusion Capital as disclosed
    in our
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed May&#160;12, 2008, and we issued to Fusion Capital
    49,610&#160;shares of our common stock as a commitment fee. This
    completed the private placement, pursuant to which we may sell
    shares to Fusion Capital, as described in that
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    and the related
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (Reg.
    <FONT style="white-space: nowrap">No.&#160;333-151491).</FONT>
    The
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    registered the sale by Fusion Capital, in an indirect primary
    offering, of the shares acquired under the Purchase Agreement.
    We disclose information regarding the number of shares sold in a
    given period in the notes to our financial statements. We had
    previously issued 4,000&#160;shares to Fusion Capital as an
    expense reimbursement upon execution of the related term sheet.
    See &#147;The Fusion Transaction.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No underwriters or placement agents were used in the above
    transactions. We relied upon the exemptions from registration
    contained in Section&#160;4(2) of the Securities Act
    <FONT style="white-space: nowrap">and/or</FONT>
    Rule&#160;506 promulgated thereunder as to all of the
    transactions, as the investors were either deemed to be
    sophisticated with respect to the investment in the securities
    due to their financial condition
    <FONT style="white-space: nowrap">and/or</FONT>
    involvement in our business or were accredited investors.
    Restrictive legends were placed on the certificates evidencing
    the securities issued in all of the above transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">GeoVax
    Labs, Inc., a Delaware corporation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;18, 2008, GeoVax Labs, Inc., a Delaware
    corporation, issued approximately 14,868,297&#160;shares of its
    common stock to former holders of common stock of GeoVax Labs,
    Inc., an Illinois corporation on a
    <FONT style="white-space: nowrap">one-for-1</FONT>
    basis. Outstanding options and warrants to acquire approximately
    2,200,182&#160;shares of common stock of the Illinois
    corporation were converted into the right to acquire shares of
    the Delaware corporation on a
    <FONT style="white-space: nowrap">one-for-1</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Delaware corporation relied upon SEC Rule&#160;145(a)(2).
    The transaction was a statutory merger in which the securities
    of the Illinois corporation were exchanged for the securities of
    the Delaware corporation and the transaction&#146;s sole purpose
    was to change the issuer&#146;s domicile from Illinois to
    Delaware.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;1, 2008, we issued 2,000&#160;shares of our common
    stock, $0.001&#160;par value, to Equinox One for services
    rendered pursuant to the consulting agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the quarter ended September&#160;30, 2008, we sold an
    aggregate of 32,463&#160;shares of our common stock,
    $0.001&#160;par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $240,000.
    We also issued to Fusion Capital an additional 1,191&#160;shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;13, 2008, we issued 2,000&#160;shares of our
    common stock, $0.001&#160;par value, to Equinox One for services
    rendered pursuant to the consulting agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the quarter ended December&#160;31, 2008, we sold an
    aggregate of 41,736&#160;shares of our common stock,
    $0.001&#160;par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $260,000.
    We also issued to Fusion Capital an additional 1,290&#160;shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the quarter ended March&#160;31, 2009, we sold an aggregate
    of 48,009&#160;shares of our common stock, $0.001&#160;par
    value, to Fusion Capital pursuant to the Purchase Agreement for
    an aggregate purchase price of $240,000. We also issued to
    Fusion Capital an additional 1,191&#160;shares of our common
    stock as a partial settlement of the commitment fee for entering
    into the Purchase Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the quarter ended June&#160;30, 2009, we sold an aggregate
    of 74,692&#160;shares of our common stock, $0.001&#160;par
    value, to Fusion Capital pursuant to the Purchase Agreement for
    an aggregate purchase price of $590,000. We also issued to
    Fusion Capital an additional 2,927&#160;shares of our common
    stock as a partial settlement of the commitment fee for entering
    into the Purchase Agreement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;4, 2009, we issued 2,250&#160;shares of our
    common stock, $0.001&#160;par value, to Equinox One for
    consulting services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the quarter ended September&#160;30, 2009, we sold an
    aggregate of 27,837&#160;shares of our common stock,
    $0.001&#160;par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $210,000.
    We also issued to Fusion Capital an additional 1,042&#160;shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;1, 2009 we issued 2,250&#160;shares of our
    common stock, $0.001&#160;par value, to Equinox One Consulting,
    LLC for services rendered pursuant to the consulting agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For all of the aforementioned transactions with Fusion Capital
    and Equinox One, respectively, we relied on Section&#160;4(2) of
    the Securities Act and Rule&#160;506 promulgated thereunder. The
    shares were only offered to a single accredited investor who
    purchased for investment in a transaction that did not involve a
    general solicitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;22, 2009 we issued 462,826&#160;shares of our
    common stock, $0.001&#160;par value, to Mr.&#160;Stavros
    Papageorgiou. The shares were issued to Mr.&#160;Papageorgiou
    pursuant to his exercise in full of a warrant granted on
    May&#160;15, 2006. The Company received $1,500,000 for the
    shares it sold. The Company relied on Section&#160;4(2) of the
    Securities Act to issue the common stock and warrant, inasmuch
    as the common stock was issued to a single accredited investor
    who purchased for investment in a transaction that did not
    involve a general solicitation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Exhibits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Placement Agency Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement and Plan of Merger by and among GeoVax, Inc., GeoVax
    Acquisition Corp. and Dauphin Technology, Inc., dated
    January&#160;20, 2006(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated June&#160;29, 2006(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated September&#160;27, 2006(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Bylaws(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Warrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Womble Carlyle Sandridge&#160;&#038; Rice, PLLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement by and between GeoVax Labs, Inc. and Robert
    T. McNally dated April&#160;1, 2008(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between GeoVax, Inc. and Mark W. Reynolds,
    as amended and restated, dated as of January&#160;1, 2010(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between GeoVax, Inc. and Harriet L.
    Robinson dated as of November&#160;19, 2007(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement by and between GeoVax, Inc. and Mark Newman
    dated as of January&#160;4, 2010(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5*,***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    GeoVax Labs, Inc. 2006 Equity Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    License Agreement by and between GeoVax, Inc. and Emory
    University, as amended and restated, dated June&#160;23, 2004(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Technology Sale and Patent License Agreement by and between
    GeoVax, Inc. and MFD, Inc., dated December&#160;26, 2004(3)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Office and Laboratory Lease by and between UCB, Inc. and GeoVax,
    Inc., dated August&#160;31, 2009(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consulting Agreement by and between Donald G. Hildebrand and
    GeoVax Labs, Inc., as amended, dated December&#160;11, 2009(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Stock Purchase Agreement by and between GeoVax Labs, Inc.
    and Fusion Capital Fund&#160;II, LLC, dated as of May&#160;8,
    2008(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement by and between GeoVax Labs, Inc.
    and Fusion Capital Fund&#160;II, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Summary of the GeoVax Labs, Inc. Director Compensation Plan(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Incentive Stock Option Agreement under GeoVax, Inc. 2002
    Stock Option and Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2002 Stock Option and Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2006 Equity Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant issued to Peter Tsolinas(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Five Year Warrant Agreement issued to Peter Tsolinas(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of the Registrant(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Porter Keadle Moore LLP, an independent registered
    public accounting firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tripp, Chafin&#160;&#038; Company, LLC, an
    independent registered public accounting firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Womble Carlyle Sandridge&#160;&#038; Rice, PLLC
    (contained in the opinion filed as Exhibit&#160;5.1 hereof)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page to this
    Registration Statement)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates a management contract or compensatory plan or
    arrangement.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    January&#160;24, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    July&#160;13, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    October&#160;4, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;28, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    June&#160;23, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;24, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;12, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the Securities and Exchange Commission on
    November&#160;6, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;8, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    November&#160;29, 2007.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;27, 2008.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Financial Statement Schedules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Schedule&#160;II&#160;&#151; Valuation and Qualifying Accounts
    for the years ended December&#160;31, 2009, 2008 and 2007
    (unaudited) is included in the accompanying prospectus on
    <FONT style="white-space: nowrap">page&#160;F-18.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All other financial statement schedules have been omitted
    because they are not applicable or not required or because the
    information is included elsewhere in the Consolidated Financial
    Statements or the Notes thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    i.&#160;To include any prospectus required by section 10(a)(3)
    of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ii.&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20&#160;percent change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in the
    effective registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    iii.&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act of 1933, as amended, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities: The undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    i.&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ii.&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    iii.&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    iv.&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;Insofar as indemnification for liabilities arising under
    the Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, we have been advised
    that in the opinion of the Securities and Exchange Commission
    such indemnification is against public policy as expressed in
    the Securities Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by us of expenses incurred or paid by a
    director, officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of our counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c.&#160;The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&#160;430A and contained in a form of
    prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(1) or (4)&#160;or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    herein, and the offering of such securities at that time shall
    be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Atlanta, State of Georgia, on the 31st&#160;day of
    March, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    GEOVAX LABS, INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    T. McNally</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Robert T. McNally Ph.D.
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    President and Chief Executive Officer
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>KNOW ALL MEN BY THESE PRESENTS</B>, that each person whose
    signature appears below constitutes and appoints Robert T.
    McNally and Mark W. Reynolds, and each of them, his true and
    lawful attorneys-in-fact and agents, with full power of
    substitution and resubstitution, for him and in his name, place
    and stead in any and all capacities, to sign any or all
    amendments to this Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (including post-effective amendments), and to file the same,
    with all exhibits thereto, and other documents in connection
    therewith with the Securities and Exchange Commission, granting
    unto said attorneys-in-fact and agents full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises, as fully and to
    all intents and purposes as he might or could do in person,
    hereby ratifying and confirming that said attorneys-in-fact and
    agents, or their substitute or substitutes, may lawfully do or
    cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    T. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Robert
    T. McNally,&#160;Ph.D.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director President&#160;&#038; Chief Executive Officer
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    W. Reynolds</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Mark
    W. Reynolds
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer (Principal Financial and Accounting
    Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Steven
    S. Antebi</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Steven
    S. Antebi
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    A. Dodd</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>David
    A. Dodd
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Donald
    G. Hildebrand
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
     , 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Dean
    G. Kollintzas</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Dean
    G. Kollintzas
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;&#160;</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Harriet
    L. Robinson
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    N. Spencer, Jr.</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>John
    N. Spencer, Jr.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Peter
    M Tsolinas</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Peter
    M Tsolinas
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    March 31, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;Index</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Placement Agency Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement and Plan of Merger by and among GeoVax, Inc., GeoVax
    Acquisition Corp. and Dauphin Technology, Inc., dated
    January&#160;20, 2006(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated June&#160;29, 2006(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated September&#160;27, 2006(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Bylaws(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Warrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Womble Carlyle Sandridge&#160;&#038; Rice, PLLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement by and between GeoVax Labs, Inc. and Robert
    T. McNally dated April&#160;1, 2008(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between GeoVax, Inc. and Mark W. Reynolds,
    as amended and restated, dated as of January&#160;1, 2010(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement between GeoVax, Inc. and Harriet L.
    Robinson dated as of November&#160;19, 2007(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement by and between GeoVax, Inc. and Mark Newman
    dated as of January&#160;4, 2010(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5*,***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    GeoVax Labs, Inc. 2006 Equity Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    License Agreement by and between GeoVax, Inc. and Emory
    University, as amended and restated, dated June&#160;23, 2004(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Technology Sale and Patent License Agreement between GeoVax,
    Inc. and MFD, Inc., dated December&#160;26, 2004(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Office and Laboratory Lease by and between UCB, Inc. and GeoVax,
    Inc., dated August&#160;31, 2009(8)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consulting Agreement by and between Donald G. Hildebrand and
    GeoVax Labs, Inc., as amended, dated December&#160;11, 2009(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Stock Purchase Agreement, by and between GeoVax Labs,
    Inc. and Fusion Capital Fund&#160;II, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, by and between GeoVax Labs, Inc.
    and Fusion Capital Fund&#160;II, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Summary of the GeoVax Labs, Inc. Director Compensation Plan(9)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Incentive Stock Option Agreement under GeoVax, Inc. 2002
    Stock Option and Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2002 Stock Option and Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16*,**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2006 Equity Incentive Plan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant issued to Peter Tsolinas(10)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Five Year Warrant Agreement issued to Peter Tsolinas(11)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of the Registrant(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Porter Keadle Moore LLP, an independent registered
    public accounting firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tripp, Chafin&#160;&#038; Company, LLC, an
    independent registered public accounting firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Womble Carlyle Sandridge&#160;&#038; Rice, PLLC
    (contained in the opinion filed as Exhibit&#160;5.1 hereof)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on signature page to this
    Registration Statement)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates a management contract or compensatory plan or
    arrangement.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    January&#160;24, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    July&#160;13, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    October&#160;4, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;28, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    June&#160;23, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;24, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;12, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    filed with the Securities and Exchange Commission on
    November&#160;6, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed with the Securities and Exchange Commission on
    March&#160;8, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    November&#160;29, 2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference from the registrant&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    May&#160;27, 2008.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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</HTML>
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sv1
Table of Contents
As filed with the Securities and
    Exchange Commission on March 31, 2010
Registration
No. 333-
UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
Washington, D.C.
    20549
Form S-1
REGISTRATION
    STATEMENT
UNDER
THE SECURITIES ACT OF
    1933
GEOVAX LABS, INC.
(Exact name of registrant as
    specified in its charter)
Delaware
2834
87-0455038
(State or other jurisdiction
    of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
1900 Lake Park Dr.,
    Suite 380, Smyrna Georgia 30080,
(678) 384-7220
(Address, including zip code,
    and telephone number, including area code, of registrant's
    principal executive offices)
Robert T.
    McNally, Ph.D.
President & Chief
    Executive Officer
GeoVax Labs, Inc.
1900 Lake Park Dr.,
    Suite 380
Smyrna Georgia 30080
Telephone:
(678) 384-7220
Facsimile:
(678) 384-7281
(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)
Approximate date of commencement of proposed sale to the
    public:
From time to time after the effective
    date of this registration statement.
With Copies
    To
:
T. Clark Fitzgerald
    III, Esq.
Womble Carlyle
    Sandridge & Rice, PLLC
271
    17
th
Street, NW, Suite 2400
Atlanta, Georgia 30363
Telephone:
(404) 879-2455
Facsimile:
(404) 870-4869
If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933, check the
    following
    box.
þ
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
If this form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    "large accelerated filer," "accelerated
    filer" and smaller reporting company" in
Rule 12b-2
of the Exchange Act. (Check one):
Large accelerated
    filer
o
Accelerated
    filer
þ
Non-accelerated
filer
o
Smaller reporting
    company
o
(Do not check if a smaller reporting
    company)
CALCULATION
    OF REGISTRATION FEE
Proposed Maximum
Amount of
Title of Each Class of
Aggregate Offering
Registration
Securities to be Registered
Price
Fee(1)
Units, each unit consisting of one share of common stock,
    $0.001 par value, and warrants to purchase 0.20 shares of
    common stock
$40,000,000
$2,852
Common stock included in the units(2)
$—
$—
Warrants included in the units
$—
$—(4)
Common stock issuable upon exercise of the warrants included in
    the units(3)
$—
$—(4)
Warrants issued to placement agent
$—
$—(4)
Common stock issuable upon exercise of placement agent warrants
$—
$—(4)
Total
$40,000,000
$2,852
(1)
Calculated pursuant to
    Rule 457(o) on the basis of the maximum aggregate offering
    price of all of the securities to be registered.
(2)
Includes shares to be sold by the
    selling shareholders as defined in the accompanying prospectus
    as part of units sold.
(3)
Pursuant to Rule 416 under the
    Securities Act of 1933, this registration statement shall be
    deemed to cover the additional securities (i) to be offered
    or issued in connection with any provision of any securities
    purported to be registered hereby to be offered pursuant to
    terms which provide for a change in the amount of securities
    being offered or issued to prevent dilution resulting from stock
    splits, stock dividends, or similar transactions and
    (ii) of the same class as the securities covered by this
    registration statement issued or issuable prior to completion of
    the distribution of the securities covered by this registration
    statement as a result of a split of, or a stock dividend on, the
    registered securities.
(4)
Registration fee calculated
    pursuant to Rule 457(g) under the Securities Act of 1933.
The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act or until the Registration Statement shall
    become effective on such date as the Securities and Exchange
    Commission, acting pursuant to Section 8(a), may
    determine.
Unless otherwise indicated and except for the financial
    statements, all share amounts and prices in this registration
    statement assume the consummation of a reverse stock split of
    our common stock at a ratio of
1-for-50
to
    be effected at least one week prior to the effectiveness of the
    registration statement, with the exact timing of the reverse
    stock split, to be determined by the Board of Directors. The
    Board of Directors may choose a different ratio and expects to
    be authorized to select a ratio of
1-for-20,
1-for-30,
1-for-40,
or
1-for-50.
Table of Contents
The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.
PRELIMINARY PROSPECTUS, SUBJECT
    TO COMPLETION DATED MARCH 31, 2010
PROSPECTUS
GEOVAX LABS, INC.
UP
    TO          UNITS,
    EACH CONSISTING OF ONE SHARE OF COMMON STOCK
AND A WARRANT TO PURCHASE 0.20
    SHARES OF COMMON STOCK
This is a best efforts offering of up
    to      units at a price of
    $      per unit. Each unit consists of
    one share of GeoVax Labs, Inc. common stock ($0.001 par
    value) and a five-year callable warrant to purchase up to 0.20
    additional shares at an exercise price of
    $      per share, or 20% above the
    offering price of the units. The units will separate immediately
    upon issuance and trade separately. We are
    offering           shares
    and the selling stockholders are
    offering      shares as part of
    the units offered. We will not receive any proceeds from sales
    of units by the selling stockholders.
Our common stock is quoted on the OTC Bulletin Board under
    the symbol "GOVX.OB." On March 30, 2010, the last
    reported sale price for our common stock on the OTC
    Bulletin Board was $0.      per
    share. We do not intend to apply for listing of the five-year
    callable warrants on any securities exchange. We intend to apply
    for listing of our common stock on either The Nasdaq Global
    Market or The Nasdaq Capital Market, which we collectively refer
    to as Nasdaq, under the symbol "GOVX." We expect the
    listing to occur immediately prior to the date of this
    prospectus. No assurance can be given that our application will
    be approved.
Prior to the effectiveness of the registration statement of
    which this prospectus is a part, we plan to implement a reverse
    stock split of our common stock anticipated to be on a
1-for-50
basis.
Unless otherwise indicated, and except for the
    financial statements, all share amounts and prices assume the
    consummation of the reverse stock split.
Investing in the common stock involves certain risks. See
    "Risk Factors" beginning on page 6 for a
    discussion of these risks.
Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
Per Share
Total Offering
Public offering price per unit
$
$
Placement agent commissions
$
$
Proceeds to us(1)
$
$
Proceeds to stockholders(2)
$
$
(1)
Before deducting expenses of this offering payable by us
    estimated to be approximately $     .
(2)
No units will be sold on behalf of the selling stockholders
    until after all units offered by the Company are sold.
We have agreed to pay the placement agent a commission of six
    percent (6%) of the price of each unit sold, and to reimburse
    certain expenses, up to $50,000. In addition, we have agreed to
    sell to the placement agent for nominal consideration, warrants
    to purchase shares of our common stock equal in number to six
    percent (6%) of the number of units sold in this offering. See
    "Plan of Distribution." Because there is no minimum
    offering amount required as a condition to closing in this
    offering, the actual public offering amount, placement agent
    fees, and proceeds to us, if any, are not presently determinable
    and may be substantially less than the total offering amounts
    set forth above.
The placement agent is not required to sell any specific number
    of units or dollar amount of units but will use its best efforts
    to sell the units.
This offering will terminate
    on          ,
    unless the offering is fully subscribed before that date or we
    decide to terminate the offering prior to that date. In either
    event, the offering may be closed without further notice to you.
    All costs associated with the registration will be borne by us.
Brokers or dealers effecting transactions in these shares should
    confirm that the shares are registered under the applicable
    state law or that an exemption from registration is available.
Global Hunter Securities
    LLC
The date of this Prospectus
    is          ,
    2010
TABLE OF
    CONTENTS
Page
PROSPECTUS SUMMARY
1
SUMMARY FINANCIAL INFORMATION
3
THE OFFERING
4
RISK FACTORS
6
FORWARD-LOOKING STATEMENTS
15
USE OF PROCEEDS
16
MARKET FOR REGISTRANT'S COMMON EQUITY AND
    RELATED STOCKHOLDER MATTERS
17
CAPITALIZATION
18
SELECTED FINANCIAL DATA
19
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS
20
BUSINESS
28
DIRECTORS AND EXECUTIVE OFFICERS
39
SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS,
    DIRECTORS AND OFFICERS
54
SELLING STOCKHOLDERS
55
PLAN OF DISTRIBUTION
56
DESCRIPTION OF CAPITAL STOCK AND UNIT WARRANTS
57
WHERE YOU CAN FIND MORE INFORMATION
60
EXPERTS
60
LEGAL MATTERS
60
INDEX TO 2009 CONSOLIDATED FINANCIAL
    STATEMENTS
F-1
EX-10.14
EX-10.15
EX-10.16
EX-23.1
EX-23.2
You should rely only on the information contained in this
    prospectus and in any accompanying prospectus supplement. We
    have not authorized anyone to provide you with different
    information.
We have not authorized anyone to make an offer of these
    shares of common stock in any jurisdiction where the offer is
    not permitted.
You should not assume that the information in this prospectus
    or prospectus is accurate as of any date other than the date on
    the front of this prospectus.
Table of Contents
PROSPECTUS
    SUMMARY
This summary highlights information contained elsewhere in
    this prospectus. It does not contain all of the information that
    you should consider before investing in our securities. Please
    read the entire prospectus carefully, including the section
    entitled "Risk Factors" and our consolidated financial
    statements and the related notes. We have not authorized anyone
    else to provide you with different information, and if you
    receive any unauthorized information you should not rely on it.
    The information appearing in this prospectus is accurate only as
    of its date. Our business, financial condition, results of
    operations and prospects may have changed since that date.
Unless otherwise indicated and except for the financial
    statements, all share amounts and prices in the registration
    statement of which this prospectus is a part assume the
    consummation of a reverse stock split of our common stock at a
    ratio of
1-for-50
to
    be effected at least one week prior to the effectiveness of the
    registration statement, with the exact timing of the reverse
    stock split to be determined by the Board of Directors. The
    Board of Directors expects to be authorized to select a ratio of
1-for-20,
1-for-30,
1-for-40,
or
1-for-50.
Company
    Overview
We are a biotechnology company dedicated to developing vaccines
    that prevent and fight human immunodeficiency virus (commonly
    known as HIV) infections that result in acquired
    immunodeficiency syndrome, also known as AIDS. We have
    preventative vaccines being evaluated in a Phase 2a human
    clinical trial in individuals who are not HIV infected and have
    recently been permitted by the United States Food and Drug
    Administration, or FDA, to conduct a Phase 1 human therapeutic
    clinical trial in individuals who are HIV infected.
Our preventative vaccines seek to prevent or control infection
    by HIV, reduce the rate of disease progression to AIDS and
    reduce the risk of HIV transmission. Our therapeutic vaccines
    target impeding viral replication to reduce viral load in HIV
    infected individuals with a view to reducing or eliminating the
    need for anti-HIV medications, and thereby reducing the cost of
    treatment and the detrimental side effects associated with
    current drug treatments.
Our vaccines address the version, known as clade B, of the
    HIV virus most prevalent in the developed world and have been
    shown to induce strong T-cell and antibody immune responses in
    non-human primates against the primate version of the HIV virus.
    Our goals include raising funds to develop additional HIV
    vaccines for global markets that have a different version
    (clade) of the virus, manufacturing and testing these vaccines
    under using Good Manufacturing and Good Laboratory Procedures
    consistent with FDA guidelines, conducting human trials for
    vaccine safety and effectiveness, and obtaining regulatory
    approvals to advance the development and commercialization of
    our vaccines.
Our preventative vaccine is one of only five vaccine candidates
    out of more than 80 tested by the HIV Vaccine Trials Network,
    which we refer to as the HVTN, in Phase 1 human clinical trials
    to have progressed to Phase 2 testing. Based on current
    enrollment progress, we expect the Phase 2a trial to be
    completed during 2011.
The Investigational New Drug, or IND, application to test our
    therapeutic vaccine in a Phase 1 human clinical trial is based
    on promising summary data from three pilot studies we conducted
    of therapeutic vaccination in simian immunodeficiency virus
    infected non-human primates. We expect the Phase 1 trial which
    we plan to begin in the first half of 2010, to generate vaccine
    performance data within 14 to 17 months and trial
    completion, with full enrollment within 36 months after the
    date of first patient enrollment.
Our vaccine candidates incorporate two delivery components: a
    recombinant deoxyribonucleic acid, or DNA, and a recombinant
    poxvirus, designated modified vaccinia Ankara, or MVA, which
    both deliver genes that encode inactivated HIV-1 derived
    proteins to the immune system. Both components are designed to
    support production of non-infectious virus-like particles in
    vaccinated individuals that prime and boost immune responses.
    When properly administered in series, our vaccine candidates
    induce strong T-cell and antibody responses in non-human
    primates against multiple HIV proteins.
1
Table of Contents
Both the DNA and MVA vaccines contain sufficient HIV-1 genes to
    support the production of non-infectious virus-like particles in
    vaccinated people which display forms of proteins that appear
    authentic to the immune system. When used together, the
    recombinant DNA component is used to prime immune responses
    which are boosted by administration of the recombinant MVA
    component. In certain settings, the recombinant MVA alone may be
    sufficient for priming and boosting the immune responses.
Work on our vaccines began during the 1990s at Emory University
    in Atlanta, Georgia, under the direction of Dr. Harriet L.
    Robinson, who is now our Chief Scientific Officer. The vaccine
    technology was developed in collaboration with researchers at
    the United States National Institutes of Health, or the NIH,
    National Institute of Allergy and Infectious Disease, or the
    NIAID, and the United States Centers for Disease Control and
    Prevention, or CDC. The technology developed at Emory University
    is exclusively licensed to us. We also have nonexclusive rights
    through our license to certain patents owned by the NIH and
    exclusive license rights to certain manufacturing process
    patents of MFD, Inc.
In 2005, a Phase 1 human clinical trial to test our preventative
    vaccine concluded successfully. After receiving "Safe to
    Proceed" status for a new IND by the FDA, a Phase 1 trial
    combining low doses of the DNA vaccine with the MVA vaccine
    began in May 2006. An additional Phase 1 human clinical trial
    began in September 2006 to test full doses of the vaccines. In
    total, this Phase 1 testing included four clinical study stages.
    All trials tested various combinations and doses of our DNA and
    MVA vaccines in human volunteers for their ability to raise
    HIV-specific immune responses as well as for their safety.
    Successful results from all Phase 1 testing supported the
    initiation of the first Phase 2 testing. Our Phase 2a human
    clinical trial began in January 2009 and will involve 225
    participants at sites in the United States and South America.
We are also conducting preclinical research on the impact of
    adding adjuvants, which are immune system stimulants, to our
    vaccine components to see if this can improve the effectiveness
    of our vaccine candidates. This work is being funded by the NIH
    through an Integrated Preclinical/Clinical AIDS Vaccine
    Development Grant, or an IPCAVD grant, to GeoVax. Pre-clinical
    animal trials have been conducted, with very encouraging
    results. If the activities funded by the IPCAVD grant are
    successful, it may result in a secondary clinical program for
    the development of the next generation of our HIV/AIDS vaccines.
All of the human clinical testing to date on our vaccines,
    except for the therapeutic trial we expect to begin in the first
    half of 2010, has been conducted by the HVTN using funding from
    the NIH. Separately, in September 2007 we received a five-year
    IPCAVD grant from the NIH. The total award of more than
    $18 million is limited to meritorious HIV/AIDS prevention
    vaccine programs and subject to annual renewal. The funds we are
    raising in this offering will be used for general business
    purposes and to expand and accelerate our ability to fund
    research and clinical trials in hopes of accelerating the date
    our preventative and therapeutic vaccines receive required
    regulatory approval for commercial distribution.
Our common stock is currently quoted on the OTC
    Bulletin Board under the symbol "GOVX.OB". We
    intend to apply for listing of our common stock on Nasdaq under
    the symbol "GOVX," which we expect to occur
    immediately prior to the date of this prospectus.
As used herein, "GeoVax," the "Company,"
    "we," "our," and similar terms include
    GeoVax Labs, Inc., and its operating subsidiary, unless the
    context indicates otherwise.
We are incorporated under the laws of the State of Delaware. Our
    principal executive offices are located at 1900 Lake Park Drive,
    Suite 380, Smyrna, Georgia 30080 (metropolitan Atlanta).
    Our telephone number is
(678) 384-7220.
The address of our website is www.geovax.com. Information on our
    website is not part of this prospectus.
2
Table of Contents
SUMMARY
    FINANCIAL INFORMATION
The following summary financial data are derived from our
    audited consolidated financial statements. The historical
    results presented below are not necessarily indicative of the
    results to be expected for any future period. You should read
    the information set forth below in conjunction with
    "Management's Discussion and Analysis of Financial
    Condition and Results of Operations," and our consolidated
    financial statements and the related notes, beginning on
page F-1
of this prospectus.
2009
2008
2007
2006
2005
Statement of Operations Data:
Total revenues (grant income)
$
3,668,195
$
2,910,170
$
237,004
$
852,905
$
670,467
Net loss
(3,284,252
)
(3,728,187
)
(4,241,796
)
(584,166
)
(1,611,086
)
Basic and diluted net loss per common share(1)
(0.22
)
(0.25
)
(0.30
)
(0.07
)
(0.26
)
Balance Sheet Data:
Total assets
4,315,597
3,056,241
3,246,404
2,396,330
1,685,218
Redeemable convertible preferred stock
—
—
—
—
1,016,555
Total stockholders' equity (deficit)
$
3,744,232
$
2,709,819
$
2,647,866
$
2,203,216
$
(500,583
)
(1)
Adjusted to give effect on a pro forma basis of an assumed
1-for-50
reverse stock split of our common stock.
3
Table of Contents
THE
    OFFERING
Securities Offered
Up to     units. Each unit will consist
    of one share of our common stock and a warrant to purchase an
    additional 0.20 shares of our common stock.  The
    first     units sold will only include
    shares sold by the Company.  The remaining     units sold will
    include shares sold by the selling stockholders.
Number of Shares Outstanding on the Date of
Effectiveness of this
Registration Statement
15,652,814 shares. (1)
Number of Shares Outstanding on the Date of
Effectiveness If All the
Units Offered and
Registered are Sold
shares. (1)
Description of Unit Warrants:
The five-year callable warrants will have an exercise price of
    $     per share, or 20% above the
    offering price of the units. See "Description of Capital
    Stock and Unit Warrants."
Use of Proceeds
To have vaccines manufactured for our clinical trials; to
    conduct a Phase 2 human clinical trial for the therapeutic
    use of our vaccine; toward conducting our planned Phase 2b human
    clinical trial for a preventative HIV vaccine; and for working
    capital and general corporate purposes. We will not receive any
    proceeds from the sale of units by the selling stockholders.
OTC Bulletin Board Symbol for Our Common Stock
GOVX.OB
Proposed Nasdaq Listing Symbol for Our Common Stock
GOVX
Risk Factors
The securities offered by this prospectus are speculative and
    involve a high degree of risk and investors purchasing
    securities should not purchase the securities unless they can
    afford the loss of their entire investment. See "Risk
    Factors" beginning on page 6.
Placement Agent's Common Stock Purchase Warrant
In connection with this offering, we have also agreed to sell
    our placement agent a five-year warrant to purchase shares of
    our common stock equal in number to 6% of the units sold in this
    offering. If our placement agent exercises this warrant, each
    share of common stock may be purchased at
    $      per share (120% of the price of
    the units sold in this offering).
Unless otherwise indicated, all share amounts and prices
    assume the consummation of a reverse stock split of our common
    stock at a ratio of
1-for-50
to
    be effected at least one week prior to the effectiveness of the
    registration statement of which this prospectus is a part, with
    the exact timing of the reverse stock split to be determined by
    the Board of Directors upon stockholder approval. The Board of
    Directors expects to be authorized to select a ratio of
1-for-20,
1-for-30,
1-for-40,
or
1-for-50.
(1)
The number of shares of our common stock to be outstanding after
    this offering is based on the number of shares outstanding as of
    March 31, 2010, and excludes:
•
1,017,529 shares of common stock reserved for future
    issuance under our equity incentive plans. As of March 31,
    2010, there were options to purchase 1,032,255 shares of
    our common stock outstanding under our equity incentive plans
    with a weighted average exercise price of $5.85 per share;
4
Table of Contents
•
907,595 shares of common stock issuable upon exercise of
    currently outstanding warrants as of March 31, 2010, with
    exercise prices ranging from $7.00 per share to $16.50 per share;
•
up to      shares of common stock
    that will be issued upon exercise of the unit warrants at an
    exercise price of $      per share
    (120% of the offering price per unit) sold as part of the units
    in this offering; and
•
up to      shares of common stock
    that will be subject to the placement agent's warrant.
5
Table of Contents
RISK
    FACTORS
You should carefully consider the risks, uncertainties and
    other factors described below before you decide whether to buy
    units. Any of the factors could materially and adversely affect
    our business, financial condition, operating results and
    prospects and could negatively impact the market price of our
    securities. Also, you should be aware that the risks and
    uncertainties described below are not the only ones we face.
    Additional risks and uncertainties, of which we are not yet
    aware, or that we currently consider to be immaterial, may also
    impair our business operations. You should also refer to the
    other information contained in this prospectus, including our
    financial statements and the related notes.
Risks
    Related to Our Financial Results and Need for Additional
    Financing
We
    have a history of operating losses, and we expect losses to
    continue for the foreseeable future.
We have had no product revenue to date, and there can be no
    assurance that we will ever generate any product revenue. We
    have experienced operating losses since we began operations in
    2001. As of December 31, 2009, we had an accumulated
    deficit of approximately $17.5 million. We expect to incur
    additional operating losses and expect cumulative losses to
    increase as our research and development, preclinical, clinical,
    manufacturing and marketing efforts expand. Our ability to
    generate revenue and achieve profitability depends on our
    ability to successfully complete the development of our product
    candidates, conduct preclinical tests and clinical trials,
    obtain the necessary regulatory approvals, and manufacture and
    market the resulting products. Unless we are able to
    successfully meet these challenges, we will not be profitable
    and may not remain in business.
Our
    business will require continued funding. If we do not receive
    adequate funding, we will not be able to continue our
    operations.
To date, we have financed our operations principally through the
    private placement of equity securities and through NIH grants.
    We will require substantial additional financing at various
    intervals for our operations, including for clinical trials, for
    operating expenses including intellectual property protection
    and enforcement, for pursuit of regulatory approvals and for
    establishing or contracting out manufacturing, marketing and
    sales functions. There is no assurance that such additional
    funding will be available on terms acceptable to us or at all.
    If we are not able to secure the significant funding that is
    required to maintain and continue our operations at current
    levels or at levels that may be required in the future, we may
    be required to delay clinical studies, curtail operations or
    obtain funds through collaborative arrangements that may require
    us to relinquish rights to some of our products or potential
    markets.
The costs of conducting all of our human clinical trials to date
    have been borne by the HVTN, funded by the NIH, with GeoVax
    incurring costs associated with manufacturing the clinical
    vaccine supplies and other study support. This includes the cost
    of conducting the ongoing Phase 2a human clinical study of our
    preventative vaccine. We cannot predict the level of support we
    will receive from the HVTN and NIH for any additional clinical
    studies. We do not currently anticipate any governmental support
    for our planned Phase 1 therapeutic vaccine human clinical trial.
Our operations are also partially supported by the IPCAVD grant
    awarded to us to support our HIV/AIDS vaccine program. The
    project period for the grant, which is renewable annually,
    covers a five year period which commenced October 2007. The most
    recent annual award under the grant is for the period
    September 1, 2009 through August 31, 2010 in the
    amount of $4.7 million. If the annual grant does not occur,
    we will experience a shortfall in anticipated cash flow and will
    be required to seek other funds promptly to address the
    shortfall. We intend to pursue additional grants from the
    federal government; however, as we progress to the later stages
    of our vaccine development activities, government financial
    support may be more difficult to obtain, or may not be available
    at all. It will, therefore, be necessary for us to look to other
    sources of funding in order to finance our development
    activities.
Although we have the contractual right through July 31,
    2010 to obtain additional equity financing pursuant to a stock
    purchase arrangement with an existing investor, we may be unable
    to access the full
6
Table of Contents
remaining amount available from the investor prior to the
    expiration of the stock purchase agreement. This will depend on
    the prevailing market price of our common stock, and its trading
    volume. The extent to which we rely on the investor as a source
    of funding prior to the expiration of the investor's
    purchase commitment will depend on a number of factors,
    including whether this offering is successfully completed, the
    prevailing market price of our common stock and the extent to
    which we are able to secure equity capital from other sources.
    Even if we do access the full amount available under the stock
    purchase agreement, we will still need additional capital to
    fully implement our business, operating and development plans.
    Should the financing we require to sustain our working capital
    needs be unavailable, or prohibitively expensive, when we
    require it, the consequences could be a material adverse effect
    on our business, operating results, financial condition and
    prospects.
The
    current economic downturn may adversely impact our ability to
    raise capital.
The recession and adverse conditions in the national and global
    markets may negatively affect both our ability to raise capital
    and our operations in the future. The volatile equity markets
    and adverse credit markets may make it difficult for us to raise
    capital or procure credit in the future to fund the growth of
    our business, which could have a negative impact on our business
    and results of operations.
Risks
    Related to Development and Commercialization of Product
    Candidates and Dependence on Third Parties
Our
    products are still being developed and are unproven. These
    products may not be successful.
To become profitable, we must generate revenue through sales of
    our products, however our products are in varying stages of
    development and testing. Our products have not been proven in
    human research trials and have not been approved by any
    government agency for sale. If we cannot successfully develop
    and prove our products and processes, and if we do not develop
    other sources of revenue, we will not become profitable and at
    some point we would discontinue operations.
Whether
    we are successful will be dependent, in part, upon the
    leadership provided by our management. If we were to lose the
    services of any of these individuals, our business and
    operations may be adversely affected.
Whether our business will be successful will be dependent, in
    part, upon the leadership provided by our officers, particularly
    our President and Chief Executive Officer and our Chief
    Scientific Officer. The loss of the services of these
    individuals may have an adverse effect on our operations.
    Although we carry some key man insurance on Dr. Harriet L.
    Robinson, the amount of such coverage may not be sufficient to
    offset any adverse economic effects on our operations and we do
    not carry key man insurance on any of our other executive
    officers.
Regulatory
    and legal uncertainties could result in significant costs or
    otherwise harm our business.
To manufacture and sell our products, we must comply with
    extensive domestic and international regulation. In order to
    sell our products in the United States, approval from the FDA is
    required. Satisfaction of regulatory requirements, including FDA
    requirements, typically takes many years, and if approval is
    obtained at all, it is dependent upon the type, complexity and
    novelty of the product, and requires the expenditure of
    substantial resources. We cannot predict whether our products
    will be approved by the FDA. Even if they are approved, we
    cannot predict the time frame for approval. Foreign regulatory
    requirements differ from jurisdiction to jurisdiction and may,
    in some cases, be more stringent or difficult to meet than FDA
    requirements. As with the FDA, we cannot predict if or when we
    may obtain these regulatory approvals. If we cannot demonstrate
    that our products can be used safely and successfully in a broad
    segment of the patient population on a long-term basis, our
    products would likely be denied approval by the FDA and the
    regulatory agencies of foreign governments.
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We
    will face intense competition and rapid technological change
    that could result in products that are superior to the products
    we will be commercializing or developing.
The market for vaccines that protect against or treat HIV/AIDS
    is intensely competitive and is subject to rapid and significant
    technological change. We will have numerous competitors in the
    United States and abroad, including, among others, large
    companies with substantially greater resources than us. These
    competitors may develop technologies and products that are more
    effective or less costly than any of our future products or that
    could render our products obsolete or noncompetitive. We expect
    most of these competitors to have substantially more resources
    than us. If our products are not competitive, we may not be able
    to remain in business.
Our
    product candidates are based on new medical technology and,
    consequently, are inherently risky. Concerns about the safety
    and efficacy of our products could limit our future
    success.
We are subject to the risks of failure inherent in the
    development of product candidates based on new medical
    technologies. These risks include the possibility that the
    products we create will not be effective, that our product
    candidates will be unsafe or otherwise fail to receive the
    necessary regulatory approvals, and that our product candidates
    will be hard to manufacture on a large scale or will be
    uneconomical to market.
Many pharmaceutical products cause multiple potential
    complications and side effects, not all of which can be
    predicted with accuracy and many of which may vary from patient
    to patient. Long term
follow-up
data may reveal additional complications associated with our
    products. The responses of potential physicians and others to
    information about complications could materially affect the
    market acceptance of our products, which in turn would
    materially harm our business.
We may
    experience delays in our clinical trials that could adversely
    affect our financial results and our commercial
    prospects.
We do not know whether planned clinical trials will begin on
    time or whether we will complete any of our clinical trials on
    schedule or at all. Product development costs will increase if
    we have delays in testing or approvals or if we need to perform
    more or larger clinical trials than planned. Significant delays
    may adversely affect our financial results and the commercial
    prospects for our products, and delay our ability to become
    profitable.
We rely heavily on the HVTN, independent clinical investigators,
    and other third party service providers for successful execution
    of our clinical trials, but do not control many aspects of their
    activities. We are responsible for ensuring that each of our
    clinical trials is conducted in accordance with the general
    investigational plan and protocols for the trial. Moreover, the
    FDA requires us to comply with standards, commonly referred to
    as Good Clinical Practices, for conducting and recording and
    reporting the results of clinical trials to assure that data and
    reported results are credible and accurate and that the rights,
    integrity and confidentiality of trial participants are
    protected. Our reliance on third parties that we do not control
    does not relieve us of these responsibilities and requirements.
    Third parties may not complete activities on schedule, or may
    not conduct our clinical trials in accordance with regulatory
    requirements or our stated protocols. The failure of these third
    parties to carry out their obligations could delay or prevent
    the development, approval and commercialization of our product
    candidates.
Failure
    to obtain timely regulatory approvals required to exploit the
    commercial potential of our products could increase our future
    development costs or impair our future sales.
None of our vaccines are approved by the FDA for sales in the
    United States or by other regulatory authorities for sale in
    foreign countries. To exploit the commercial potential of our
    technologies, we are conducting and planning to conduct
    additional pre-clinical studies and clinical trials. This
    process is expensive and can require a significant amount of
    time. Failure can occur at any stage of testing, even if the
    results are favorable. Failure to adequately demonstrate safety
    and efficacy in clinical trials would prevent regulatory
    approval and restrict our ability to commercialize our
    technologies. Any such failure may severely harm our business.
    In addition, any approvals we obtain may not cover all of the
    clinical indications for which approval
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is sought, or may contain significant limitations in the form of
    narrow indications, warnings, precautions or contraindications
    with respect to conditions of use, or in the form of onerous
    risk management plans, restrictions on distribution, or
    post-approval study requirements.
State
    pharmaceutical marketing compliance and reporting requirements
    may expose us to regulatory and legal action by state
    governments or other government authorities.
In recent years, several states have enacted legislation
    requiring pharmaceutical companies to establish marketing
    compliance programs and file periodic reports on sales,
    marketing, pricing and other activities. Similar legislation is
    being considered in other states. Many of these requirements are
    new and uncertain, and available guidance is limited. Unless we
    are in full compliance with these laws, we could face
    enforcement action and fines and other penalties and could
    receive adverse publicity, all of which could harm our business.
We may
    be subject to new federal and state legislation to submit
    information on our open and completed clinical trials to public
    registries and databases.
In 1997, a public registry of open clinical trials involving
    drugs intended to treat serious or life-threatening diseases or
    conditions was established under the FDA Modernization Act, or
    the FDMA, to promote public awareness of and access to these
    clinical trials. Under the FDMA, pharmaceutical manufacturers
    and other trial sponsors are required to post the general
    purpose of these trials, as well as the eligibility criteria,
    location and contact information of the trials. Since the
    establishment of this registry, there has been significant
    public debate focused on broadening the types of trials included
    in this or other registries, as well as providing for public
    access to clinical trial results. A voluntary coalition of
    medical journal editors has adopted a resolution to publish
    results only from those trials that have been registered with a
    no-cost, publicly accessible database, such as
    www.clinicaltrials.gov. Federal legislation was introduced in
    the fall of 2004 to expand www.clinicaltrials.gov and to require
    the inclusion of study results in this registry. The
    Pharmaceutical Research and Manufacturers of America has also
    issued voluntary principles for its members to make results from
    certain clinical studies publicly available and has established
    a website for this purpose. Other groups have adopted or are
    considering similar proposals for clinical trial registration
    and the posting of clinical trial results. Failure to comply
    with any clinical trial posting requirements could expose us to
    negative publicity, fines and other penalties, all of which
    could materially harm our business.
We
    will face uncertainty related to pricing and reimbursement and
    health care reform.
In both domestic and foreign markets, sales of our products will
    depend in part on the availability of reimbursement from
    third-party payers such as government health administration
    authorities, private health insurers, health maintenance
    organizations and other health care-related organizations.
    Reimbursement by such payers is presently undergoing reform and
    there is significant uncertainty at this time how this will
    affect sales of certain pharmaceutical products.
Medicare, Medicaid and other governmental healthcare programs
    govern drug coverage and reimbursement levels in the United
    States. Federal law requires all pharmaceutical manufacturers to
    rebate a percentage of their revenue arising from
    Medicaid-reimbursed drug sales to individual states. Generic
    drug manufacturers' agreements with federal and state
    governments provide that the manufacturer will remit to each
    state Medicaid agency, on a quarterly basis, 11% of the average
    manufacturer price for generic products marketed and sold under
    abbreviated new drug applications covered by the state's
    Medicaid program. For proprietary products, which are marketed
    and sold under new drug applications, manufacturers are required
    to rebate the greater of (a) 15.1% of the average
    manufacturer price or (b) the difference between the
    average manufacturer price and the lowest manufacturer price for
    products sold during a specified period.
Both the federal and state governments in the United States and
    foreign governments continue to propose and pass new
    legislation, rules and regulations designed to contain or reduce
    the cost of health care. Existing regulations that affect the
    price of pharmaceutical and other medical products may also
    change before any of our products are approved for marketing.
    Cost control initiatives could decrease the price that we
    receive for any product developed in the future. In addition,
    third-party payers are increasingly challenging the price and
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cost-effectiveness of medical products and services and
    litigation has been filed against a number of pharmaceutical
    companies in relation to these issues. Additionally, some
    uncertainty may exist as to the reimbursement status of newly
    approved injectable pharmaceutical products. Our products may
    not be considered cost effective or adequate third-party
    reimbursement may not be available to enable us to maintain
    price levels sufficient to realize an adequate return on our
    investment.
We may
    not be successful in establishing collaborations for product
    candidates we may seek to commercialize, which could adversely
    affect our ability to discover, develop, and commercialize
    products.
We expect to seek collaborations for the development and
    commercialization of product candidates in the future. The
    timing and terms of any collaboration will depend on the
    evaluation by prospective collaborators of the clinical trial
    results and other aspects of our vaccine's safety and
    efficacy profile. If we are unable to reach agreements with
    suitable collaborators for any product candidate, we will be
    forced to fund the entire development and commercialization of
    such product candidates, and we may not have the resources to do
    so. If resource constraints require us to enter into a
    collaboration early in the development of a product candidate,
    we may be forced to accept a more limited share of any revenues
    this product may eventually generate. We face significant
    competition in seeking appropriate collaborators. Moreover,
    these collaboration arrangements are complex and time-consuming
    to negotiate and document. We may not be successful in our
    efforts to establish collaborations or other alternative
    arrangements for any product candidate. Even if we are
    successful in establishing collaborations, we may not be able to
    ensure fulfillment by collaborators of their obligations or our
    expectations.
We do
    not have manufacturing, sales and marketing experience and our
    lack of experience may restrict our success in commercializing
    our product candidates.
We do not have experience in manufacturing, marketing, or
    selling vaccines. We may be unable to establish satisfactory
    arrangements for manufacturing, marketing, sales, and
    distribution capabilities necessary to commercialize and gain
    market acceptance for our products. To obtain the expertise
    necessary to successfully manufacture, market, and sell our
    vaccines, we will require the development of our own commercial
    infrastructure
and/or
collaborative commercial arrangements and partnerships. Our
    ability to make that investment and also execute our current
    operating plan is dependent on numerous factors, including, the
    performance of third party collaborators with whom we may
    contract. Accordingly, we may not have sufficient funds to
    successfully commercialize our vaccines in the United States or
    elsewhere.
Furthermore, our products may not gain market acceptance among
    physicians, patients, healthcare payers and the medical
    community. Significant factors in determining whether we will be
    able to compete successfully include:
•
the efficacy and safety of our vaccines;
•
the time and scope of regulatory approval;
•
reimbursement coverage from insurance companies and others;
•
the price and cost-effectiveness of our products; and
•
patent protection.
We may
    be required to defend lawsuits or pay damages for product
    liability claims.
Product liability is a major risk in testing and marketing
    biotechnology and pharmaceutical products. We may face
    substantial product liability exposure in human clinical trials
    and for products that we sell after regulatory approval. We
    carry product liability insurance and we expect to continue such
    policies. However, product liability claims, regardless of their
    merits, could exceed policy limits, divert management's
    attention, and adversely affect our reputation and the demand
    for our products.
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Risks
    Related to Our Intellectual Property
We
    could lose our license rights to our important intellectual
    property if we do not fulfill our contractual obligations to our
    licensors.
Our rights to significant and important parts of the technology
    we use in our vaccines are licensed from third parties and so
    are subject to termination if we do not fulfill our contractual
    obligations to our licensees. Termination of intellectual
    property rights under any of our licenses could adversely impact
    our ability to produce or protect our vaccines. Our obligations
    under our licenses include requirements that we pay milestone
    payments to licensors upon the achievement of clinical
    development and regulatory approval milestones, royalties as we
    sell commercial products, and reimburse patent filing and
    maintenance expenses. Should we become insolvent or bankrupt,
    our licensors could terminate our rights to critical technology
    we rely upon.
Other
    parties may claim that we infringe their intellectual property
    or proprietary rights, which could cause us to incur significant
    expenses or prevent us from selling products.
Our success will depend in part on our ability to operate
    without infringing the patents and proprietary rights of third
    parties. The manufacture, use and sale of new products have been
    subject to substantial patent rights litigation in the
    pharmaceutical industry. These lawsuits generally relate to the
    validity and infringement of patents or proprietary rights of
    third parties. Infringement litigation is prevalent with respect
    to generic versions of products for which the patent covering
    the brand name product is expiring, particularly since many
    companies which market generic products focus their development
    efforts on products with expiring patents. Pharmaceutical
    companies, biotechnology companies, universities, research
    institutions or other third parties may have filed patent
    applications or may have been granted patents that cover aspects
    of our products or our licensors' products, product
    candidates or other technologies.
Future or existing patents issued to third parties may contain
    patent claims that conflict with our products. We expect to be
    subject to infringement claims from time to time in the ordinary
    course of business, and third parties could assert infringement
    claims against us in the future with respect to our current
    products or with respect to products that we may develop or
    license. Litigation or interference proceedings could force us
    to:
•
stop or delay selling, manufacturing or using products that
    incorporate or are made using the challenged intellectual
    property;
•
pay damages; or
•
enter into licensing or royalty agreements that may not be
    available on acceptable terms, if at all.
Any litigation or interference proceedings, regardless of their
    outcome, would likely delay the regulatory approval process, be
    costly and require significant time and attention of our key
    management and technical personnel.
Any
    inability to protect intellectual property rights in the United
    States and foreign countries could limit our ability to
    manufacture or sell products.
We will rely on trade secrets, unpatented proprietary know-how,
    continuing technological innovation and, in some cases, patent
    protection to preserve our competitive position. Our patents and
    licensed patent rights may be challenged, invalidated, infringed
    or circumvented, and the rights granted in those patents may not
    provide proprietary protection or competitive advantages to us.
    We and our licensors may not be able to develop patentable
    products. Even if patent claims are allowed, the claims may not
    issue, or in the event of issuance, may not be sufficient to
    protect the technology owned by or licensed to us. If patents
    containing competitive or conflicting claims are issued to third
    parties, we may be prevented from commercializing the products
    covered by such patents, or may be required to obtain or develop
    alternate technology. In addition, other parties may duplicate,
    design around or independently develop similar or alternative
    technologies.
We may not be able to prevent third parties from infringing or
    using our intellectual property, and the parties from whom we
    may license intellectual property may not be able to prevent
    third parties from infringing or using the licensed intellectual
    property. We generally will attempt to control and limit access
    to,
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and the distribution of, our product documentation and other
    proprietary information. Despite efforts to protect this
    proprietary information, however, unauthorized parties may
    obtain and use information that we may regard as proprietary.
    Other parties may independently develop similar know-how or may
    even obtain access to these technologies.
The laws of some foreign countries do not protect proprietary
    information to the same extent as the laws of the United States,
    and many companies have encountered significant problems and
    costs in protecting their proprietary information in these
    foreign countries.
The United States Patent and Trademark Office and the courts
    have not established a consistent policy regarding the breadth
    of claims allowed in pharmaceutical patents. The allowance of
    broader claims may increase the incidence and cost of patent
    interference proceedings and the risk of infringement
    litigation. On the other hand, the allowance of narrower claims
    may limit the value of our proprietary rights.
Risks
    Related to This Offering and Our Securities
We
    will have broad discretion over the use of the net proceeds from
    this offering.
There is no minimum offering amount required as a condition to
    closing this offering and therefore net proceeds from this
    offering will be immediately available to us to use at our
    discretion. We intend to use the proceeds as described in
    "Use of Proceeds." However, the allocation of proceeds
    will depend in part upon how much money we raise and future
    developments in our business. Our judgment as to such
    allocations may not result in positive returns on your
    investment and you will not have an opportunity to evaluate the
    economic, financial, or other information upon which we base our
    decisions.
Future
    sales by our stockholders may adversely affect our stock price
    and our ability to raise funds in new stock
    offerings.
Sales of substantial amounts of our common stock in the public
    market following this offering, or the perception that these
    sales could occur, could cause the market price of our common
    stock to decline. These sales could also make it more difficult
    for us to sell equity or equity-related securities in the future
    at a time and price that we deem appropriate. Most of the
    outstanding shares held by our affiliates will be eligible for
    sale upon the expiration of
lock-up
agreements 180 days after the date of this prospectus,
    subject in some cases to volume and other restrictions of
    Rule 144 under the Securities Act. The
lock-up
period may be extended in certain cases for up to 18 additional
    days.
There
    is no public market for the warrants to purchase common stock in
    this offering.
There is no established public trading market for the warrants
    being offered in this offering, and we do not expect a market to
    develop. In addition, we do not intend to apply for listing the
    warrants on any securities exchange. Without an active market,
    the liquidity of the warrants will be limited.
If the registration statement covering the shares issuable upon
    exercise of the warrants contained in the units is no longer
    effective, the unit warrants will be issued with restrictive
    legends unless such shares are eligible for sale under
    Rule 144.
The
    offering may not be fully subscribed and, even if the offering
    is fully subscribed, we will need additional capital in the
    future. If additional capital is not available, we may not be
    able to continue to operate our business pursuant to our
    business plan and we may have to discontinue our operations
    entirely.
The placement agent in this offering will offer the units on a
    "best-efforts" basis, meaning that we may raise
    substantially less than the total maximum offering amounts. No
    refund will be made available to investors if less than all of
    the units are sold. Based on our proposed use of proceeds, we
    will likely need significant additional financing, which we may
    seek to raise through, among other things, public and private
    equity offerings and debt financing. Any equity financing will
    be dilutive to existing stockholders, and any debt financings
    will likely involve covenants restricting our business
    activities. Additional financing may not be available on
    acceptable terms, or at all.
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The
    impact of the proposed reverse stock split on the price of our
    common stock is uncertain.
We anticipate effecting the
1-for-50
reverse stock split of our common stock for the purpose of
    increasing the per share trading price, among others. However,
    the price may decline due to many factors including:
    (i) the negative perception of reverse stock splits held by
    some stock market participants; (ii) the adverse effect on
    liquidity that might be caused by a reduced number of shares
    outstanding; and (iii) the costs associated with
    implementing a reverse stock split. The effect of the reverse
    stock split upon the market price of our common stock cannot be
    predicted with any certainty, and the history of similar stock
    splits for companies in similar circumstances to ours is varied.
    It is also possible that a reverse stock split may not increase
    the per share price of our common stock in proportion to the
    reduction in the number of shares of our common stock
    outstanding or result in a permanent increase in the per share
    price, which depends on many factors.
Investors
    in this offering will experience immediate and substantial
    dilution and may experience additional dilution in the
    future.
Investors in this offering will incur immediate and substantial
    dilution as a result of this offering. After giving effect to
    the sale by us of all of      units
    offered in this offering at a public offering price of
    $      per unit, and after deducting
    placement agent commissions and estimated offering expenses
    payable by us, our net tangible book value per share, as of
    December 31, 2009, would have been
    $     , representing an immediate
    dilution of $      per share,
    or     %, of the public offering price,
    assuming no exercise of the warrants. In addition, in the past,
    we issued options and warrants to acquire shares of common
    stock. To the extent these options are ultimately exercised,
    investors in this offering will sustain future dilution.
The
    market price of our common stock is highly
    volatile.
The market price of our common stock has been and is expected to
    continue to be highly volatile. Factors, including announcements
    of new developments by us or other companies, regulatory
    matters, new or existing medicines or procedures, concerns about
    our financial position, operating results, litigation,
    government regulation, developments or disputes relating to
    agreements, patents or proprietary rights, may have a
    significant impact on the market price of our stock. In
    addition, potential dilutive effects of future sales of shares
    of common stock by stockholders and by us, including those sold
    pursuant to this prospectus and subsequent sale of common stock
    by the holders of warrants and options could have an adverse
    effect on the market price of our shares.
Our
    common stock does not have a vigorous trading market and you may
    not be able to sell your securities when desired.
We have a limited active public market for our common shares. We
    cannot assure you that a more active public market will ever
    develop, allowing you to sell large quantities of shares or all
    of your holdings. Consequently, you may not be able to liquidate
    your investment in the event of an emergency or for any other
    reason.
We
    have never paid dividends and have no plans to do
    so.
Holders of shares of our common stock are entitled to receive
    such dividends as may be declared by our Board of Directors. To
    date, we have paid no cash dividends on our shares of common
    stock and we do not expect to pay cash dividends on our common
    stock in the foreseeable future. We intend to retain future
    earnings, if any, to provide funds for operations of our
    business. Therefore, any return investors in our common stock
    may have will be in the form of appreciation, if any, in the
    market value of their shares of common stock.
If we
    fail to maintain an effective system of internal controls, we
    may not be able to accurately report our financial results or
    prevent fraud.
We are subject to reporting obligations under the United States
    securities laws. The SEC, as required by the Sarbanes-Oxley Act
    of 2002, adopted rules requiring every public company to include
    a management
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report on such company's internal controls over financial
    reporting in its annual report, which contains management's
    assessment of the effectiveness of our internal controls over
    financial reporting. Effective internal controls are necessary
    for us to produce reliable financial reports and are important
    to help prevent fraud. As a result, our failure to achieve and
    maintain effective internal controls over financial reporting
    could result in the loss of investor confidence in the
    reliability of our financial statements, which in turn could
    negatively impact the trading price of our stock.
If we
    fail to remain current in our reporting requirements, our
    securities could be removed from the OTC Bulletin Board,
    which would limit the ability of broker-dealers to sell our
    securities and the ability of stockholders to sell their
    securities in the secondary market.
Companies trading on the OTC Bulletin Board must be
    reporting issuers under Section 12 of the Exchange Act, and
    must be current in their reports under Section 13, to
    maintain price quotation privileges on the OTC
    Bulletin Board. If we fail to remain current on our
    reporting requirements, we could be removed from the OTC
    Bulletin Board. As a result, the market liquidity for our
    securities could be severely adversely affected by limiting the
    ability of broker-dealers to sell our securities and the ability
    of stockholders to sell their securities in the secondary market.
There
    is no guarantee that our shares will be listed on
    Nasdaq.
Promptly after the filing of the registration statement of which
    this prospectus is a part, we intend to apply for listing of our
    common stock on Nasdaq. Upon pricing of this offering, we
    believe that we can satisfy the listing requirements and expect
    that our common stock will be listed on Nasdaq. Such listing,
    however, is not guaranteed. If the application is not approved,
    our common stock will continue to be quoted on the OTC
    Bulletin Board. Even if such listing is approved, there can
    be no assurance any broker will be interested in trading our
    stock. Therefore, it may be difficult to sell your shares of
    common stock if you desire or need to sell them. Our placement
    agent is not obligated to make a market in our securities, and
    even after making a market, can discontinue market making at any
    time without notice. Neither we nor the placement agent can
    provide any assurance that an active and liquid trading market
    in our securities will develop or, if developed, that the market
    will continue.
We may
    need additional capital, and the sale of additional shares or
    other equity securities could result in additional dilution to
    our stockholders.
We believe that our current cash and cash equivalents,
    anticipated cash flow from operations and the net proceeds from
    this financing will be sufficient to meet our anticipated cash
    needs through mid-2012. We may, however, require additional cash
    resources. If our resources are insufficient to satisfy our cash
    requirements, we may seek to sell additional equity securities
    or borrow money. The sale of additional equity securities could
    result in additional dilution to our stockholders. The
    incurrence of indebtedness would result in debt service
    obligations and could result in operating and financing
    covenants that would restrict our operations. We cannot assure
    you that financing will be available in amounts or on terms
    acceptable to us, if at all.
We
    will issue a warrant to our placement agent in this
    offering.
We have agreed to issue our placement agent a warrant to
    purchase up to a total of up to 6% of the units sold in this
    offering. The shares issuable upon exercise of this warrant are
    identical to those offered by this prospectus. This warrant is
    exercisable at $      per share, which
    is equal to 120% of the price of the units sold in the offering,
    and expires five years from the effective date of the
    registration statement. The warrant may also be exercised on a
    cashless basis. During the term of the warrant, our placement
    agent will have the opportunity to profit from an increase in
    the price of the shares. The existence of the warrant may
    adversely affect the market price of the shares and the terms on
    which we can obtain additional financing.
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Our
    directors and executive officers beneficially own a significant
    amount of our common stock and will be able to exercise
    significant influence on matters requiring stockholder
    approval.
Our directors and executive officers collectively beneficially
    own approximately 21.6% of our common stock as of March 31,
    2010. After the offering and assuming all shares offered hereby
    are sold, our directors and executive officers will collectively
    beneficially own approximately     % of
    our common stock. Consequently, our directors and executive
    officers as a group will continue to be able to exert
    significant influence over the election of directors and the
    outcome of most corporate actions requiring stockholder approval
    and our business, which may have the effect of delaying or
    precluding a third party from acquiring control of us.
    Furthermore, Emory University beneficially owns 29.5% of our
    common stock as of March 31, 2010, and will beneficially
    own approximately     % if all shares
    offered hereby are sold. If our directors and executive officers
    move to act in concert with Emory University, their ability to
    influence stockholder actions will be even more significant.
Certain
    provisions of our certificate of incorporation may make it more
    difficult for a third party to effect a change in
    control.
Our certificate of incorporation authorizes our Board of
    Directors to issue up to 10,000,000 shares of preferred
    stock. The preferred stock may be issued in one or more series,
    the terms of which may be determined at the time of issuance by
    our Board of Directors without further action by the
    stockholders. These terms may include voting rights including
    the right to vote as a series on particular matters, preferences
    as to dividends and liquidation, conversion rights, redemption
    rights and sinking fund provisions. The issuance of any
    preferred stock could diminish the rights of holders of our
    common stock, and therefore could reduce the value of such
    common stock. In addition, specific rights granted to future
    holders of preferred stock could be used to restrict our ability
    to merge with, or sell assets to, a third party. The ability of
    our Board of Directors to issue preferred stock could make it
    more difficult, delay, discourage, prevent or make it more
    costly to acquire or effect a
change-in-control,
which in turn could prevent the stockholders from recognizing a
    gain in the event that a favorable offer is extended and could
    materially and negatively affect the market price of our common
    stock.
FORWARD-LOOKING
    STATEMENTS
The information contained in this prospectus, includes
    forward-looking statements as defined in the Private Securities
    Reform Act of 1995. These forward-looking statements are often
    identified by words such as "may," "will,"
    "expect," "intend," "anticipate,"
    "believe," "estimate," "continue,"
    "plan," their negatives, and similar expressions,
    although not all forward-looking statements contain these
    identifying words. These statements involve estimates,
    assumptions and uncertainties that could cause actual results to
    differ materially from those expressed for the reasons described
    in this prospectus. You should not place undue reliance on these
    forward-looking statements.
The forward-looking statements contained in this prospectus are
    based on our expectations, which reflect estimates and
    assumptions made by our management. These estimates and
    assumptions reflect our best judgment based on currently known
    industry developments, our scientific work, contractual
    arrangements, and other factors. Although we believe such
    estimates and assumptions to be reasonable, they are inherently
    uncertain and involve a number of risks and uncertainties that
    are beyond our control. In addition, our assumptions about
    future events may prove to be inaccurate. We caution all readers
    that the forward-looking statements contained in this prospectus
    are not guarantees of future performance, and we cannot assure
    any reader that such statements will be realized or the
    forward-looking events and circumstances will occur. Actual
    results may differ materially from those anticipated or implied
    in the forward-looking statements due to the factors listed in
    the "Risk Factors" section and elsewhere in this
    prospectus. All forward-looking statements speak only as of the
    date of this prospectus. We do not intend to publicly update or
    revise any forward-looking statements as a result of new
    information, future events or otherwise. These cautionary
    statements qualify all forward-looking statements attributable
    to us, or persons acting on our behalf. The risks, contingencies
    and uncertainties relate to, among other matters, the following:
    our history of operating losses, our need for
15
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continued funding, the development stage of our vaccines,
    regulatory and legal uncertainties, competition, the difficulty
    of obtaining timely regulatory approvals, uncertainty as to
    third party reimbursements, the impact of healthcare reform,
    difficulties related to our intellectual property, and other
    factors discussed under "Risk Factors."
Other factors besides those described in this prospectus and any
    prospectus supplement could also affect our actual results.
    These forward-looking statements are largely based on our
    expectations and beliefs concerning future events, which reflect
    estimates and assumptions made by our management. These
    estimates and assumptions reflect our best judgment based on
    currently known market conditions and other factors relating to
    our operations and business environment, all of which are
    difficult to predict and many of which are beyond our control.
USE OF
    PROCEEDS
We estimate that the net proceeds from the sale of
    the      shares by us will be
    approximately $      assuming that we
    sell the maximum number of units we are offering pursuant to
    this prospectus. We will retain broad discretion over the use of
    the net proceeds to us from any sale of the shares under this
    prospectus. Except as described in this prospectus, we currently
    anticipate that the net proceeds from any sale of the shares
    under this prospectus will be used together with other funds
    available as follows:
•
approximately $2,500,000 to have vaccines manufactured for our
    clinical trials;
•
approximately $3,500,000 to conduct a Phase 2 human clinical
    trial for the therapeutic use of our HIV vaccine;
•
up to $15,000,000 toward conducting our planned Phase 2b human
    clinical trial for a preventative HIV vaccine; and
•
the remainder for working capital, and general corporate
    purposes.
If substantially less than the maximum amount of units to be
    sold by Company is sold, we may need to seek additional capital
    as soon as practicable.
We plan to apply the proceeds in approximately the order listed
    above. However, as our business develops, the amount to be
    allocated to particular uses may change.
We will not receive any proceeds from the sale of shares by the
    selling stockholders but we will receive proceeds, if any, from
    the exercise of warrants included within the units sold pursuant
    to this offering. Since the warrants may or may not be exercised
    and, if exercised, may be exercised in whole or in part using a
    cashless exercise mechanism, we cannot predict the amount or
    timing of sums we may receive as a result of any warrant
    exercises.
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MARKET
    FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
    MATTERS
Market
    Information
Our common stock is currently traded on the OTC
    Bulletin Board market under the symbol "GOVX.OB".
    Promptly after the filing of the registration statement of which
    this prospectus is a part, we intend to apply for listing of our
    shares on Nasdaq. The following table sets forth the high and
    low bid prices for our common stock for the periods indicated.
    The prices represent quotations between dealers and do not
    include retail
mark-up,
markdown, or commission, and do not necessarily represent actual
    transactions:
Actual Historical as
Adjusted for the Reverse
Stock Split(1)
High
Low
2010
First Quarter (through March 30, 2010)
$
9.00
$
5.00
2009
Fourth Quarter
$
12.50
$
7.00
Third Quarter
16.50
6.00
Second Quarter
19.00
5.00
First Quarter
10.00
4.50
2008
Fourth Quarter
$
10.00
$
4.50
Third Quarter
10.00
6.50
Second Quarter
14.50
6.00
First Quarter
9.50
5.50
(1)
Assumes the consummation of a reverse stock split of our common
    stock at a ratio of
1-for-50.
Holders
On March 31, 2010, there were approximately 1,300 holders
    of record of our common stock. The number of record holders does
    not reflect the number of beneficial owners of our common stock
    for whom shares are held by brokerage firms and other
    institutions.
We anticipate that there will be approximately 1,200 holders of
    record of our common stock immediately subsequent to
    implementation of the assumed
1-for-50
reverse stock split of our common stock, giving effect to the
    estimated reduction resulting from the payout of fractional
    share interests.
Dividends
We have not paid any dividends since our inception and do not
    contemplate paying dividends in the foreseeable future.
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CAPITALIZATION
The following table sets forth our capitalization as of
    December 31, 2009:
•
on an actual basis (giving effect to the assumed
1-for-50
reverse stock split of our common stock); and
•
on a pro forma as adjusted basis giving effect to the sale of
    shares of common stock in this offering at an assumed public
    offering price of $      per share,
    after deducting the estimated commissions and estimated offering
    expenses payable by us, and application of net proceeds.
Pro Forma
Actual
as Adjusted(1)
Common stock, $0.001 par value(2)
$
15,633
$
Preferred stock, $0.001 par value, 10,000,000 shares
    authorized, none outstanding
$
-0-
$
Additional
paid-in-capital
$
21,266,447
$
Deficit accumulated during the development stage
$
(17,537,848
)
$
(
)
Total Stockholders' Equity
$
3,744,232
$
(1)
This column does not reflect the issuance or exercise of any
    warrants included within the units sold as part of this offering
    or the warrant to our placement agent.
(2)
Before the
1-for-50
reverse stock split, 900,000,000 pre-split common shares were
    authorized and 781,628,192 pre-split common shares outstanding.
    Subsequent to the assumed reverse stock split, these amounts are
    18,000,000 and 15,632,563, respectively.
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SELECTED
    FINANCIAL DATA
The following selected financial data are derived from our
    audited consolidated financial statements. The historical
    results presented below are not necessarily indicative of the
    results to be expected for any future period. You should read
    the information set forth below in conjunction with the
    information contained in Item 7, "Management's
    Discussion and Analysis of Financial Condition and Results of
    Operations", and our consolidated financial statements and
    the related notes, beginning on
page F-1
of this prospectus.
2009
2008
2007
2006
2005
Statement of Operations Data:
Total revenues (grant income)
$
3,668,195
$
2,910,170
$
237,004
$
852,905
$
670,467
Net loss
(3,284,252
)
(3,728,187
)
(4,241,796
)
(584,166
)
(1,611,086
)
Basic and diluted net loss per common share(1)
(0.22
)
(0.25
)
(0.30
)
(0.07
)
(0.26
)
Balance Sheet Data:
Total assets
4,315,597
3,056,241
3,246,404
2,396,330
1,685,218
Redeemable convertible preferred stock
—
—
—
—
1,016,555
Total stockholders' equity (deficit)
$
3,744,232
$
2,709,819
$
2,647,866
$
2,203,216
$
(500,583
)
(1)
Adjusted to give effect on a pro forma basis of an assumed
1-for-50
reverse stock split of our common stock.
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MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition
    and results of operations should be read together with the
    discussion under "Selected Financial Data" and our
    consolidated financial statements included in this prospectus.
    This discussion contains forward-looking statements that involve
    risks and uncertainties because they are based on current
    expectations and relate to future events and our future
    financial performance. Our actual results may differ materially
    from those anticipated in these forward-looking statements as a
    result of many important factors, including those set forth
    under "Risk Factors" and elsewhere in this prospectus.
Overview
GeoVax, a biotechnology company, focuses on developing vaccines
    to protect against or to treat diseases caused by HIV. We have
    exclusively licensed from Emory University vaccine technology,
    which was developed at Emory University in collaboration with
    the NIH and the CDC.
Our major ongoing research and development programs are focused
    on the clinical development of our DNA and MVA vaccines
    (designed for use together in a prime-boost system) for the
    prevention
and/or
treatment of HIV/AIDS. We are developing two clinical pathways
    for our vaccine candidates — (i) as a
    preventative vaccine to prevent or control infection of
    individuals who are exposed to the HIV virus, and (ii) as a
    therapeutic vaccine to prevent development of AIDS in those
    individuals who have already been infected with the HIV virus.
Our HIV vaccine candidates have successfully completed
    preclinical efficacy testing in non-human primates and our
    preventative HIV vaccine candidate has completed Phase 1
    clinical testing trials in humans.
Our preventative vaccine candidate is currently in a Phase 2a
    human clinical trial, being conducted by the HVTN, with funding
    from the NIH. We expect to complete this trial during 2011 based
    on current patient enrollment rates.
With regard to our therapeutic vaccine candidate, the FDA has
    recently permitted us to begin a Phase 1 human clinical trial.
    We expect the Phase 1 trial to generate vaccine performance data
    within 14 to 17 months and trial completion, with full
    enrollment, within 36 months after the date of first
    patient enrollment.
In addition to our clinical development program for our vaccine
    candidates, we are conducting preclinical research on the impact
    of adding adjuvants (immune system stimulants) to our vaccine
    components to investigate whether they can improve the
    effectiveness of our vaccine candidates. This work is being
    funded by the NIH through an IPCAVD grant to GeoVax. If the
    activities funded by the IPCAVD grant are successful, it may
    result in a secondary clinical program for the development of
    the next generation of our HIV/AIDS vaccines.
Critical
    Accounting Policies and Estimates
This discussion and analysis of our financial condition and
    results of operations is based on our consolidated financial
    statements, which have been prepared in accordance with
    accounting principles generally accepted in the United States.
    The preparation of these financial statements requires
    management to make estimates and judgments that affect the
    reported amounts of assets, liabilities, revenues and expenses,
    and related disclosure of contingent assets and liabilities. On
    an ongoing basis, management evaluates its estimates and adjusts
    the estimates as necessary. We base our estimates on historical
    experience and on various other assumptions that are believed to
    be reasonable under the circumstances, the results of which form
    the basis for making judgments about the carrying values of
    assets and liabilities that are not readily apparent from other
    sources. Actual results may differ materially from these
    estimates under different assumptions or conditions.
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Our significant accounting policies are summarized in
    Note 2 to our consolidated financial statements. We believe
    the following critical accounting policies affect our more
    significant judgments and estimates used in the preparation of
    our consolidated financial statements:
Impairment
    of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. Recoverability of assets to be
    held and used is measured by a comparison of the carrying amount
    of the assets to the future net cash flows expected to be
    generated by such assets. If such assets are considered to be
    impaired, the impairment to be recognized is measured by the
    amount by which the carrying amount of the assets exceeds the
    discounted expected future net cash flows from the assets.
Revenue
    Recognition
We recognize revenue in accordance with the SEC's Staff
    Accounting Bulletin No. 101, Revenue Recognition in
    Financial Statements, as amended by Staff Accounting
    Bulletin No. 104, Revenue Recognition, or
    SAB 104. SAB 104 provides guidance in applying
    U.S. generally accepted accounting principles to revenue
    recognition issues, and specifically addresses revenue
    recognition for upfront, nonrefundable fees received in
    connection with research collaboration agreements. During 2009,
    2008 and 2007, our revenue consisted solely of grant funding
    received from the National Institutes of Health. Revenue from
    this arrangement is approximately equal to the costs incurred
    and is recorded as income as the related costs are incurred.
Stock-Based
    Compensation
We account for stock-based transactions in which the Company
    receives services from employees, directors or others in
    exchange for equity instruments based on the fair value of the
    award at the grant date. Compensation cost for awards of common
    stock is estimated based on the price of the underlying common
    stock on the date of issuance. Compensation cost for stock
    options or warrants is estimated at the grant date based on each
    instrument's fair-value as calculated by the Black-Scholes
    option pricing model. The Company recognizes stock-based
    compensation cost as expense ratably on a straight-line basis
    over the requisite service period for the award.
Liquidity
    and Capital Resources
At December 31, 2009, we had cash and cash equivalents of
    $3,515,784 and total assets of $4,315,597, as compared to
    $2,191,180 and $3,056,241, respectively, at December 31,
    2008. Working capital totaled $3,309,355 at December 31,
    2009, compared to $2,455,412 at December 31, 2008.
Sources
    and Uses of Cash
We are a development-stage company (as defined by Financial
    Accounting Standards Board (FASB) Accounting Standards
    Codification (ASC) Topic 915,
"Development Stage
    Entities"
) and do not have any products approved for
    sale. Due to our significant research and development
    expenditures, we have not been profitable and have generated
    operating losses since our inception in 2001. Our primary
    sources of cash are from sales of our equity securities and from
    government grant funding.
Cash
    Flows from Operating Activities
Net cash used in operating activities was $1,425,150,
    $2,367,886, and $3,265,743 for the years ended December 31,
    2009, 2008 and 2007, respectively. Generally, the differences
    between years are due to fluctuations in our net losses which,
    in turn, result from fluctuations in expenditures from our
    research activities, offset by net changes in our assets and
    liabilities.
The costs of conducting all of our human clinical trials to
    date, except for the therapeutic human clinical trial we expect
    to begin in the first half of 2010, have been borne by the HVTN,
    funded by the NIH, with
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GeoVax incurring costs associated with manufacturing the
    clinical vaccine supplies and other study support. HVTN and NIH
    are bearing the cost of conducting our ongoing Phase 2a human
    clinical study, but we cannot predict the level of support we
    will receive from the HVTN and NIH for any additional clinical
    studies. We do not currently anticipate any governmental support
    for our planned Phase 1 therapeutic vaccine trial.
Our operations are also partially supported by the IPCAVD grant
    awarded to us in September 2007 by the NIH to support our
    HIV/AIDS vaccine program. The project period for the grant,
    which is renewable annually, covers a five year period which
    commenced October 2007, with an expected annual award of
    generally between $3 and $4 million per year (approximately
    $18.3 million in the aggregate). The most recent annual
    award under the grant is for the period September 1, 2009
    through August 31, 2010 in the amount of $4.7 million.
    We are utilizing this funding to further our HIV/AIDS vaccine
    development, optimization, and production for human clinical
    trial testing, primarily with regard to our research into
    vaccine adjuvants. The funding we receive pursuant to this grant
    is recorded as revenue at the time the related expenditures are
    incurred, and thus partially offsets our net losses. If the
    annual grant does not occur, we will experience a shortfall in
    anticipated cash flow and will be required to seek other funds
    promptly to address the shortfall. We intend to pursue
    additional grants from the federal government; however, as we
    progress to the later stages of our vaccine development
    activities, government financial support may be more difficult
    to obtain, or may not be available at all. It will, therefore,
    be necessary for us to look to other sources of funding in order
    to finance our development activities.
Cash
    Flows from Investing Activities
Our investing activities have consisted predominantly of capital
    expenditures. Capital expenditures for the years ended
    December 31, 2009, 2008 and 2007, were $270,246, $99,831,
    and $-0-, respectively.
Cash
    Flows from Financing Activities
Net cash provided by financing activities was $3,020,000,
    $2,668,541, and $3,167,950 for the years ended December 31,
    2009, 2008 and 2007, respectively. During 2009, we received
    $1,500,000 from the exercise of a stock purchase warrant. During
    2009 and 2008, we received $1,520,000 and $406,091,
    respectively, from the sale of our common stock to an investor,
    Fusion Capital, net of costs associated with the financing
    arrangement. The remaining cash generated by our financing
    activities relates to the sale of our common stock to individual
    accredited investors.
In May 2008, we signed a stock purchase agreement with an
    existing investor, which provides for the sale of up to
    $10 million of shares of our common stock. In connection
    with this agreement, we filed a registration statement related
    to the transaction with the SEC covering the shares that have
    been issued or may be issued to the investor under the stock
    purchase agreement. The SEC declared the registration statement
    effective on July 1, 2008, and we now have the right until
    July 31, 2010 to sell our shares of common stock to the
    investor from time to time in amounts ranging from $80,000 to
    $1 million per purchase transaction, depending on certain
    conditions as set forth in the stock purchase agreement. Through
    December 31, 2009, we have sold a cumulative total of
    $2,020,000 of common stock to our investor, leaving $7,980,000
    available pursuant to the stock purchase agreement as of that
    date. Depending on general stock market conditions, and the
    prevailing price of our common stock leading July 31, 2010,
    we may not be able to, or may choose not to, access the full
    amount available under the stock purchase agreement. The extent
    to which we rely on the stock purchase agreement as a source of
    funding will depend on a number of factors including whether
    this offering is successfully completed, the prevailing market
    price of our common stock and the extent to which we can secure
    working capital from other sources.
We anticipate incurring additional losses for several years as
    we expand our drug development and clinical programs and proceed
    into higher cost human clinical trials. Conducting clinical
    trials for our vaccine candidates in development is a lengthy,
    time-consuming and expensive process. We do not expect to
    generate product sales from our development efforts for several
    years. If we are unable to successfully develop and market
    pharmaceutical products over the next several years, our
    business, financial condition and results of operations will be
    adversely impacted.
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In any event, we anticipate raising additional capital during
    the remainder of 2010, although there can be no assurance that
    we will be able to do so. While we believe that we will be
    successful in obtaining the necessary financing to fund our
    operations through grants, our stock purchase agreement with the
    investor
and/or
other
    sources, there can be no assurances that such additional funding
    will be available to us on reasonable terms or at all.
Our capital requirements, particularly as they relate to product
    research and development, have been and will continue to be
    significant. We intend to seek FDA approval of our products,
    which may take several years. We will not generate revenues from
    the sale of our products for at least several years, if at all.
    We will be dependent on obtaining financing from third parties
    in order to maintain our operations, including our clinical
    program. Due to the existing uncertainty in the capital and
    credit markets, and adverse regional and national economic
    conditions which may persist or worsen, capital may not be
    available on terms acceptable to the Company or at all. If we
    fail to obtain additional funding when needed, we would be
    forced to scale back or terminate our operations, or to seek to
    merge with or to be acquired by another company.
We believe that our current working capital, combined with the
    proceeds from the IPCAVD grant awarded annually from the NIH,
    and the net proceeds of this offering will be sufficient to
    support our planned level of operations through 2012, assuming
    all units are sold but no warrants are exercised for cash.
    Should the financing we require to sustain our working capital
    needs be unavailable or prohibitively expensive when we require
    it, the consequences could be a material adverse effect on our
    business, operating results, financial condition and prospects.
To prepare the Company's capital structure for the offering
    described in this prospectus, our Board of Directors has called
    a special meeting of stockholders, to be held on April 13,
    2010, seeking stockholder approval of an increase in our
    authorized shares of common stock from 900,000,000 to
    2,000,000,000 and a reverse stock split of our common stock with
    a ratio of
1-for-20,
1-for-30,
1-for-40,
or
1-for-50,
with the timing and specific ratio of the reverse stock split to
    be implemented, if at all, within four months after approval, at
    the discretion of the Board of Directors. If the reverse stock
    split is implemented, our authorized shares will be
    proportionally reduced and, we expect, the per share price of
    our common stock will be increased. We believe these actions
    will help GeoVax complete the offering described in this
    prospectus by helping GeoVax qualify its common stock for
    listing on Nasdaq, increasing the GeoVax share price, and
    broadening the pool of investors to include investors who will
    not invest in shares with low prices, such as certain
    institutional investors.
We have no off-balance sheet arrangements that are likely or
    reasonably likely to have a material effect on our financial
    condition or results of operations.
Contractual
    Obligations
Contractual obligations represent future cash commitments and
    liabilities under agreements with third parties, and exclude
    contingent liabilities for which we cannot reasonably predict
    future payment. Additionally, the expected timing of payment of
    the obligations presented below is estimated based on current
    information. Timing of payments and actual amounts paid may be
    different depending on the timing of receipt of goods or
    services or changes to
agreed-upon
terms or amounts for some obligations.
The following table represents our contractual obligations as of
    December 31, 2009, aggregated by type (in thousands):
Payments Due by Period
Less than
1-3
4-5
More than
Contractual Obligations
Total
1 Year
Years
Years
5 years
Operating Lease Obligations(1)
$
609
$
115
$
365
$
129
$
—
Emory University — License Agreement(2)
—
—
—
—
—
Total
$
609
$
115
$
365
$
129
$
—
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(1)
Our operating lease obligations relate to the facility lease for
    our 8,430 square foot facility in Smyrna, Georgia, which
    houses our laboratory operations and our administrative offices.
    The lease, which was effective November 1, 2009, expires on
    December 31, 2014.
(2)
Pursuant to the Emory License, we have committed to make
    potential future milestone and royalty payments which are
    contingent upon the occurrence of future events. Such events
    include development milestones, regulatory approvals and product
    sales. Because the achievement of these milestones is currently
    neither probable nor reasonably estimable, the contingent
    payments have not been included in the table above or recorded
    on our consolidated balance sheets. The aggregate total of all
    potential milestone payments included in the Emory License
    (excluding royalties on net sales) is approximately
    $3.5 million.
As of December 31, 2009, except as disclosed in the table
    above, we had no other material firm purchase obligations or
    commitments for capital expenditures and no committed lines of
    credit or other committed funding or long-term debt. We have
    employment agreements with our four senior management team
    members and a consulting agreement with our Chairman, each of
    which may be terminated with no more than 90 days advance
    written notice.
Net
    Operating Loss Carryforwards
At December 31, 2009, we had consolidated net operating
    loss carryforwards for income tax purposes of
    $72.2 million, which will expire in 2010 through 2029 if
    not utilized. Approximately $59.7 million of our net
    operating loss carryforwards relate to the operations of our
    predecessor, Dauphin Technology, Inc. prior to the 2006 merger
    between Dauphin Technology, Inc. and GeoVax, Inc. We also have
    research and development tax credits of $522,000 available to
    reduce income taxes, if any, which will expire in 2022 through
    2028 if not utilized. The amount of net operating loss
    carryforwards and research tax credits available to reduce
    income taxes in any particular year may be limited in certain
    circumstances. Based on an assessment of all available evidence
    including, but not limited to, our limited operating history in
    our core business and lack of profitability, uncertainties of
    the commercial viability of our technology, the impact of
    government regulation and healthcare reform initiatives, and
    other risks normally associated with biotechnology companies, we
    have concluded that it is more likely than not that these net
    operating loss carryforwards and credits will not be realized
    and, as a result, a 100% deferred tax valuation allowance has
    been recorded against these assets.
Results
    of Operations
Net
    Loss
We recorded net losses of $3,284,252, $3,728,187 and $4,241,796
    for the years ended December 31, 2009, 2008 and 2007,
    respectively. Our operating results will typically fluctuate due
    to the timing of activities and related costs associated with
    our vaccine research and development activities and our general
    and administrative costs, as described in more detail below.
Grant
    Revenue
We recorded grant revenues of $3,668,195 in 2009, $2,910,170 in
    2008 and $237,004 in 2007. During 2007, we were awarded the
    IPCAVD grant by the NIH to support our HIV/AIDS vaccine program.
    The project period for the grant, which is renewable annually,
    covers a five year period which commenced October 2007, with an
    expected annual award of generally between $3 to $4 million
    per year (approximately $18.3 million in the aggregate). We
    are utilizing this funding to further our HIV/AIDS vaccine
    development, optimization and production, primarily with regard
    to our research into vaccine adjuvants. The grant is subject to
    annual renewal, with the latest grant award covering the period
    from September 2009 through August 2010 in the amount of
    $4.7 million. As of December 31, 2009, there is
    approximately $4.0 million remaining from the current grant
    year's award and (assuming that the remaining budgeted
    amounts under the grant are awarded annually to the Company)
    there is an additional $7.5 million available through the
    grant for the remainder of the original five year project period
    ending August 31, 2012.
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Research
    and Development
Our research and development expenses were $4,068,682 in 2009,
    $3,741,489 in 2008 and $1,757,125 in 2007. Research and
    development expenses can vary considerably on a
period-to-period
basis, depending on our need for vaccine manufacturing and
    testing of manufactured vaccine by third parties, and due to
    fluctuations in the timing of other external expenditures
    related to our IPCAVD grant from the NIH. Research and
    development expense includes stock-based compensation expense of
    $304,654, $494,041 and $284,113 for 2009, 2008 and 2007,
    respectively (see discussion below). Our research and
    development costs do not include costs incurred by HVTN in
    conducting trials of GeoVax vaccines.
The increase in research and development expense during each of
    the periods is due primarily to increased costs associated with
    our vaccine manufacturing activities in preparation for the
    commencement of Phase 2 clinical testing, costs associated with
    our activities funded by our NIH grant (especially from the 2007
    to the 2008 period, as the grant was awarded to us in September
    2007), and higher personnel costs associated with the addition
    of new scientific personnel. Our recently initiated Phase 2a
    clinical trial is being conducted and funded by the HVTN, but we
    are responsible for the manufacture of vaccine product to be
    used in the trial. We cannot predict the level of support we may
    receive from HVTN or other federal agencies (or divisions
    thereof) for our future clinical trials. We expect that our
    research and development costs will continue to increase in 2010
    and beyond as we progress through the human clinical trial
    process leading up to possible product approval by the FDA. We
    do not currently anticipate any governmental support for our
    planned Phase 1 therapeutic vaccine trial.
Since our inception, all of our research and development efforts
    have been focused on development of our HIV/AIDS vaccines, which
    we have managed and evaluated to date as a single project. Upon
    our receipt of the IPCAVD grant in late 2007, we began incurring
    additional costs directly associated with the grant. The table
    below summarizes our research and development expenses for each
    of the years in the three year period ended December 31,
    2009 (in thousands). The amounts shown related to the IPCAVD
    grant represent all direct costs associated with the grant
    activities, including salaries and personnel-related expenses,
    supplies, consulting, contract services and travel. The
    remainder of our research and development expense is allocated
    to our general HIV/AIDS vaccine program.
R&D Project
2009
2008
2007
IPCAVD Grant — Vaccine Adjuvants
$
2,772,397
$
2,504,850
$
215,458
DNA/MVA Vaccines — HIV/AIDS
1,296,285
1,236,639
1,541,667
Total Research and Development Expense
$
4,068,682
$
3,741,489
$
1,757,125
Our vaccine candidates still require significant, time-consuming
    and costly research and development, testing and regulatory
    clearances. Completion of clinical development will take several
    years or more, but the length of time generally varies
    substantially according to the type, complexity, novelty and
    intended use of a product candidate. The cost of the ongoing
    Phase 2a clinical trial for our preventative vaccine is being
    funded by the HVTN, but we cannot be certain whether the HVTN or
    any other external source will provide funding for further
    development. We intend to use offering proceeds to fund the cost
    of the Phase 1 clinical trial of our therapeutic vaccine, which
    we estimate will cost approximately $700,000; and we also may
    use a portion of the proceeds of this offering to conduct a
    Phase 2 clinical trial for our therapeutic vaccine, which
    we estimate at $3.5 million. We intend to seek government
    or third party support for future clinical human trials, but
    there can be no assurance that we will be successful. The
    duration and the cost of future clinical trials may vary
    significantly over the life of the project as a result of
    differences arising during development of the human clinical
    trial protocols, including, among others, the following:
•
the number of patients that ultimately participate in the
    clinical trial;
•
the duration of patient
follow-up
that seems appropriate in view of the results;
•
the number of clinical sites included in the clinical
    trials; and
•
the length of time required to enroll suitable patient subjects.
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Due to the uncertainty regarding the timing and regulatory
    approval of clinical trials and preclinical studies, our future
    expenditures are likely to be highly volatile in future periods
    depending on the outcomes. From time to time, we will make
    determinations as to how much funding to direct to these
    programs in response to their scientific, clinical and
    regulatory success, anticipated market opportunity and the
    availability of capital to fund our programs.
In developing our product candidates, we are subject to a number
    of risks that are inherent in the development of products based
    on innovative technologies. For example, it is possible that our
    vaccines may be ineffective or toxic, or will otherwise fail to
    receive the necessary regulatory clearances, causing us to
    delay, extend or terminate our product development efforts. Any
    failure by us to obtain, or any delay in obtaining, regulatory
    approvals could cause our research and development expenditures
    to increase which, in turn, could have a material adverse effect
    on our results of operations and cash flows. Because of the
    uncertainties of clinical trials, estimating the completion
    dates or cost to complete our research and development programs
    is highly speculative and subjective. As a result of these
    factors, we are unable to accurately estimate the nature, timing
    and future costs necessary to complete the development of our
    product candidates. In addition, we are unable to reasonably
    estimate the period when material net cash inflows could
    commence from the sale, licensing or commercialization of such
    product candidates, if ever.
General
    and Administrative Expense
Our general and administrative expenses were $2,914,845 in 2009,
    $2,970,068 in 2008 and $2,784,182 in 2007. General and
    administrative costs include officers' salaries, legal and
    accounting costs, patent costs, amortization expense associated
    with intangible assets, and other general corporate expenses.
    General and administrative expense includes stock-based
    compensation expense of $994,011, $1,525,008 and $1,234,380 for
    2009, 2008 and 2007, respectively (see discussion below). We
    expect that general and administrative expenses may increase in
    the future in support of expanded research and development
    activities and other general corporate activities.
Stock-Based
    Compensation Expense
We recorded total stock-based compensation expense of
    $1,298,665, $2,019,049 and $1,518,496 during the years ended
    December 31, 2009, 2008 and 2007, respectively, which was
    allocated to research and development expense or general and
    administrative expense according to the classification of cash
    compensation paid to the employee, consultant or director to
    whom the stock compensation was granted. In addition to amounts
    related to the issuance of stock options to employees, the
    figures include amounts related to common stock and stock
    purchase warrants issued to consultants. For the three years
    ended December 31, 2009, stock-based compensation expense
    was allocated as follows:
2009
2008
2007
General and administrative expense
$
994,011
$
1,525,008
$
1,234,383
Research and development expense
304,654
494,041
284,113
Total stock option expense
$
1,298,665
$
2,019,049
$
1,518,496
Other
    Income
Interest income was $31,080 in 2009, $73,200 in 2008 and $62,507
    in 2007. The variances between years are primarily attributable
    to the cash available for investment and to interest rate
    fluctuations.
Impact of
    Inflation
For the three year period ended December 31, 2009, we do
    not believe that inflation and changing prices had a material
    impact on our operations or on our financial results.
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Table of Contents
Quantitative
    and Qualitative Disclosures about Market Risk
Our exposure to market risk is limited primarily to interest
    income sensitivity, which is affected by changes in the general
    level of United States interest rates, particularly because a
    significant portion of our investments are in short-term bank
    certificates of deposits and institutional money market funds.
    The primary objective of our investment activities is to
    preserve principal while at the same time maximizing the income
    received without significantly increasing risk. Due to the
    nature of our short-term investments, we believe that we are not
    subject to any material market risk exposure. We do not have any
    derivative financial instruments or foreign currency instruments.
Off-Balance
    Sheet Arrangements
We have not entered into off-balance sheet financing
    arrangements, other than operating leases.
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BUSINESS
Introduction
GeoVax is a biotechnology company dedicated to developing
    vaccines that prevent and fight HIV infections that result in
    AIDS. We have preventative vaccines being evaluated in a Phase
    2a human clinical trial in individuals who are not HIV infected
    and have recently received permission to conduct a Phase 1 human
    therapeutic clinical trial in individuals who are HIV infected.
Our preventative vaccines seek to prevent the progression of an
    HIV infection to AIDS and reduce the possibility for HIV
    transmission. Our therapeutic vaccines target reducing viral
    load in HIV infected individuals with a view to reducing or
    eliminating the need for oral medications, and thereby reducing
    the cost of treatment and detrimental side effects associated
    with current drug treatments.
Our vaccines under development address the clade B version of
    HIV most prevalent in the developed world and have been shown to
    induce strong T-cell and antibody immune responses in non-human
    primates against the primate version of the HIV virus. Our goals
    include raising funds for developing additional HIV vaccines for
    global markets that have a different version of the virus,
    manufacturing and testing these vaccines under Good
    Manufacturing and Good Laboratory Procedures consistent with FDA
    guidelines, conducting human trials for vaccine safety and
    effectiveness, and obtaining regulatory approvals to advance the
    development and commercialization of our vaccines.
Our preventative vaccine is one of only five vaccine candidates
    out of more than 80 tested by the HVTN in Phase 1 human clinical
    trials to have progressed to Phase 2 testing. Based on current
    enrollment progress, we expect the Phase 2a trial to be
    completed during 2011.
The IND application we filed with the FDA in late February 2010
    to support our request to test our therapeutic vaccine in a
    Phase 1 human clinical trial is based on promising summary data
    from three pilot studies we conducted of therapeutic vaccination
    in simian immunodeficiency virus infected non-human primates. We
    expect the Phase 1 trial to generate vaccine performance data
    within 14 to 17 months and trial completion, with full
    enrollment, within 36 months after the date of first
    patient enrollment,
Our vaccine candidates incorporate two delivery components: a
    recombinant DNA (deoxyribonucleic acid); and a recombinant
    poxvirus, MVA, which both deliver genes that encode inactivated
    HIV derived proteins to the immune system. Both components are
    designed to support production of non-infectious virus-like
    particles in vaccinated individuals that prime and boost immune
    responses. When properly administered in series, our vaccine
    candidates induce strong T-cell and antibody responses in
    non-human primates against multiple HIV proteins.
Both the DNA and MVA vaccines contain sufficient HIV-1 genes to
    support the production of non-infectious virus-like particles in
    vaccinated people which display forms of proteins that appear
    authentic to the immune system. When used together, the
    recombinant DNA component is used to prime immune responses
    which are boosted by administration of the recombinant MVA
    component. In certain settings the recombinant MVA alone may be
    sufficient for priming and boosting the immune responses.
We are also conducting preclinical research on the impact of
    adding adjuvants, which are immune system stimulants, to our
    vaccine components to see if this can improve the effectiveness
    of our vaccine candidates. This work is being funded by the NIH
    through an IPCAVD grant to GeoVax. Pre-clinical animal trials
    have been conducted, with very encouraging results. If the
    activities funded by the IPCAVD grant are successful, it may
    result in a secondary clinical program for the development of
    the next generation of our HIV/AIDS vaccines.
Our primary business is conducted by our subsidiary, GeoVax,
    Inc., which was incorporated under the laws of Georgia in June
    2001. The predecessor of our parent company, GeoVax Labs, Inc.
    (the reporting entity) was originally incorporated in June 1988
    under the laws of Illinois as Dauphin Technology, Inc., or
    Dauphin. In September 2006, Dauphin completed a merger with
    GeoVax, Inc. As a result of that merger, GeoVax, Inc. became a
    wholly-owned subsidiary of Dauphin, and Dauphin changed its name
    to GeoVax Labs,
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Inc. Unless otherwise indicated, information for periods prior
    to the September 2006 merger is that of GeoVax, Inc. In June
    2008, the Company was reincorporated under the laws of Delaware.
    We currently do not conduct any business other than GeoVax,
    Inc.'s business of developing new products for the
    treatment or prevention of human diseases.
Overview
    of HIV/AIDS
What is
    HIV?
HIV , is a retrovirus that carries its genetic code in the form
    of ribonucleic acid, or RNA. Retroviruses use RNA and the
    reverse transcriptase enzyme to create DNA from the RNA
    template. The HIV-1 virus invades a human cell and produces its
    viral DNA which is subsequently inserted into the chromosomes,
    which are genetic material of the cell. HIV preferentially
    infects and replicates in helper T-cells (a type of white blood
    cell) that changes the T-cells from immunity producing cells to
    cells that produce and release HIV particles into the blood
    stream. This process results in the destruction of the immune
    defense system of the infected individual and ultimately, the
    development of AIDS.
There are several AIDS-causing HIV virus subtypes, or
    "clades", that are found in different regions of the
    world. These subtypes are identified as subtype A, subtype B on
    through C, D, E, F, etc. The predominant subtype found in
    Europe, North America, South America, Japan and Australia is B
    whereas the predominant subtypes in Africa are A and C. In India
    the predominant subtype is C. Each subtype is at least 20%
    different in its genetic sequence from other subtypes. These
    differences may mean that any vaccines or treatments developed
    against one subtype may only be partially effective or
    ineffective against other subtypes. Thus there is often a
    geographical focus to designing and developing vaccines suited
    for the local clade.
HIV, even within subtypes, has a high rate of mutation that
    supports a significant level of genetic variation. In drug
    treatment programs, virus mutation can result in the development
    of drug resistance, referred to as virus drug escape, thereby
    rendering drug therapy ineffective. Hence, we believe that
    multi-drug therapy is very important. If several drugs are
    active against virus replication, the virus must undergo
    multiple simultaneous mutations to escape, which is less likely.
    The same is true for immune responses. HIV can escape single
    targeted immune responses. However, our scientists believe if an
    immune response is directed against multiple targets (called
    epitopes), virus escape is much less frequent. Vaccination
    against more than one of the proteins found in HIV increases the
    number of targets for the immune response as well as the chance
    that HIV will not escape the vaccine-stimulated immune response,
    thus resulting in protection against infection or the
    development of clinical AIDS once infection occurs.
What is
    AIDS?
AIDS is the final, life-threatening stage of infection with the
    virus known as HIV. Infection with HIV severely damages the
    immune system, the body's defense against disease. HIV
    infects and gradually destroys T-cells and macrophages, which
    are white blood cells that play key roles in protecting humans
    against infectious disease caused by viruses, bacteria, fungi
    and other micro-organisms.
Opportunistic infections by organisms, normally posing no
    problem for control by a healthy immune system, can ravage
    persons with immune systems damaged by HIV infections.
    Destruction of the immune system occurs over years; the average
    onset of the clinical disease recognized as AIDS occurs after
    three to ten years of HIV infection if the virus is not treated
    effectively with drugs; but the time to developing AIDS is
    highly variable.
AIDS in humans was first identified in the United States in
    1981, but researchers believe that it was present in Central
    Africa as early as 1959. AIDS is most often transmitted sexually
    from one person to another but it is also transmitted by blood
    in shared needles and through pregnancy and childbirth.
    Heterosexual activity is the most frequent route of transmission
    worldwide.
The level of virus in blood, known as viral load, is the best
    indicator of the speed with which an individual will progress to
    AIDS, as well as the frequency with which an individual will
    spread infection. An
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estimated 1% or fewer of those infected have low enough levels
    of the virus to preclude progression to disease and to not
    transmit the infection. These individuals are commonly called
    long-term non-progressors.
AIDS is considered by many in the scientific and medical
    community to be the most lethal infectious disease in the world.
    According to the 2008 Report on the Global AIDS Epidemic
    published by UNAIDS, the Joint United Nations Programme on
    HIV/AIDS, the total number of people living with HIV is
    33.4 million globally with approximately 2.7 million
    newly infected in 2008 alone. Approximately 25 million
    people infected with HIV have died since the start of the HIV
    pandemic in 1981. The United States currently suffers about
    56,000 infections per year with the highest rates found in
    Washington, DC where an estimated 3% of the population is
    infected; this is a prevalence rate higher than in some
    developing countries. According to International AIDS Vaccine
    Initiative, or the IAVI, in a model developed with Advanced
    Marketing Commitment dated June 2005, the global market for a
    safe and effective AIDS vaccine is estimated at approximately
    $4 billion.
At present, the standard approach to treating HIV infection is
    to lower viral replication rates through the use of combinations
    of drugs. Available drugs include reverse transcriptase
    inhibitors (RTIs), protease inhibitors (PIs), integration
    inhibitors and inhibitors of cell entry to block multiple
    essential steps in virus replication. However, HIV is prone to
    genetic changes that can produce strains that are resistant to
    currently approved drugs. When HIV acquires resistance to one
    drug within a class, it can often become resistant to the entire
    class, meaning that it may be impossible to re-establish control
    of a genetically altered strain by substituting different drugs
    in the same class. Furthermore, these treatments continue to
    have significant limitations which include toxicity, patient
    non-adherence to the treatment regimens and cost. As a result,
    over time, many patients develop intolerance to these
    medications or simply give up taking the medications due to the
    side effects.
According to IAVI, the cost and complexity of new treatment
    advances for AIDS puts them out of reach for most people in the
    countries where treatment is needed the most and as noted above,
    in industrialized nations, where drugs are more readily
    available, side effects and increased rates of viral resistance
    have raised concerns about their long term use. AIDS vaccines,
    therefore, are seen by many as the most promising way to end the
    HIV/AIDS pandemic. It is expected that vaccines for HIV/AIDS,
    once developed, will be used worldwide by any organization that
    provides health care services, including hospitals, medical
    clinics, the military, prisons and schools.
HIV/AIDS
    Vaccines Being Developed by GeoVax
Our vaccines, initially developed by our Chief Scientific
    Officer, Dr. Harriet L. Robinson at Emory University in
    collaboration with researchers at the NIH, NIAID and the CDC,
    incorporate two vaccine delivery components: (1) a
    recombinant DNA and (2) a recombinant poxvirus, known as
    MVA, both of which deliver genes that encode inactivated HIV
    derived proteins to the immune system. Both the DNA and MVA
    vaccines contain sufficient HIV genes to support the production
    of non-infectious virus-like particles in vaccinated people
    which display forms of proteins that appear authentic to the
    immune system. When used together, the recombinant DNA component
    is used to prime immune responses which are boosted by
    administration of the recombinant MVA component. However, in
    certain settings the recombinant MVA alone may be sufficient for
    priming and boosting the immune responses.
The initial work of the Company was on the development of a
    preventative vaccine for use in uninfected people to limit
    infection, disease and transmission should they be exposed to
    the virus. In 2008, we undertook the development of a
    therapeutic vaccine for use in HIV infected people to supplement
    approved drug regimens. For both preventative and therapeutic
    applications, our current focus is on a vaccine for use against
    clade B, which is common in the United States and the
    industrially developed world. However, if efficacy is documented
    against clade B, we plan to develop vaccines designed for use to
    combat the subtypes that predominate in developing countries
    (clades A, C and AG recombinant).
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Induction
    of T-cell and Antibody Immune Responses
Our vaccines induce T-cell and antibody immune responses against
    two major HIV-1 proteins, the Gag protein and envelope
    glycoprotein, or Env. The induction of both antibodies and
    T-cells is beneficial because these immune responses work
    through different mechanisms. Antibodies can block viruses from
    infecting cells. The avidity, or tightness, of antibody binding
    to Env of HIV correlates with reduced levels of virus
    replication in experiments completed using non-human primates.
    This result most likely reflects a tightly bound antibody that
    is blocking HIV infection as well as tagging the virus for
    destruction. The MVA vaccine also induces HIV specific IgA,
    which functions to protect mucosal surfaces and can be measured
    in rectal secretions. Both vaccines elicit CD8 T-cells, a type
    of T-cell that can recognize and kill cells that become infected
    by virus. CD8 T-cells are important for the control of the virus
    that has established an infection.
DNA and
    MVA as Vaccine Vectors
The availability of DNA and MVA vaccine delivery vectors
    provides GeoVax with the means to design combination vaccines to
    induce different patterns of T-cell and antibody responses.
    Specifically, the use of DNA to prime immune responses and MVA
    to boost elicits higher levels of T-cells and thus this format
    is well-suited for either preventative or therapeutic uses.
    Alternatively, the use of MVA alone to both prime and boost the
    immune response elicits higher levels of antibodies and is
    therefore well-suited for use in prevention.
MVA was selected for use as a viral vaccine because of its well
    established safety record and because of the ability of
    recombinants of this vector to carry other viral proteins to
    induce protective responses for a number of viral diseases;
    these effects were demonstrated in preclinical animal models.
    MVA was originally developed as a safer smallpox vaccine for use
    in immune compromised humans by further attenuating the standard
    smallpox vaccine. The attenuation (loss of disease causing
    ability) was accomplished by making over 500 passages of the
    virus in chicken embryos or chick embryo fibroblasts which
    resulted in large genomic deletions. These deletions affected
    the ability of MVA to replicate in human cells, which is the
    cause of safety problems, but did not compromise the ability of
    MVA to grow on avian cells that are used for manufacturing the
    virus. The deletions also resulted in the loss of immune evasion
    genes which assist the spread of wild type smallpox infections,
    even in the presence of human immune responses. MVA was safely
    administered to over 120,000 people in the 1970s to protect
    them against smallpox.
GeoVax's DNA and MVA vaccines express over 66% of the HIV
    protein components and thus, are designed to stimulate immune
    responses with significant breadth. The vaccines cannot cause an
    HIV infection or AIDS because they do not produce the complete
    virus. We believe that the vaccines could provide multi-target
    protection against the AIDS virus, thus preventing infection and
    in those that do become infected, limiting virus escape, large
    scale viral replication and the onset of clinical signs of AIDS.
Preclinical
    Studies
During the development of our vaccines, multiple efficacy trials
    were conducted using non-human primates (rhesus macaques)
    infected with experimental viruses that cause AIDS-like disease
    in these animals. The experimental data produced by these trials
    documented the ability of prototypes of our vaccines to induce
    immune responses that can prevent infection as well as reduce
    the levels of viral replication in those animals that become
    infected, depending on the experimental design of the trials.
    For example, challenge studies completed by infecting animals
    using the rectal route and a dose estimated to be 40 to 400
    times the typical human challenge dose were used to demonstrate
    that vaccination using our adjuvant product can prevent, not
    just control, infections in approximately 25% of the animals,
    even after 12 experimental challenges. For therapeutic studies
    rhesus macaques were infected with virus, placed on
    antiretroviral drugs, which mimic those used in humans, and
    vaccinated prior to ceasing drug therapy. Animals that were
    removed from drug therapy without vaccination experienced viral
    rebounds to the levels found prior to drug therapy whereas
    vaccinated animals had the ability to control virus replication
    at reduced levels; some approaching 1000-fold reductions.
Based on our preventative vaccination studies in animals, the
    FDA allowed the vaccines to be tested in Phase 1 trials in HIV
    uninfected humans. The use of the vaccines for a therapeutic in
    HIV infected humans
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has also recently been allowed by the FDA, and our goal is to
    initiate a Phase 1 clinical trial in the first half of 2010.
Preventative
    Vaccine — Phase 1 Human Clinical Trials
All of our preventative vaccination trials in humans have been
    conducted by the HVTN, a network that is funded and supported by
    the NIH. The HVTN is the largest worldwide clinical trials
    network focused on the development and testing of HIV/AIDS
    vaccines. The GeoVax vaccine tested by the HVTN is designed for
    use where clade B infections are most common, specifically in
    North America and Western Europe. In our first Phase 1 trial,
    HVTN 045, our DNA vaccine was tested alone to document its
    safety and immunogenicity. Our second trial, HVTN 065, was
    designed to test the combined use of DNA and MVA and consisted
    of a dose escalation for DNA delivered at 0 and 8 weeks and
    MVA delivered at 16 and 24 weeks, a DDMM regimen. The low
    dose consisted of 0.3 mg of DNA and 1x10
7
tissue

    culture infectious doses
    (TCID
50
) of MVA. Once safety was demonstrated for the low dose
    in 10 participants, the full dose (3 mg of DNA and 1x10
8
TCID
50
of MVA) was administered to 30 participants. A single
    dose of DNA at time 0 followed by MVA at weeks 8 and 24, a DMM
    regimen, and three doses of MVA at weeks 0, 8 and 24, an MMM
    regimen, were also tested in 30 participants each. Participants
    were followed for 12 months for safety and immune responses
    measurements.
Data from the HVTN 065 trial again documented the safety of the
    vaccine products but also showed that the DDMM and MMM regimens
    induced different patterns of immune responses. The full dose
    DDMM regimen induced higher response rates for CD4+ T-cell (77%)
    and CD8+ T-cells (42%) compared to the MMM regimen (43% CD4+ and
    17% CD8+ response rates). In contrast, the highest response
    rates and titers of antibodies to the HIV Env protein were
    induced in the group that received only the MVA using the MMM
    regimen. Antibody response rates were documented to be higher
    for the MMM group using three different assays designed to
    measure total binding antibody levels for the immune dominant
    gp41 portion of the Env protein (27% for DDMM and 75% for MMM),
    binding of antibodies to the form of Env in the vaccines,
    designated ADA gp140, (81% for DDMM and 86% for MMM) and
    neutralizing antibodies (7% for DDMM and 30% for MMM). The
    1/10th dose DDMM regimen induced overall similar T-cell
    responses but reduced antibody responses while the response
    rates were intermediate in the DMM group.
Preventative
    Vaccine — Phase 2 Human Clinical Trials
Based on the safety and the immunogenicity results in the HVTN
    045 and HVTN 065 trials, the use of two full dose DNA priming
    immunizations followed by two full dose MVA booster
    immunizations was selected for testing by the HVTN in a Phase 2a
    trial (designated HVTN 205) which commenced patient
    enrollment in February 2008. While more than 80 experimental HIV
    vaccines have been completed by the HVTN in Phase 1 trials, only
    five vaccine candidates, including the GeoVax vaccine candidate,
    have progressed to Phase 2 trials since 1992. The Phase 2a trial
    is designed to produce a larger database of safety and
    immunogenicity data in low risk individuals before proceeding to
    a Phase 2b trial in high risk individuals.
The HVTN 205 trial was originally designed to test only the DDMM
    regimen, which consists of two DNA primes followed by two MVA
    boosts, but it is currently being amended to include testing the
    MVA priming and boosting regimen, or MMM, using an
    additional 75 participants. The addition of an amendment to add
    the MMM arm was triggered by two factors;
•
the success of the U.S. Military-Thailand Phase 3 trial,
    the first successful HIV-1 vaccine efficacy trial, which was
    completed with a vaccine component that did not elicit high
    T-cell responses; and
•
recent data from our ongoing studies in non-human primates
    showing that the MMM vaccine protected as well as the more
    complex DDMM regimen against infection by repeated challenge
    using the rectal route.
We expect the Phase 2a trial, parts A and B to require another
    18 to 24 months to complete.
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Assuming the vaccine safety and immunogenicity profiles remain
    promising, the next stage will be a Phase 2b proof of concept
    trial in high risk individuals. GeoVax is currently
    manufacturing vaccine material for this trial so that
    progression through the development path can proceed smoothly.
Therapeutic
    Vaccine — Phase 1 Human Clinical Trials
To help serve those people who are already infected with HIV,
    the Company is testing its vaccine for the ability to
    supplement, or even supplant, the need for antiretroviral
    therapeutic drugs in HIV-infected individuals. Antiretroviral
    therapeutic drugs, which are taken for life by individuals once
    infected with HIV, have side effects and are expensive, costing
    on average $18,000 per year. Thus the need for improved
    therapies is well known.
In July 2008, we reported summary data from three pilot studies
    on therapeutic vaccination in simian immunodeficiency virus, or
    SIV, infected non-human primates; the vaccine used was specific
    for SIV but with the design features of our HIV/AIDS vaccine. In
    these pilot studies, conducted at Emory, the immune systems of a
    subset of the infected and then vaccinated animals were able to
    control the infection with 100 to 1000 times reductions in viral
    levels post the cessation of drugs. Based on these results, in
    late February 2010 we filed an IND with the FDA to support Phase
    1 clinical testing in HIV infected individuals. The Company
    recently received permission to begin the trial. This initial
    trial will be conducted in Atlanta and enroll individuals who
    began successful antiretroviral therapeutic drug treatment
    within the first year of HIV infection. The goal of this trial
    is to document the safety and immunogenicity of the vaccine
    using the DDMM regimen in patients with well-controlled
    infections. We expect the Phase 1 trial to generate vaccine
    performance data within 14 to 17 months and trial
    completion, with full enrollment, within 36 months after
    the date of first patient enrollment,
Preclinical
    preventative studies using Granulocyte/Monocyte-Colony
    Stimulating Factor (GM-CSF)
GeoVax's research pipeline includes the use of adjuvants
    with its DNA/MVA vaccine. One of these, GM-CSF, is a protein
    produced as a normal function of immune responses. GM-CSF has
    been used with success in non-human primate experiments wherein
    the rate for preventing infection by a total of twelve moderate
    dose challenges through the rectal site was increased.
    Specifically, using the DDMM regimen and a DNA vaccine
    co-expressing GM-CSF resulted in an increased protection rate
    from approximately 25% to 70%.
Support
    from the Federal Government
All of our Phase 1 human clinical trials to date, and our
    ongoing Phase 2a trial, with the exception of the therapeutic
    clinical trial we expect to begin in the first half of 2010,
    have been conducted by the HVTN and funded by NIH-NIAID. Our
    responsibility for these trials has been to provide sufficient
    supplies of vaccine materials and technical expertise when
    necessary.
In September 2007, we were the recipient of the IPCAVD grant to
    support our HIV/AIDS vaccine program, which was subsequently
    amended such that the total award now totals approximately
    $18.3 million. This grant was awarded by the NIH-NIAID. The
    project period for the grant is over the five-year period that
    commenced October 2007. The grant is subject to annual renewal
    with the latest grant award covering the period from September
    2009 through August 2010. 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. We are utilizing this funding to
    further our HIV/AIDS vaccine development, optimization and
    production, including the GM-CSF adjuvant program.
Government
    Regulation
Regulation by governmental authorities in the United States and
    other countries is a significant factor in our ongoing research
    and development activities and in the manufacture of our
    products under development. Complying with these regulations
    involves a considerable amount of time and expense.
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In the United States, drugs are subject to rigorous federal and
    state regulation. The Federal Food, Drug and Cosmetic Act, as
    amended, or the FDC Act, and the regulations promulgated
    thereunder, and other federal and state statutes and regulations
    govern, among other things, the testing, manufacture, safety,
    efficacy, labeling, storage, record keeping, approval,
    advertising and promotion of medications and medical devices.
    Product development and approval within this regulatory
    framework is difficult to predict, takes a number of years and
    involves great expense.
The steps required before a pharmaceutical agent may be marketed
    in the United States include:
•
pre-clinical laboratory tests, in vivo pre-clinical studies and
    formulation studies;
•
the submission to the FDA of an IND application for human
    clinical testing which must become effective before human
    clinical trials can commence;
•
adequate and well-controlled human clinical trials to establish
    the safety and efficacy of the product;
•
the submission of a New Drug Application to the FDA; and
•
FDA approval of the New Drug Application prior to any commercial
    sale or shipment of the product.
Each of these steps is described further below.
In addition to obtaining FDA approval for each product, each
    domestic manufacturing establishment must be registered with,
    and approved by, the FDA. Domestic manufacturing establishments
    are subject to biennial inspections by the FDA and must comply
    with the FDA's Good Manufacturing Practices for products,
    drugs and devices.
Pre-Clinical
    Testing
Pre-clinical testing includes laboratory evaluation of chemistry
    and formulation, as well as cell culture and animal studies to
    assess the potential safety and efficacy of the product.
    Pre-clinical safety tests must be conducted by laboratories that
    comply with FDA GLP regulations. The results of pre-clinical
    testing are submitted to the FDA as part of the IND application
    and are reviewed by the FDA prior to the commencement of human
    clinical trials. Unless the FDA objects to an IND, the IND
    becomes effective 30 days following its receipt by the FDA.
Clinical
    Trials
Clinical trials involve the administration of the AIDS vaccines
    to healthy volunteers or to patients under the supervision of a
    qualified principal investigator. Clinical trials are conducted
    in accordance with the FDA GLP regulations under protocols that
    detail the objectives of the study, the parameters to be used to
    monitor safety and the efficacy criteria to be evaluated. Each
    protocol must be submitted to the FDA as part of the IND.
    Further, each clinical study must be conducted under the
    auspices of an independent institutional review board at the
    institution where the study will be conducted. The institutional
    review board will consider, among other things, ethical factors,
    the safety of human subjects and the possible liability of the
    institution.
Clinical trials are typically conducted in three sequential
    phases, but the phases may overlap. In Phase 1, the initial
    introduction of the product into healthy human subjects, the
    vaccine is tested for safety (including adverse side effects)
    and dosage tolerance. Phase 2 is the proof of principal stage
    and involves trials in a limited patient population to determine
    the utility of the product for inducing the desired effect for
    specific, targeted indications, and to determine dosage
    tolerance and optimal dosage and identify possible adverse side
    effects and safety risks. When there is evidence that the
    product may be effective and has an acceptable safety profile in
    Phase 2 evaluations, Phase 3 trials are undertaken to further
    evaluate clinical efficacy and to test for safety within an
    expanded patient population at geographically dispersed
    multi-center clinical study sites. The manufacturer or the FDA
    may suspend clinical trials at any time if either believes that
    the individuals participating in the trials are being exposed to
    unacceptable health risks.
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New Drug
    Application and FDA Approval Process
The results and details of the pre-clinical studies and clinical
    studies are submitted to the FDA in the form of a New Drug
    Application. If the New Drug Application is approved, the
    manufacturer may market the product in the United States.
International
    Approval
Whether or not the FDA has approved the drug, approval of a
    product by regulatory authorities in foreign countries must be
    obtained prior to the commencement of commercial sales of the
    drug in such countries. The requirements governing the conduct
    of clinical trials and drug approvals vary widely from country
    to country, and the time required for approval may be longer or
    shorter than that required for FDA approval.
Other
    Regulations
In addition to FDA regulations, our business activities may also
    be regulated by the Occupational Safety and Health Act, the
    Environmental Protection Act, the Toxic Substances Control Act,
    the Resource Conservation and Recovery Act and other present and
    potential future federal, state or local regulations. Violations
    of regulatory requirements at any stage may result in various
    adverse consequences, including regulatory delay in approving or
    refusal to approve a product, enforcement actions, including
    withdrawal of approval, labeling restrictions, seizure of
    products, fines, injunctions
and/or
civil
    or criminal penalties. Any product that we develop must receive
    all relevant regulatory approvals or clearances before it may be
    marketed.
Competition
There currently is no FDA licensed and commercialized HIV/AIDS
    vaccine or competitive vaccine available in the world market.
There are several small and large biopharmaceutical companies
    pursuing HIV/AIDS vaccine research and development, including
    Novartis, Wyeth, Sanofi-Aventis, Glaxo-Smith Kline and the NIH
    Vaccine Research Center. Other HIV/AIDS vaccines are in varying
    stages of research, testing and clinical trials including those
    supported by the IAVI, the European Vaccine Initiative, and the
    South African AIDS Vaccine Initiative, as well as others.
    Following the reported failure of the Merck vaccine in September
    2007, the Merck vaccine program and the NIH Vaccine Research
    Center vaccine program, which both use Ad5 vectors, were placed
    on hold. Since then, the NIH Vaccine Research Center product has
    moved into an experimental Phase 2b trial to learn more about
    immune responses and AIDS control. This trial has been
    restricted to the roughly 50% of U.S. citizens who do not have
    high levels of antibodies to the Ad5 vector used in the vaccine
    and to men who are circumcised.
In October 2009, the results from a Phase 3 community based
    trial in Thailand using a recombinant canarypox as a priming
    vaccine and a bivalent form of the gp120 subunit of Env as a
    protein booster vaccine were reported; protection against HIV
    infection at the rate of 31% was reported. This level of
    protection was significant in a "modified intent to
    treat" analysis in which the seven participants in the
    16,500 person trial who had become infected by the day of
    the first inoculation were excluded. The manufacturer of the
    ALVAC portion of the vaccine, Sanofi Pasteur, and the gp120
    portion, Global Solutions for Infectious Diseases, did not have
    additional vaccine in stock at the time of the announcement and
    it is currently unclear how they plan to follow up on their
    finding. The results of this trial are highly encouraging
    because they represent the first success of an AIDS vaccine in
    humans and demonstrate that a vaccine can prevent HIV infections.
To our knowledge, none of our competitors' products have
    been tested in large scale non-human primate trials that have
    both included experimental infection through the rectal site and
    shown to induce levels of protection or duration of protection
    comparable to that achieved using experimental prototypes of
    GeoVax's vaccines. Furthermore, many competitor vaccine
    development programs require vaccine compositions which are much
    more complicated than ours. For these reasons, we believe that
    it may be possible for our vaccine to compete successfully in
    the marketplace if licensed.
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Overall, the biopharmaceutical industry is competitive and
    subject to rapid and substantial technological change.
    Developments by others may render our proposed vaccination
    technologies noncompetitive or obsolete, or we may be unable to
    keep pace with technological developments or other market
    factors. Technological competition in the industry from
    pharmaceutical and biotechnology companies, universities,
    governmental entities and others diversifying into the field is
    intense and is expected to increase. Many of the pharmaceutical
    companies that compete with us have significantly greater
    research and development capabilities than we have, as well as
    substantially more marketing, manufacturing, and financial
    resources. In addition, acquisitions of, or investments in,
    small pharmaceutical or biotechnology companies by such large
    corporations could increase their research, financial,
    marketing, manufacturing and other resources. Competitor
    technologies may ultimately prove to be safer, more effective or
    less costly than any vaccine that we develop.
FDA and other regulatory approvals of our vaccines have not yet
    been obtained and we have not yet generated any revenues from
    product sales. Our future competitive position depends on our
    ability to obtain FDA and other regulatory approvals of our
    vaccines and to license or sell the vaccines to third parties on
    favorable terms.
Intellectual
    Property
We will be able to protect our proprietary rights from
    unauthorized use by third parties only to the extent that our
    proprietary rights are described by valid and enforceable
    patents or are effectively maintained as trade secrets.
    Accordingly, we are pursuing and will continue to pursue patent
    protection for our proprietary technologies developed through
    our collaboration between Emory, the NIH, and the CDC, or
    developed by us alone. Patent applications have been filed with
    the United States Patent and Trademark Office and in specific
    international markets (countries). Patent applications include
    provisions to cover our DNA and MVA based HIV vaccines, their
    genetic inserts expressing multiple HIV protein components,
    composition, structure, claim of immunization against multiple
    subtypes of HIV, routes of administration, safety and other
    related factors. Patent claims filed for our vaccines include
    provisions for their therapeutic and prophylactic use against
    two diseases: specifically, HIV and smallpox.
We are the exclusive, worldwide licensee of a number of patents
    and patent applications, which we refer to as the "Emory
    Technology", owned, licensed or otherwise controlled by
    Emory for HIV or smallpox vaccines pursuant to a License
    Agreement originally entered into on August 23, 2002 and
    restated on June 23, 2004, which we refer to as the Emory
    License. Through the Emory License we are also a non-exclusive
    licensee of patents owned by the NIH related to the ability of
    our MVA vector vaccine to operate as a vehicle to deliver HIV
    virus antigens, and also to induce an immune response in humans.
    All of our obligations with respect to the NIH-owned MVA patents
    are covered by the Emory License. Currently, there are five
    issued patents and five pending patent applications in the
    United States subject to the Emory License, as well as 26 issued
    patents and 19 pending patent applications in other countries.
    Four of the five issued patents expire in 2026. The fifth issued
    patent will expire at a later date that has not yet been
    determined. The Emory License expires on the expiration date of
    the last to expire of the patents licensed thereunder including
    those that are issued on patents currently pending; we will
    therefore not know the final termination date of the Emory
    License until such patents are issued. The Company may terminate
    the Emory License upon 90 days' written notice. The
    Emory License also contains standard provisions allowing Emory
    to terminate upon breach of contract by the Company or upon the
    Company's insolvency or bankruptcy.
The Emory License, among other contractual obligations, requires
    payments based on the following:
•
Milestone Payments.
An aggregate of $3,450,000
    is potentially due to Emory in the future upon the achievement
    of clinical development and regulatory approval milestones as
    defined in the agreement. To date, we have paid a nominal
    milestone fee upon entering Phase 2 clinical trials for our
    preventative HIV/AIDS vaccine.
•
Maintenance Fees.
The Company has achieved the
    specified milestones and met its obligations with regard to the
    related payments, and no maintenance fees are (or will be) owed
    to Emory.
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•
Royalties.
Upon commercialization of products
    covered by the Emory License, we will owe royalties to Emory of
    between 5% and 7.5%, depending on annual sales volume, of net
    sales made directly by GeoVax. The agreement also requires
    minimum annual royalty payments of $3 million in the third
    year following product launch, increasing annually to
    $12 million in the sixth year.
•
Sublicense Royalties.
In the event that we
    sublicense a covered product to a third party, we will owe
    royalties to Emory based on all payments, cash or noncash, we
    receive from our sublicensees. Those royalties will be 19% of
    all sublicensing consideration we receive prior the first
    commercial sale of a related product; commencing with the first
    commercial sale, the royalty owed to Emory will be 27.5% of all
    sublicensing consideration we receive.
•
Patent Reimbursements.
During the term of the
    Emory License we are obligated to reimburse Emory for ongoing
    third party costs in connection with the filing, prosecution and
    maintenance of patent applications subject to the Emory License.
    The expense associated with these ongoing patent cost
    reimbursements to Emory amounted to $85,673, $102,141, and
    $243,653 for the years ended December 31, 2009, 2008 and
    2007, respectively.
We may only use the Emory Technology for therapeutic or
    prophylactic HIV or smallpox vaccines. Emory also reserved the
    right to use the Emory Technology for research, educational and
    non-commercial clinical purposes. Due to the use of federal
    funds in the development of the Emory Technology, the United
    States Government has the irrevocable, royalty-free,
paid-up
right to practice and have practiced certain patents throughout
    the world, should it choose to exercise such rights.
We are also the exclusive licensee of five patents from MFD,
    Inc., which we refer to as the MFD Patents, pursuant to a
    license agreement dated December 26, 2004, related to
    certain manufacturing processes used in the production of our
    vaccines. Pursuant to the MFD license agreement, we obtained a
    fully paid, worldwide, irrevocable, exclusive license in and to
    the MFD Patents to use, market, offer for sale, sell, lease and
    import for any AIDS and smallpox vaccine made with GeoVax
    technology and non-exclusive rights for other products. The term
    of the MFD license agreement ends on the expiration date of the
    last to expire of the MFD Patents. These patents expire in 2017
    through 2019.
In addition to patent protection, we also attempt to protect our
    proprietary products, processes and other information by relying
    on trade secrets and non-disclosure agreements with our
    employees, consultants and certain other persons who have access
    to such products, processes and information. Under these
    agreements, all inventions conceived by employees are our
    exclusive property. Nevertheless, there can be no assurance that
    these agreements will afford significant protection against
    misappropriation or unauthorized disclosure of our trade secrets
    and confidential information.
We cannot be certain that any of the current pending patent
    applications we have licensed, or any new patent applications we
    may file or license, will ever be issued in the United States or
    any other country. Even if issued, there can be no assurance
    that those patents will be sufficiently broad to prevent others
    from using our products or processes. Furthermore, our patents,
    as well as those we have licensed or may license in the future,
    may be held invalid or unenforceable by a court, or third
    parties could obtain patents that we would need to either
    license or to design around, which we may be unable to do.
    Current and future competitors may have licensed or filed patent
    applications or received patents, and may acquire additional
    patents and proprietary rights relating to products or processes
    competitive with ours.
We are not a party to any litigation, opposition, interference,
    or other potentially adverse proceeding with regard to our
    patent positions. However, if we become involved in litigation,
    interference proceedings, oppositions or other intellectual
    property proceedings, for example as a result of an alleged
    infringement, or a third-party alleging an earlier date of
    invention, we may have to spend significant amounts of money and
    time and, in the event of an adverse ruling, we could be subject
    to liability for damages, invalidation of our intellectual
    property and injunctive relief that could prevent us from using
    technologies or developing products, any of which could have a
    significant adverse effect on our business financial condition
    and results of operation. In addition, any claims relating to
    the infringement of third-party proprietary rights, or earlier
    date of invention, even if not meritorious, could result in
    costly litigation, lengthy governmental proceedings, divert
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management's attention and resources and require us to
    enter royalty or license agreements which are not advantageous
    if available at all.
Manufacturing
We do not have the facilities or expertise to manufacture any of
    the clinical or commercial supplies of any of our products. To
    be successful, our products must be manufactured in commercial
    quantities in compliance with regulatory requirements and at an
    acceptable cost. To date, we have not commercialized any
    products, nor have we demonstrated that we can manufacture
    commercial quantities of our product candidates in accordance
    with regulatory requirements. If we cannot manufacture products
    in suitable quantities and in accordance with regulatory
    standards, either on our own or through contracts with third
    parties, it may delay clinical trials, regulatory approvals and
    marketing efforts for such products. Such delays could adversely
    affect our competitive position and our chances of achieving
    profitability. We cannot be sure that we can manufacture, either
    on our own or through contracts with third parties, such
    products at a cost or in quantities which are commercially
    viable.
We currently rely and intend to continue to rely on third-party
    contract manufacturers to produce vaccines needed for research
    and clinical trials. We have entered into arrangements with
    third party manufacturers for the supply of our DNA and MVA
    vaccines for use in our planned clinical trials. These suppliers
    operate under current GMP regulations established by the FDA and
    the European Medicines Agency. We anticipate that these
    suppliers will be able to provide sufficient vaccine supplies to
    complete our currently planned clinical trials. Various
    contractors are generally available in the United States and
    Europe for manufacture of vaccines for clinical trial
    evaluation, however, it may be difficult to replace existing
    contractors for certain manufacturing and testing activities and
    costs for contracted services may increase substantially if we
    switch to other contractors.
Research
    and Development
Our expenditures for research and development activities were
    approximately $4,069,000, $3,741,000 and $1,757,000 during the
    years ended December 31, 2009, 2008 and 2007, respectively.
    As our vaccines continue to go through the process to obtain
    regulatory approval, we expect our research and development
    costs to continue to increase significantly as even larger human
    trials proceed in the United States and foreign countries. We
    have not yet formulated any plans for marketing and sales of any
    vaccine candidate we may successfully develop. Compliance with
    environmental protection laws and regulations has not had a
    material effect on our capital expenditures, earnings or
    competitive position to date.
Properties
We lease approximately 8,400 square feet of office and
    laboratory space located at 1900 Lake Park Drive,
    Suite 380, Smyrna, Georgia under a 62 month lease
    agreement which began November 1, 2009.
Legal
    Proceedings
We are not currently a party to any material legal proceedings.
    We may from time to time become involved in various legal
    proceedings arising in the ordinary course of business.
Employees
As of March 31, 2010, we had 12 full-time and three
    part-time employees. None of our employees are covered by
    collective bargaining agreements and we believe that our
    employee relations are good.
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DIRECTORS
    AND EXECUTIVE OFFICERS
Directors
    and Executive Officers
The following table sets forth certain information with respect
    to our directors and executive officers.
Name
Age
Current Position
Donald G. Hildebrand
69
Chairman of the Board of Directors
Robert T. McNally, Ph.D.
62
President and Chief Executive Officer, Director
Mark J. Newman, Ph.D.
55
Vice President, Research and Development
Mark W. Reynolds, CPA
48
Chief Financial Officer and Corporate Secretary
Harriet L. Robinson, Ph.D.
72
Chief Scientific Officer, Director
Steven S. Antebi
66
Director
David A. Dodd(1)
60
Director
Dean G. Kollintzas(1)(2)
36
Director
John N. Spencer, Jr., CPA(1)(2)
69
Director
Peter M. Tsolinas(2)
73
Director
(1)
Member of the Nominating and Corporate Governance Committee of
    the Board of Directors.
(2)
Member of the Audit Committee and the Compensation Committee of
    the Board of Directors.
Donald G. Hildebrand.
Mr. Hildebrand
    joined the Board of Directors as Chairman and became our
    President and Chief Executive Officer upon consummation of the
    merger with GeoVax, Inc. in September 2006. Effective
    April 1, 2008, upon the appointment of Dr. Robert T.
    McNally as our President and Chief Executive Officer,
    Mr. Hildebrand executed a consulting agreement with the
    Company and remained as Chairman of the Board.
    Mr. Hildebrand is a founder of GeoVax, Inc., our
    wholly-owned subsidiary, and served as its President and Chief
    Executive Officer and as a member of its Board of Directors from
    its inception in 2001 to April 2008. Prior to founding GeoVax,
    Mr. Hildebrand was North American President and Chief
    Executive Officer of Rhone Merieux, Inc., a subsidiary of Rhone
    Merieux, S.A., a world leader in the biopharmaceutical and
    animal health industries. In 1997, Mr. Hildebrand also
    became Global Vice President of Merial Limited, a position that
    he held until retiring in 2000. Mr. Hildebrand received his
    bachelor of science in microbiology from the University of
    Wisconsin. The Board of Directors has concluded that
    Mr. Hildebrand should serve on the Board of Directors by
    virtue of his prior experience in the vaccine industry and his
    intimate knowledge of the Company's history and technology
    resulting from his prior service as its President and Chief
    Executive Officer.
Robert T. McNally, Ph.D.
Dr. McNally
    joined the Board of Directors in December 2006 and was appointed
    as our President and Chief Executive Officer effective
    April 1, 2008. From 2000 to March 2008, Dr. McNally
    served as Chief Executive Officer of Cell Dynamics LLC, a cGMP
    laboratory services company. Previously, Dr. McNally was
    Senior Vice President of Clinical Research for CryoLife, Inc., a
    pioneering company in transplantable human tissues.
    Dr. McNally is a Fellow of the American Institute for
    Medical and Biological Engineering, serves on the advisory
    boards of the Petit Institute for Bioengineering and Dupree
    College of Management at the Georgia Institute of Technology,
    and is a former Chairman of Georgia Bio, a trade association.
    Dr. McNally graduated with a Ph.D. in biomedical
    engineering from the University of Pennsylvania. The Board of
    Directors has concluded that Dr. McNally should serve on
    its Board of Directors by virtue of his prior business and
    scientific experience, including his experience as Chief
    Executive Officer of Cell Dynamics, LLC and as Senior Vice
    President of Clinical Research for CryoLife, Inc., and due to
    his intimate involvement with the Company's ongoing
    operations as its President and Chief Executive Officer.
Mark J. Newman, Ph.D.
Dr. Newman
    joined the Company as Vice President, Research and Development
    in January 2010. Prior to joining GeoVax, Dr. Newman served
    in similar positions at PaxVax, Inc. (from March 2009 to
    December 2009), Pharmexa A/S (from January 2006 to December
    2008), and Epimmune, Inc. (from February 1999 to December 2005).
    He has also served in senior scientific management roles at
    Vaxcel, Inc., Apollon, Inc. and Cambridge Biotech Corp.
    Dr. Newman's experience includes directing research,
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preclinical development and early stage clinical testing of
    protein, peptide, plasmid DNA and viral vectored vaccines and
    multiple vaccine adjuvants. He has co-authored more than 100
    scientific papers, reviews and book chapters during his
    professional career, and is a named co-inventor on six issued
    U.S. patents and one European patent, all related to
    vaccine technologies. He has also been awarded multiple federal
    government and foundation grants and contracts to support
    research and early stage clinical development in the field of
    vaccines. Dr. Newman is a graduate of the Ohio State
    University (B.Sc. and M.Sc.) and received his Ph.D. in
    Immunology from the John Curtin School of Medical Research, the
    Australian National University. He completed four years of
    post-doctoral training at Cornell University and the National
    Cancer Institute, National Institutes of Health and served as a
    full time member of the Louisiana State University faculty prior
    to joining the biotech industry.
Mark W. Reynolds, CPA
Mr. Reynolds joined
    the Company on a part-time basis in October 2006 as Chief
    Financial Officer and Corporate Secretary, becoming a full-time
    employee in January 2010. From 2003 to 2006, before being named
    Chief Financial Officer of GeoVax Labs, Inc., Mr. Reynolds
    provided financial and accounting services to GeoVax, Inc. as an
    independent contractor. From 2004 to 2008, Mr. Reynolds
    served as Chief Financial Officer for Health Watch Systems, Inc.
    a privately-held company in the consumer healthcare industry.
    From 2004 to 2006, he served as Chief Financial Officer for
    Duska Therapeutics, Inc., a publicly-held biotechnology company.
    From 1988 to 2002, Mr. Reynolds was first Controller and
    later Chief Financial Officer and Corporate Secretary of CytRx
    Corporation, a publicly-held biopharmaceutical company.
    Mr. Reynolds began his career as an auditor with Arthur
    Andersen & Co. from 1985 to 1988. He is a certified
    public accountant and earned a masters of accountancy degree
    from the University of Georgia.
Harriet L.
    Robinson, Ph.D.
Dr. Robinson joined the
    Company as Senior Vice President, Research and Development on a
    part-time basis in November 2007 and on a full-time basis in
    February 2008, and was elected to the Board of Directors in June
    2008. She is a co-founder of GeoVax, Inc. and has served as
    chief of its scientific advisory board since formation of the
    company in 2001. From 1999 to February 2008, Dr. Robinson
    served as the Asa Griggs Candler Professor of Microbiology and
    Immunology at Emory University in Atlanta, Georgia, and from
    1998 to February 2008 as Chief, Division of Microbiology and
    Immunology, Yerkes National Primate Center and Professor at the
    Emory University School of Medicine. She was Professor,
    Department of Microbiology & Immunology, at the
    University of Massachusetts Medical Center from 1988 to 1997 and
    Staff, then Senior, then Principal Scientist at the University
    of Massachusetts Worcester Foundation for Experimental Biology
    from 1977 to 1987. She was also a National Science Foundation
    Postdoctoral Fellow at the Virus Laboratory, University of
    California, Berkeley, from 1965 to 1967. Dr. Robinson
    received a bachelor of arts degree from Swarthmore College and
    M.S. and Ph.D. degrees from the Massachusetts Institute of
    Technology. The Board of Directors has concluded that
    Dr. Robinson should serve on its Board of Directors by
    virtue of her extensive knowledge of the Company's
    technology as its scientific founder.
Steven S. Antebi.
Mr. Antebi joined the
    Board of Directors in March 2010. During the last five years, he
    has served as President of Maple Capital Management, a fund
    focusing on debt and equity investments in North America (May
    2007 to present), President and Chief Executive Officer of
    Galileo Partners LLC (2006 to present), and President of Blue
    and Gold Enterprises Inc.
(2002-2009),
funds that invest in registered direct investments, PIPE
    transactions, private placements, and open market equity
    transactions. Prior to that, he served for twenty years in
    various senior positions at Bear Stearns and Company, including
    institutional sales, trading the firm's capital in the over
    the counter market, syndicate distribution, and outside
    investment banking. He has served as a member of the Board of
    Governors of Cedars Sinai Medical Center in Los Angeles, one of
    the largest hospital/research centers in the world, for over ten
    years. He serves as Chairman of the Board of Epinex Diagnostic
    Inc., a late stage development company, creating a rapid
    diagnostic system for testing glycated albumen in diabetics.
    Mr. Antebi is also the Chairman of the Board of the Royalty
    Review Council, a company doing royalty accounting for web
    casting and digital media, covering all five major record
    labels. The Board of Directors concluded that Mr. Antebi
    should serve on the Board of Directors because of his
    substantial experience in finance and his experience in
    healthcare and technology.
David A. Dodd.
Mr. Dodd joined the Board
    of Directors in March 2010. He is the Chief Executive Officer of
    RiversEdge BioVentures, an investment and advisory firm focused
    on the life sciences and
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pharmaceuticals industries, which he founded in 2009. He has
    more than 35 years of executive experience in the
    healthcare industry. From December 2007 to June 2009,
    Mr. Dodd was President, Chief Executive officer and
    Chairman of BioReliance Corporation, an organization that
    provided biological safety testing, viral clearance testing,
    genetic and mammalian technology testing and laboratory animal
    diagnostic services testing. From October 2006 to April 2009, he
    served as non-executive chairman of Stem Cell Sciences Plc.
    Before that, Mr. Dodd served as President, Chief Executive
    Officer and Director of Serologicals Corporation (Nasdaq: SERO)
    before it was sold to Millipore Corporation in July 2006 for
    $1.5 billion. For five years prior to this, Mr. Dodd
    served as President and Chief Executive Officer of Solvay
    Pharmaceuticals, Inc. and Chairman of its subsidiary Unimed
    Pharmaceuticals, Inc. The Board of Directors concluded
    Mr. Dodd should serve on the Board of Directors due to his
    experience in the pharmaceutical industry, as well as his
    background in general management, business transformation,
    corporate partnering, and mergers and acquisitions.
Dean G. Kollintzas.
Mr. Kollintzas joined
    the Board of Directors upon consummation of the merger with
    GeoVax, Inc. in September 2006. Since 2001 Mr. Kollintzas
    has been an intellectual property attorney specializing in
    biotechnology and pharmaceutical licensing, FDA regulation, and
    corporate/international transactions. Mr. Kollintzas
    received a microbiology degree from the University of Illinois
    and a J.D. from Franklin Pierce Law Center. He is a member of
    the Wisconsin and American Bar Associations. Since 2004,
    Mr. Kollintzas has owned and operated a restaurant in
    Joliet, Illinois called The Metro Grill. The Board of Directors
    has concluded that Mr. Kollintzas should serve on the Board
    of Directors by virtue of his experience with intellectual
    property matters, biotechnology and pharmaceutical licensing,
    and FDA regulation.
John N. (Jack) Spencer, Jr.,
    CPA
Mr. Spencer joined the Board of
    Directors upon consummation of the merger with GeoVax, Inc. in
    September 2006. Mr. Spencer is a certified public
    accountant and was a partner of Ernst & Young where he
    spent more than 38 years until he retired in 2000.
    Mr. Spencer also serves as a director for two privately
    held medical technology companies where he also chairs the audit
    committees, and served as a director of Firstwave Technologies
    (Nasdaq:FSTW) from November 2003 until April of 2009. He also
    serves as a consultant to various companies primarily relating
    to financial accounting and reporting matters. Mr. Spencer
    received a bachelor of science degree from Syracuse University,
    and he earned an M.B.A. degree from Babson College. He also
    attended the Harvard Business School advanced management
    program. The Board of Directors has concluded that
    Mr. Spencer should serve on the Board of Directors by
    virtue of his experience at Ernst & Young where he was
    the partner in charge of that firm's life sciences practice
    for the southeastern United States, and his clients included a
    large number of publicly-owned and privately-held medical
    technology companies, together with his continuing expertise as
    a director of, and a consultant to, other publicly owned and
    privately held companies.
Peter M. Tsolinas.
Mr. Tsolinas joined
    the Board of Directors in August 2008. In 1981 Mr. Tsolinas
    founded TMA Group Development Corp., a Chicago based real
    estate, architectural and development firm, and he currently
    serves as its Chairman and Chief Executive Officer, a position
    he has held since its formation. He is also a director of Royal
    America Bank. Mr. Tsolinas has a varied year career of more
    than 45 years as an architect and real estate developer.
    Mr. Tsolinas attended the University of Illinois where he
    received a bachelor of architecture degree. The Board of
    Directors has concluded that Mr. Tsolinas should serve on
    the Board of Directors by virtue of his general business
    experience, as the founder of a Company which has been in
    business since 1981, and his knowledge of the Company's
    shareholder base.
Compensation
    Committee Interlocks and Insider Participation
During the fiscal year ended December 31, 2009,
    Mr. Kollintzas, Mr. Spencer and Mr. Tsolinas
    served on the Compensation Committee. None of these individuals
    were officers or employees of the Company or any of its
    subsidiaries during the fiscal year ended December 31,
    2009, nor at any time prior thereto. During the fiscal year
    ended December 31, 2009, none of the members of the
    Compensation Committee had any relationship with the Company
    requiring disclosure under Item 404 of
Regulation S-K,
and none of the Company's executive officers served on the
    compensation committee (or equivalent), or the Board of
    Directors, of another entity whose executive officer(s) served
    on our Board of Directors or Compensation Committee.
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COMPENSATION
    DISCUSSION AND ANALYSIS
In the paragraphs that follow, the Compensation Committee
    provides an overview and analysis of our compensation program
    and policies, the material compensation decisions made under
    those programs and policies with respect to our executive
    officers, and the material factors considered in making those
    decisions.
The Compensation Committee reviews, analyzes and approves the
    compensation of our senior executive officers, including the
    "Named Executive Officers" listed in the tables that
    follow this Compensation Discussion and Analysis. The Named
    Executive Officers for 2009 include our chief executive officer,
    our chief financial officer, and the two other individuals who
    served as executive officers during 2009 and whose total
    compensation for 2009 exceeded $100,000, calculated in
    accordance with the rules and regulations of the SEC. Our Named
    Executive Officers for 2009 were:
•
Robert T. McNally, President and Chief Executive Officer
•
Mark W. Reynolds, Chief Financial Officer
•
Harriet L. Robinson, Chief Scientific Officer
•
Andrew Kandalepas, our former Senior Vice-President
The tables that follow this Compensation Discussion and Analysis
    contain specific data about the compensation earned or paid in
    2009 to the Named Executive Officers. The discussion below is
    intended to help you understand the detailed information
    provided in the compensation tables and put that information
    into the context of our overall compensation program.
Objectives
    of Our Compensation Program
In general, we operate in a marketplace where competition for
    talented executives is significant. The biopharmaceutical
    industry is highly competitive and includes companies with far
    greater resources than ours. We are engaged in the long-term
    development of drug candidates without the benefit of
    significant current revenues, and therefore our operations
    involve a high degree of risk and uncertainty. This level of
    risk and uncertainty may make it difficult to retain talented
    executives. Nevertheless, continuity of personnel across
    multi-disciplinary functions is critical to the success of our
    business. Furthermore, since we have relatively few employees,
    each must perform a broad scope of functions, and there is very
    little redundancy in skills.
The objectives of our compensation program for our executive
    officers and other employees are to provide competitive cash
    compensation, health, and retirement benefits, as well as
    long-term equity incentives that offer significant reward
    potential for the risks assumed and for each individual's
    contribution to our long-term performance. Although the
    Compensation Committee seeks to pay salaries and bonuses
    sufficient to hire and retain talented individuals, the
    Compensation Committee also believes, based on its subjective
    perception of their skills, that many of its employees could
    earn somewhat higher cash compensation at other companies, and
    seeks to address this concern by making stock option grants at a
    somewhat higher level than it would if the salaries and bonuses
    were higher. Individual performance is measured subjectively
    taking into account Company and individual progress toward
    overall corporate goals, as well as each individual's
    skills, experience, and responsibilities, together with
    corporate and individual progress in the areas of scientific
    innovation, regulatory compliance, business development,
    employee development, and other values designed to build a
    culture of high performance. No particular weight is assigned to
    these measures, and the Compensation Committee is of the view
    that much of the Company's progress results from team
    effort. These policies and practices are based on the principle
    that total compensation should serve to attract and retain those
    executives and employees critical to our overall success and are
    designed to reward executives for their contributions toward
    business performance that enhances stockholder value.
Role of
    the Compensation Committee
Our Compensation Committee assists our Board of Directors in
    discharging its responsibilities relating to compensation of our
    executive officers. As such, the Compensation Committee has
    responsibility over certain matters relating to the fair and
    competitive compensation of our executives, employees and
    directors (only
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non-employee directors are compensated as directors) as well as
    matters relating to equity-based benefit plans. Each of the
    members of our Compensation Committee is independent in
    accordance with the criteria of independence set forth in
    Rule 5605(a)(2) of the Nasdaq Listing Rules. We believe
    that their independence from management allows the members of
    the Compensation Committee to provide unbiased consideration of
    various elements that could be included in an executive
    compensation program and apply independent judgment about which
    elements best achieve our compensation objectives. Pursuant to
    its charter as in effect prior to March 2010, the Compensation
    Committee was charged specifically with reviewing and
    determining annually the compensation of our Chief Executive
    Officer, approving special bonus payments and perquisites paid
    to and other special compensation or benefit arrangements with
    executive officers, and approving (subject to approval of the
    Board of Directors) recommendations by the Chief Executive
    Officer with respect to grants under our stock option plan and
    any other equity-based plan we might adopt in the future.
    Subject to approval of the Board of Directors, the Compensation
    Committee also set salaries and determines bonuses, sometimes
    referred to as cash incentive awards, for the Company's
    employees. The Compensation Committee gave due consideration to
    the Chief Executive Officer's recommendations and could
    change them prior to recommending them to the Board of
    Directors. The Compensation Committee did not exercise the
    authority granted to it by its charter to approve a pool of
    options and other discretionary awards to be used by the Chief
    Executive Officer.
In March 2010, the Compensation Committee and the Board of
    Directors approved a new charter for the Compensation Committee.
    Pursuant to the new charter, the Compensation Committee is
    responsible for, among other things:
•
reviewing the Company's overall compensation philosophy and
    strategy;
•
evaluating and determining the compensation of the Chief
    Executive Officer;
•
evaluating and setting, in conjunction with the Chief Executive
    Officer, the compensation of other officers;
•
reviewing and approving the annual Compensation Discussion and
    Analysis;
•
evaluating and approving the components and amounts of
    compensation of the Company's employees;
•
evaluating, considering and approving, in its discretion, the
    Company's equity-based compensation plans, as well as
    grants and awards made under any such plans to persons other
    than the Chief Executive Officer and submitting them to the
    Board of Directors for its consideration and approval;
•
approving, with sole and exclusive authority, grants and awards
    made to the Company's Chief Executive Officer under the
    Company's equity-based compensation plans;
•
evaluating, considering and approving, in its discretion,
    compensation for non-employee members of the Board of
    Directors; and
•
managing and controlling the operation and administration of the
    Company's stock option plans.
Elements
    of Compensation
To achieve the objectives described above, the three primary
    compensation elements used for executive officers are base
    salary, cash bonus, and stock option awards. We believe that
    these three elements are the most effective combination in
    motivating and retaining our executive officers at this stage in
    our development. The Compensation Committee has not utilized
    other companies for benchmarking purposes because it believes
    that those businesses which would be most comparable to GeoVax
    are either privately held or divisions of very large medical
    products companies.
Base
    Salary
Our philosophy is to maintain executive base salary at a
    competitive level sufficient to recruit and retain individuals
    possessing the skills and capabilities necessary to achieve our
    goals over the long term. Base
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salaries provide our executive officers with a degree of
    financial certainty and stability and also reward individual
    achievements and contributions.
Cash
    Bonus
Annual cash incentive awards motivate our executive officers to
    contribute toward the achievement of corporate goals and
    objectives. Generally, every employee is eligible to earn an
    annual cash incentive award, promoting alignment and
pay-for-performance
at all levels of the organization. The Company does not have a
    formalized cash incentive award plan, and awards are based on
    the subjective recommendation of the President and Chief
    Executive Officer (except as to the Chief Executive
    Officer's cash bonus) and on the Compensation
    Committee's subjective judgment.
Stock
    Option Awards
Stock option awards are a fundamental element in our executive
    compensation program because they emphasize our long-term
    performance, as measured by creation of stockholder value, and
    align the interests of our stockholders and management. In
    addition, the Compensation Committee believes they are crucial
    to a competitive compensation program for executive officers,
    and they act as a powerful retention tool. In our current
    pre-commercial state, we view the Company as still facing a
    significant level of risk, but with the potential for a high
    reward over a period of time, and therefore we believe that
    stock incentive awards are appropriate for executive officers.
    These awards are provided through initial grants at or near the
    date of hire and through subsequent, periodic grants. The
    initial grant is typically larger than subsequent, periodic
    grants and is intended to motivate the officer to make the kind
    of decisions and implement strategies and programs that will
    contribute to an increase in our stock price over time.
    Subsequent periodic stock option awards may be granted to
    reflect each executive officer's ongoing contributions to
    the Company, to create an incentive to remain at the Company,
    and to provide a long-term incentive to achieve or exceed our
    corporate goals and objectives. The Company does not have a
    formula for determining stock option awards. Awards are
    generally based on the subjective recommendation of the
    President and Chief Executive Officer and on the Compensation
    Committee's subjective judgment. The Compensation Committee
    does not typically give much weight to the overall levels of
    stock and stock options owned by the Company's executive
    officers and directors.
Accounting
    and Tax Considerations
The accounting and tax treatment of compensation generally has
    not been a factor in determining the amounts of compensation for
    the Company's executive officers.
Section 162(m) of the Internal Revenue Code of 1986, as
    amended, limits tax deductions of public companies on
    compensation paid to certain executive officers in excess of
    $1 million. The Compensation Committee considers the impact
    of Section 162(m) on its compensation decisions, but has no
    formal policy to structure executive compensation so that it
    complies with the requirements of Section 162(m) due to the
    overall level of compensation paid. In general, stock options
    granted under the Company's 2006 Equity Incentive Plan, or
    the Plan, are intended to qualify under and comply with the
    "performance based compensation" exemption provided
    under Section 162(m), thus excluding from the
    Section 162(m) compensation limitation any income
    recognized by executives at the time of exercise of such stock
    options.
Accounting principles generally accepted in the United States
    require us to recognize an expense for the fair value of
    equity-based compensation awards. The Compensation Committee is
    informed of the accounting implications of significant
    compensation decisions, especially in connection with decisions
    that relate to our equity incentive award plans, but has no
    formal policy to structure executive compensation to align
    accounting expenses of our equity awards with our overall
    executive compensation philosophy and objectives. The
    Compensation Committee has considered the impact of cash
    payments to its employees as compared to the costs it recognizes
    on an accrual basis when stock options are granted.
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Setting
    Executive Compensation
Historically, we have not used quantitative methods or
    mathematical formulae in setting any element of executive
    compensation. We use discretion, guided in large part by the
    concept of
pay-for-performance,
and we consider all elements of an executive's compensation
    package when setting each portion of compensation. There is no
    pre-established policy or target for the allocation between cash
    and equity incentive compensation, although the Committee
    believes its stock option grants are at a level that permits it
    to retain talented personnel at somewhat lower levels of cash
    compensation than these individuals might otherwise receive.
Year-to-year
changes in base salary have usually been relatively modest, and
    executive officer base salaries are within a relatively narrow
    range. The Compensation Committee considers relative levels of
    compensation among its various executive officers. Our annual
    cash incentive awards have generally been modest. When made at
    all, the individual cash incentive awards have ranged from
    $10,000 to $15,000 over the last three years. Bonuses have
    usually been paid to all Named Executive Officers when they were
    paid at all. We may choose other compensation approaches if
    circumstances warrant.
When determining compensation for a new executive officer, and
    when annually reviewing the compensation for our executive
    officers, factors taken into consideration are the
    individual's skills, knowledge and experience, the
    individual's past and potential future impact on our
    short-term and long-term success, the individual's recent
    compensation levels in other positions, and any present and
    expected compensation information obtained from other
    prospective candidates interviewed during the recruitment
    process. In setting our executive compensation for 2009, no
    specific benchmarking activities were undertaken. We will
    generally make a grant of stock options when an executive
    officer joins us. Options are granted at no less than 100% of
    the fair market value on the date of grant. In determining the
    size of an initial stock option grant to an executive officer,
    we primarily consider company performance and the
    individual's scope of responsibility. For periodic grants,
    we also consider the Company's and the individual's
    continuing performance and the recommendations of the Chief
    Executive Officer, all on a subjective basis. Since the stock
    option grant is meant to be a retention tool, we also consider
    the importance to stockholders of that person's continued
    service. Stock option grants to executives generally vest over a
    period of three years.
The Compensation Committee annually reviews and determines the
    compensation for our Chief Executive Officer. Each year,
    recommendations for the compensation for other executive
    officers (other than himself) are prepared by the Chief
    Executive Officer and are reviewed with the Compensation
    Committee and modified by it where appropriate.
In order to assess the performance of a full calendar year,
    annual cash incentive and stock option awards are generally
    determined in December of each year. We do not currently have
    any program, plan or practice in place to time stock option
    grants to our executives or other employees in coordination with
    the release of material non-public information.
As part of our executive compensation review conducted annually
    in December, we review a tally sheet prepared by the President
    and Chief Executive Officer setting forth all components of
    total compensation to our Named Executive Officers and all other
    employees. The tally sheet includes current and proposed base
    salary, proposed annual cash incentive awards and historical, as
    well as proposed, stock option awards. Post-termination pay
    under employment agreements to which our executive officers are
    parties is not considered to be material at the present time.
    These tools are employed by the Compensation Committee both in
    reviewing individual compensation awards and as a useful check
    on total compensation. These tools also show the effect of
    compensation decisions made over time on the total annual
    compensation to a Named Executive Officer and allow the
    Compensation Committee to review historical amounts for
    comparative purposes.
We considered whether our compensation policies and practices
    create risks that are reasonably likely to have a material
    adverse effect on GeoVax, and concluded that they do not.
2009
    Executive Compensation
In December 2008, using its subjective judgment as to the
    overall progress of the Company, skills, experience,
    responsibilities, achievements and historical compensation of
    each of the Named Executive
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Officers, the Compensation Committee established their salaries
    for 2009. At that time, Dr. McNally recommended that none
    of the Named Executive Officers receive a cash bonus for 2008 or
    salary increases for 2009, except that Mr. Reynolds should
    receive a salary increase in proportion to his increased time
    commitment to business of the Company. Dr. McNally made
    this recommendation, and the Compensation Committee accepted it,
    partially in the interest of preserving the Company's
    overall cash flow to the extent reasonably possible. Stock
    option grants were made at that time. The amount of compensation
    earned by each of the Named Executive Officers during fiscal
    2009, 2008 and 2007 is shown in the Summary Compensation Table
    below.
In December 2009, the Compensation Committee considered 2009
    stock option grants and cash incentive awards as well as base
    salaries for 2010. The Compensation Committee considered the
    same factors, the overall progress of the Company, the skills,
    experience, responsibilities, achievements and historical
    compensation of each of the Named Executive Officers, in
    determining the award of cash bonuses and stock option grants
    for 2009 and salary levels for 2010. In its deliberations on
    executive compensation at its meeting in December 2009, the
    Compensation Committee considered the fact that, during the
    preceding year (at its meeting in December 2008) the
    Compensation Committee had accepted the recommendation from
    Dr. McNally that none of the Named Executive Officers
    receive a cash bonus for 2008 and that no salary increases would
    be effective for 2009, except as related to Mr. Reynolds
    with respect to a proportionate increase relative to his time
    commitment to the business of the Company. The Compensation
    Committee felt that, under the circumstances, it should increase
    the salaries of the Company's executive officers, and
    decided to increase the salaries of the Company's executive
    officers. The Compensation Committee reviewed the salary
    increases it had approved for the other employees of the Company
    and determined the average of the increases was approximately
    6.3%. The Compensation Committee then increased executive
    officer salaries by 6.3%, with the exception of
    Dr. McNally, who received a 10% increase in salary. The
    Compensation Committee provided a higher salary to
    Dr. McNally because it felt that the Chief Executive
    Officer should be the most highly compensated executive.
Robert T. McNally
.  Dr. McNally serves as
    our President and Chief Executive Officer pursuant to an
    employment agreement executed in April, 2008. In December 2009,
    the Compensation Committee awarded Dr. McNally a cash bonus
    of $15,000 and a stock option grant for 500,000 shares at
    an exercise price of $0.14 per share. The Compensation Committee
    also increased Dr. McNally's annual base salary from
    $250,000 to $275,000 (a 10% increase), effective January 1,
    2010.
Mark W. Reynolds.
Mr. Reynolds serves as
    our Chief Financial Officer pursuant to an employment agreement
    amended and restated effective January 2010. Pursuant to this
    agreement, and its predecessor agreement, during 2009
    Mr. Reynolds provided services to the Company on a
    part-time basis (approximately 75%) and was paid an annualized
    salary of $150,000 during 2009. In December 2009, the
    Compensation Committee awarded Mr. Reynolds a cash bonus of
    $10,000 and a stock option grant for 500,000 shares at an
    exercise price of $0.14 per share. The Compensation Committee
    also increased Mr. Reynolds' annual base salary from
    $150,000 to $212,600, effective January 1, 2010. The
    increase in Mr. Reynolds' base salary was determined
    based on (a) a proportional increase of $50,000 (33.3%)
    based on Mr. Reynolds increased time commitment from 75% to
    100%, and (b) a merit increase of $12,600 (6.3%).
Harriet L. Robinson
.  Dr. Robinson serves
    as our Chief Scientific Officer pursuant to an employment
    agreement executed in November 2008. In December 2009, the
    Compensation Committee awarded Dr. Robinson a cash bonus of
    $10,000 and a stock option grant for 500,000 shares at an
    exercise price of $0.14 per share. The Compensation Committee
    also increased Dr. Robinson's annual base salary from
    $250,000 to $265,750 (a 6.3% increase), effective
    January 1, 2010.
Andrew Kandalepas.
Mr. Kandalepas served
    as our Senior Vice President until his resignation in July 2009.
    During 2009, he received an annualized base salary of $225,000
    pursuant to his employment agreement. During 2009, the
    Compensation Committee made no decisions with regard to
    Mr. Kandalepas' compensation.
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Benefits
    Provided to Executive Officers
We provide our executive officers with certain benefits that the
    Compensation Committee believes are reasonable and consistent
    with our overall compensation program. The Compensation
    Committee will periodically review the levels of benefits
    provided to our executive officers.
Dr. McNally, Mr. Reynolds and Dr. Robinson are
    eligible for health insurance and 401(k) benefits at the same
    level and subject to the same conditions as provided to all
    other employees. The amounts shown in the Summary Compensation
    Table under the heading "Other Compensation" represent
    the value of the Company's matching contributions to the
    401(k) accounts of these executive officers. Executive officers
    did not receive any other perquisites or other personal benefits
    or property from the Company or any other source.
Employment
    Agreements
Robert T. McNally
.  On March 20, 2008,
    GeoVax entered into an employment agreement with Robert T.
    McNally, Ph.D. to become our President and Chief Executive
    Officer effective April 1, 2008. The employment agreement
    has no specified term. The employment agreement provided for an
    initial annual salary of $200,000 to Dr. McNally, subject
    to periodic increases as determined by the Compensation
    Committee. The Board of Directors may also approve the payment
    of a discretionary bonus annually. Dr. McNally is eligible
    for grants of awards from the Plan and is entitled to
    participate in any and all benefits in effect from
time-to-time
for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Dr. McNally at least 60 days prior notice of the
    termination and one week of severance pay for each full year of
    service as President and Chief Executive Officer ($10,577 if
    terminated in fiscal 2010, paid as salary continuance).
    Dr. McNally may terminate the employment agreement at any
    time by giving us 60 days notice. In that event, he would
    not receive severance.
Mark W. Reynolds.
On February 1, 2008,
    GeoVax entered into an amended and restated employment agreement
    with Mark W. Reynolds, our Chief Financial Officer. The
    employment agreement has no specified term. The employment
    agreement provided for an initial annual salary of $115,000 to
    Mr. Reynolds, which was increased to $150,000 by the
    Compensation Committee and the Board of Directors effective
    January 1, 2009, commensurate with an increased time
    commitment provided by Mr. Reynolds (50% to 75%). The
    employment agreement was again amended and restated, effective
    January 1, 2010, to reflect a further adjustment for
    Mr. Reynolds time commitment (from 75% to 100%) together
    with a base salary increase to $212,600. The Board of Directors
    may also approve the payment of a discretionary bonus annually.
    Mr. Reynolds is eligible for grants of awards from the Plan
    and is entitled to participate in any and all benefits in effect
    from
time-to-time
for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Mr. Reynolds at least 60 days prior notice of the
    termination and one week of severance pay for each full year of
    service as Chief Financial Officer ($16,354 if terminated in
    fiscal 2010, paid as salary continuance). Mr. Reynolds may
    terminate the employment agreement at any time by giving us
    60 days notice. In that event, he would not receive
    severance.
Harriet L. Robinson.
On November 19,
    2007, GeoVax entered into an employment agreement with Harriet
    L. Robinson, our Chief Scientific Officer. The employment
    agreement has no specified term. The employment agreement
    provided for an initial base salary of $250,000 to
    Dr. Robinson, subject to periodic increases as determined
    by the Compensation Committee. Dr. Robinson initially
    worked part-time for the Company, and became a full-time
    employee in February 2008. The Board of Directors may also
    approve the payment of a discretionary bonus annually.
    Dr. Robinson is eligible for grants of awards from the Plan
    and is entitled to participate in any and all benefits in effect
    from
time-to-time
for employees generally. We may terminate the employment
    agreement, with or without cause. If we terminate the employment
    agreement without cause, we will be required to provide
    Dr. Robinson at least 90 days prior notice of the
    termination and one week of severance pay for each full year of
    service ($15,332 if terminated in fiscal 2010, paid as salary
    continuance). Dr. Robinson may terminate the employment
    agreement at any time by giving us 60 days notice. In that
    event, she would not receive severance.
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Andrew Kandalepas.
On February 1, 2007,
    GeoVax entered into an employment agreement with Andrew
    Kandalepas, our Senior Vice President. The employment agreement
    had no specified term. The employment agreement provided for an
    initial annual salary of $210,000 to Mr. Kandalepas,
    subject to periodic increases as determined by the Compensation
    Committee. Mr. Kandalepas was also eligible for
    discretionary cash bonuses, grants of awards from the Plan and
    participation in any and all benefits in effect from
time-to-time
for employees generally. We could terminate the employment
    agreement, with or without cause. Effective June 30, 2009,
    Mr. Kandalepas resigned from our Board of Directors, and
    effective July 1, 2009, he resigned his position as Senior
    Vice President. We paid Mr. Kandalepas severance of $18,750.
SUMMARY
    COMPENSATION TABLE
The following table sets forth information concerning the
    compensation earned during the fiscal years ended
    December 31, 2009, 2008 and 2007 by our Named Executive
    Officers.
Option
All Other
Name and Principal
Salary
Bonus
Awards
Compensation
Total
Position
Year
($)
($)
($)(1)
($)(2)
($)
Robert T. McNally
2009
$
250,000
$
15,000
$
61,500
$
3,675
$
330,175
President and
2008
175,000
—
391,100
1,250
567,350
Chief Executive Officer
2007
—
—
—
—
—
Mark W. Reynolds
2009
150,000
10,000
61,500
94
221,594
Chief Financial Officer
2008
120,740
—
45,500
—
166,240
2007
92,102
10,000
674,800
—
776,902
Harriet L. Robinson
2009
250,000
10,000
61,500
3,675
325,175
Chief Scientific Officer
2008
234,375
—
204,220
313
438,908
2007
14,904
10,000
—
—
24,904
Andrew J. Kandalepas
2009
119,230
—
—
18,750
137,980
Former Senior Vice President
2008
225,000
—
45,500
—
270,500
(through July 1, 2009)
2007
205,288
10,000
604,800
—
820,088
(1)
Amounts shown in the "Option Awards" column represent
    the aggregate grant date fair value of awards computed in
    accordance with Financial Accounting Standards Board Accounting
    Standards Codification Topic 718,
Compensation —
    Stock Compensation
("FASB ASC Topic 718"). For a
    discussion of the various assumptions made and methods used for
    determining such amounts, see footnotes 2 and 7 to our 2009
    consolidated financial statements contained in this prospectus.
    For 2008, the amount reported for Dr. Robinson includes
    $158,720, related to the extension of the exercise period of
    stock options granted in prior years. These stock options were
    originally granted with an exercise period of five to seven
    years and were to expire beginning in 2009. The extensions were
    made to adjust the exercise period to ten years from the
    original grant date, consistent with the current stock option
    grant policies of the Company. The extensions did not affect the
    vesting schedule of the grants; all were originally granted with
    a three-year vesting schedule and were fully vested at the time
    of the extensions.
(2)
Amounts shown in the "All Other Compensation" column
    represent employer contributions to the Company's 401(k)
    retirement plan for Dr. McNally, Mr. Reynolds and
    Dr. Robinson, and for Mr. Kandalepas, the amount in
    this column represents the severance paid to him during the year
    ended December 31, 2009.
This table excludes Mark Newman, who joined GeoVax as Vice
    President, Research and Development in January 2010.
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GRANTS OF
    PLAN-BASED AWARDS
The following table sets forth option awards. No stock awards or
    non-equity incentive awards were granted to the Named Executive
    Officers for the year ended December 31, 2009.
All Other Option
Awards: Number
Exercise or
of Securities
Base Price of
Grant Date Fair
Grant
Underlying Options
Option Awards
Value of Stock and
Name
Date
(#)
($/Sh)(1)
Option Awards(2)
Robert T. McNally
12/2/09
10,000
$
7.00
$
61,500
Mark W. Reynolds
12/2/09
10,000
7.00
61,500
Harriet L. Robinson
12/2/09
10,000
7.00
61,500
(1)
The exercise price for options is the closing trading price of
    the common stock of the Company on the grant date. The grant
    date is determined by the Compensation Committee. All stock
    option grants during 2009 will vest and become exercisable in
    three equal annual installments on the first three anniversary
    dates of the grant date.
(2)
Compensation expense is recognized for all share-based payments
    based on the grant date fair value estimated for financial
    reporting purposes. For a discussion of the various assumptions
    made and methods used for determining such amounts, see
    footnotes 2 and 7 to our 2009 consolidated financial statements
    contained in this prospectus.
Additional discussion regarding material factors that may be
    helpful in understanding the information included in the Summary
    Compensation Table and Grants of Plan-Based Awards table is
    included above under "Compensation Discussion and
    Analysis."
OUTSTANDING
    EQUITY AWARDS AT FISCAL YEAR-END
The following table sets forth certain information with respect
    to unexercised options previously awarded to our Named Executive
    Officers as of December 31, 2009. There were no stock
    awards outstanding as of December 31, 2009.
Option Awards
Number of
Number of
Securities
Securities
Underlying
Underlying
Unexercised Options
Unexercised Options
Option Exercise
Option Expiration
Name
(#) Exercisable
(#) Unexercisable
Price ($)
Date
Robert T. McNally
—
10,000
(1)
$
7.00
12/2/19
3,333
6,667
(2)
5.50
12/11/18
16,000
32,000
(3)
8.50
6/17/18
6,667
3,333
(4)
8.05
12/5/17
26,400
—
17.75
3/14/17
Mark W. Reynolds
—
10,000
(1)
7.00
12/2/19
3,333
6,667
(2)
5.50
12/11/18
6,667
3,333
(4)
8.05
12/5/17
36,000
—
17.75
3/14/17
Harriet L. Robinson
—
10,000
(1)
7.00
12/2/19
3,333
6,667
(2)
5.50
12/11/18
177,913
—
2.004
2/5/14
(1)
These stock options vest and become exercisable in three equal
    installments on December 2, 2010, 2011 and 2012.
(2)
These stock options vest and become exercisable in two equal
    installments on December 11, 2010 and 2011.
(3)
These stock options vest and become exercisable in two equal
    installments on June 17, 2010 and 2011.
(4)
These stock options vest and become exercisable on
    December 5, 2010.
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Potential
    Payments Upon Termination or
Change-in-Control
Under SEC rules, we are required to estimate and quantify the
    payment that would be payable at, following, or in connection
    with any termination, including without limitation resignation,
    severance, retirement or a constructive termination of each
    Named Executive Officer, or a
change-in-control
of the Company or a change in the Named Executive Officer's
    responsibilities, with respect to each Named Executive Officer,
    as if the triggering event had occurred as of the last business
    day of the last fiscal year.
The Plan contains provisions that could lead to an accelerated
    vesting of options or other awards. In the event of certain
change-in-control
transactions described in the Plan, (i) outstanding options
    or other awards under the Plan may be assumed, converted or
    replaced; (ii) the successor corporation may substitute
    equivalent options or other awards or provide substantially
    similar consideration to Plan participants as was provided to
    stockholders (after taking into account the existing provisions
    of the options or other awards); or (iii) the successor
    corporation may replace options or awards with substantially
    similar shares or other property.
In the event the successor corporation (if any) refuses to
    assume or substitute options or other awards as described
    (i) the vesting of any or all options or awards granted
    pursuant to the Plan will accelerate upon the
change-in-control
transaction, and (ii) any or all options granted pursuant
    to the Plan will become exercisable in full prior to the
    consummation of the
change-in-control
transaction at such time and on such conditions as the
    Compensation Committee determines. If the options are not
    exercised prior to the consummation of the
change-in-control
transaction, they shall terminate at such time as determined by
    the Compensation Committee. Subject to any greater rights
    granted to Plan participants under the Plan, in the event of the
    occurrence of a
change-in-control
transaction any outstanding options or other awards will be
    treated as provided in the applicable agreement or plan of
    merger, consolidation, dissolution, liquidation, or sale of
    assets.
If the Company experienced a
change-in-control
transaction described in the Plan on December 31, 2009, the
    value of accelerated options for each Named Executive Officer,
    based on the difference between $9.00, the closing price of our
    common stock on the OTC Bulletin Board on December 31,
    2009, and, if lower, the exercise price per share of each option
    for which vesting would be accelerated for each Named Executive
    Officer, would be as follows: Dr. McNally
    — $62,500; Mr. Reynolds — $46,500 and
    Dr. Robinson — $43,333. Mr. Kandalepas
    resigned effective July 1, 2009 and held no outstanding
    options as of December 31, 2009.
Additionally, our employment agreements with each Named
    Executive Officer provide for payment to the Named Executive
    Officer if we terminate the Named Executive Officer's
    employment without cause. If each Named Executive Officer was
    terminated without cause on December 31, 2009, the
    following amounts, which represent one week of pay for each full
    year of service to the Company, would be payable to each Named
    Executive Officer as salary continuance under the terms of such
    Named Executive Officer's employment agreement:
    Dr. McNally — $10,577;
    Mr. Reynolds — $16,354 and
    Dr. Robinson — $15,332. Mr. Kandalepas
    resigned from our Board of Directors effective June 30,
    2009 and resigned his position as Senior Vice President
    effective July 1, 2009. Mr. Kandalepas was paid
    severance of $18,750.
Risk
    Assessment
We considered whether our compensation policies and practices
    create risks that are reasonably likely to have a material
    adverse effect on GeoVax and concluded that they do not. We do
    not tie compensation to specific stock prices or milestones that
    might encourage risk taking to increase stock prices or meet
    specific milestones. When we have granted cash incentive awards,
    they have been retrospective or in relatively modest amounts so
    that they do not encourage inappropriate short-term risk taking.
    We give consideration to subjective elements when we determine
    salaries, bonuses, and option grants that help us evaluate
    employee productivity and contribution to the welfare of GeoVax
    and place less emphasis on short-term metrics or milestones that
    might encourage undue risk taking. When we use stock options, we
    require them to vest over a period of years so that their
    increase in value will be more closely associated with the
    long-term success of the Company.
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DIRECTOR
    COMPENSATION
The following table sets forth information concerning the
    compensation earned for service on our Board of Directors during
    the fiscal year ended December 31, 2009 by each individual
    who served as a director at any time during the fiscal year.
Change
in Pension
Non-Equity
Value and
Fees
Incentive
Non-Qualified
All
Earned or Paid in
Stock
Option
Plan
Deferred
Other
Cash
Awards
Awards
Compensation
Compensation
Compensation
Total
Name
($)
($)
($)(3)(4)
($)
Earnings
($)
($)
Donald Hildebrand(1)
$
30,000
$
—
$
—
$
—
$
—
$
57,600
$
87,600
Andrew Kandalepas(2)
—
—
—
—
—
—
—
Dean Kollintzas
14,100
—
61,500
—
—
—
75,600
Robert T. McNally(2)
—
—
—
—
—
—
—
Harriet L. Robinson(2)
—
—
—
—
—
—
—
John Spencer
28,500
—
61,500
—
—
—
90,000
Peter Tsolinas
12,400
—
61,500
—
—
—
73,900
(1)
The amount shown in the "All Other Compensation"
    column represents the amount paid to Mr. Hildebrand for the
    year ended December 31, 2009 pursuant to his consulting
    agreement with the Company. See "Certain Relationships and
    Related Transactions — Consulting Agreement with
    Donald Hildebrand".
(2)
Dr. McNally, Dr. Robinson, and Mr. Kandalepas,
    who were employees of the Company during the fiscal year ended
    December 31, 2009, received no compensation for their
    service as directors. All amounts related to their compensation
    as Named Executive Officers during the fiscal year ended
    December 31, 2009 and prior years are included in the
    "Summary Compensation Table." Mr. Kandalepas
    resigned as a director effective June 30, 2009 and resigned
    his position as Senior Vice President effective July 1,
    2009.
(3)
Amounts shown in the "Option Awards" column represent
    the aggregate grant date fair value of awards computed in
    accordance with FASB ASC Topic 718. For a discussion of the
    various assumptions made and methods used for determining such
    amounts, see footnotes 2 and 7 to our 2009 consolidated
    financial statements contained in this prospectus. On
    December 2, 2009, Mr. Kollintzas, Mr. Spencer,
    and Mr. Tsolinas were each granted options to purchase
    500,000 shares of our common stock, with an exercise price
    of $7.00 per share.
(4)
The table below shows the aggregate numbers of option awards
    outstanding for each non-employee director as of
    December 31, 2009. There were no stock awards outstanding
    for the non-employee directors as of December 31, 2009.
Aggregate Option Awards
Outstanding
as of December 31, 2009
Name
(#)
Donald Hildebrand
355,825
Dean Kollintzas
56,400
John Spencer
56,400
Peter Tsolinas
36,400
Director
    Compensation Plan
In March 2007, the Board of Directors approved a recommendation
    from the Compensation Committee for director compensation, which
    we refer to as the "Director Compensation Plan." It
    was subsequently amended in March 2008 and again in December
    2009. The Director Compensation Plan applies only to
    non-employee directors. Directors who are employees of the
    Company receive no compensation for their service as directors
    or as members of committees.
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Cash
    Fees
For 2009, each non-employee director received an annual retainer
    of $2,000 (paid quarterly) for service as a member of the Audit
    Committee and $1,250 for service as a member of the Compensation
    Committee. The Chairman of the Audit Committee received an
    annual retainer of $9,000, and the Chairman of the Compensation
    Committee received an annual retainer of $6,000 which retainers
    were also paid quarterly. Non-employee directors also received
    fees for each Board of Directors or Committee meeting attended
    as follows: $1,500 per Board of Directors meeting, $1,000 per
    Committee meeting chaired, and $500 per Committee meeting
    attended as a non-chair member. Meetings attended telephonically
    were paid at lower rates ($750, $750 and $400, respectively).
    The non-employee Chairman of the Board received an annual
    retainer of $30,000 (paid quarterly) and was not entitled to
    additional fees for meetings attended.
Effective January 1, 2010, the fees paid to non-employee
    directors for attending meetings of the Board of Directors were
    increased to $3,000 for in person meetings and $1,500 for
    telephonic meetings. Also, the annual cash retainer for members
    (non-chairman) of the Audit Committee was increased to $5,000,
    and the annual cash retainer for members (non-chairman) of the
    Compensation Committee was increased to $3,300. No changes were
    made to the annual cash retainer for the chairman of the Audit
    Committee or the Compensation Committee, nor were any changes
    made to the fees paid for attending committee meetings. The
    members and chairman of the newly formed Nominating and
    Governance Committee will receive the same compensation as
    members of the Compensation Committee.
Stock
    Option Grants
Non-employee directors each receive an automatic grant of
    options to purchase 26,400 shares of common stock on the
    date that such non-employee director is first elected or
    appointed. We currently do not have a formula for determining
    annual stock option grants to directors (upon their re-election
    to the Board of Directors, or otherwise). Such option grants are
    currently determined by the Board of Directors, upon
    recommendation by the Compensation Committee based on the
    Compensation Committee's annual deliberations and review of
    the director compensation structure of similar companies. At its
    meeting in December 2009, upon a recommendation of the
    Compensation Committee, the Board of Directors determined an
    annual stock option grant of 10,000 shares to its
    non-employee members, with the exception of Mr. Hildebrand,
    who declined the stock option grant.
Expense
    Reimbursement
All directors are reimbursed for expenses incurred in connection
    with attending meetings of the Board of Directors and committees.
CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS
Policies
    and Procedures for Approval of Related Party
    Transactions
Our Audit Committee is responsible for reviewing and approving
    all transactions or arrangements between the Company and any of
    our directors, officers, principal stockholders or any of their
    respective affiliates, associates or related parties, other than
    transactions with officers which are covered by the duties of
    the Compensation Committee. In determining whether to approve or
    ratify a related party transaction, the Audit Committee will
    discuss the transaction with management and will consider all
    relevant facts and circumstances available to it including:
•
whether the terms of the transaction are fair to the Company and
    at least as favorable to the Company as would apply if the
    transaction did not involve a related party;
•
whether there are demonstrable business reasons for the Company
    to enter into the transaction;
•
whether the transaction would impair the independence of a
    non-employee director; and
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•
whether the transaction would present an improper conflict of
    interest for any director or executive officer, taking into
    account the size of the transaction, the direct or indirect
    nature of the related party's interest in the transaction
    and the ongoing nature of any proposed relationship, and any
    other factors the Audit Committee deems relevant.
Consulting
    Agreement with Donald Hildebrand
In March 2008, we entered into a consulting agreement with
    Donald Hildebrand, the Chairman of our Board of Directors and
    our former President and Chief Executive Officer, pursuant to
    which Mr. Hildebrand provides business and technical
    advisory services to the Company. The term of the consulting
    agreement began on April 1, 2008 with an original
    termination date of December 31, 2009. In December 2009,
    the Company and Mr. Hildebrand extended the term of the
    consulting agreement for an additional year. During 2009 and
    2008, Mr. Hildebrand received $57,600 and $64,000,
    respectively, for his services pursuant to the consulting
    agreement. During the remaining term of the consulting
    agreement, Mr. Hildebrand will provide us with at least
    16 hours of service per month and will be paid at the rate
    of $4,800 per month. We also pay Mr. Hildebrand's
    medical and dental coverage through the term of the consulting
    agreement. We may terminate the consulting agreement, with or
    without cause. If we terminate the consulting agreement without
    cause, we must give Mr. Hildebrand at least 30 days
    notice and we will be required to pay him, as a severance
    payment, three months compensation ($14,400). Likewise, if the
    consulting agreement is terminated due to the death of
    Mr. Hildebrand, we will be required to pay his estate three
    months compensation. If Mr. Hildebrand wishes to terminate
    the consulting agreement, he must provide us with at least
    30 days notice. No severance payments will be due to
    Mr. Hildebrand upon termination with cause or upon his
    voluntary termination.
Transactions
    with Emory University
Emory University is a significant stockholder of the Company,
    and our primary product candidates are based on technology
    rights subject to a license agreement with Emory University,
    which we refer to as the Emory License. The Emory License, among
    other contractual obligations, requires payments based on
    milestone achievements, royalties on sales by the Company or on
    payments to the Company by our sublicensees, and payment of
    maintenance fees in the event certain milestones are not met
    within the time periods specified in the Emory License. We may
    terminate the Emory License upon 90 days prior written
    notice. In any event, the Emory License expires on the date of
    the latest expiration date of the underlying patents. We are
    also obligated to reimburse Emory University for certain ongoing
    costs in connection with the filing, prosecution and maintenance
    of patent applications subject to the Emory License. Such
    reimbursements to Emory University amounted to $85,673, $102,141
    and $243,653 for the years ended December 31, 2009, 2008
    and 2007, respectively.
In June 2008, we entered into two subcontracts with Emory
    University for the purpose of conducting research and
    development activities associated with a grant from the NIH.
    During 2009 and 2008, we recorded $816,651 and $723,887,
    respectively, of expense associated with these subcontracts. All
    amounts paid to Emory University under these subcontracts are
    reimbursable to us pursuant to the NIH grant.
Through November 2009, we leased office and laboratory space on
    a month-to-month basis from Emtech Biotechnology Development,
    Inc., a related party associated with Emory University. Rent
    expense associated with this lease totaled $43,112, $47,041 and
    $36,588 for the years ended December 31, 2009, 2008 and
    2007, respectively.
Director
    Independence
The Board of Directors has determined that Messrs. Antebi,
    Dodd, Kollintzas, Spencer and Tsolinas are the members of our
    Board of Directors who are "independent," as that term
    is defined by Section 301(3)(B) of the Sarbanes-Oxley Act
    of 2002. The Board of Directors has also determined that these
    five individuals meet the definition of "independent
    director" set forth in Rule 5605(a)(2) of the Nasdaq
    Listing Rules. As independent directors,
    Messrs. Kollintzas, Spencer and Tsolinas serve as the
    members of our Audit and Compensation Committees, and
    Messrs. Dodd, Kollintzas and Spencer serve as the members
    of the Nominating and Governance Committee.
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SECURITY
    OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS AND
    OFFICERS
Based solely upon information made available to us, the
    following table sets forth information with respect to the
    beneficial ownership of our common stock as of March 31,
    2010 by (1) each director; (2) each of our Named
    Executive Officers; (3) all executive officers and
    directors as a group; and (4) each additional person who is
    known by us to beneficially own more than 5% of our common
    stock. Except as otherwise indicated, the holders listed below
    have sole voting and investment power with respect to all shares
    of common stock beneficially owned by them.
Number of Shares
Beneficially
Percent
Name and Address of Beneficial Owner(1)
Owned
of Class(2)
Directors and Executive Officers:
Steven S. Antebi(3)
—
*
David A. Dodd(4)
—
*
Donald G. Hildebrand(5)
1,426,225
8.9
%
Dean G. Kollintzas(6)
36,400
*
Robert T. McNally(7)
64,755
*
Mark W. Reynolds(8)
46,600
*
Harriet L. Robinson(9)
1,279,142
8.1
%
John N. Spencer, Jr.(10)
40,000
*
Peter M. Tsolinas(11)
706,340
4.4
%
All executive officers and directors as a group
    (10 persons)(12)
3,599,462
21.6
%
Andrew J. Kandalepas(13)
250,360
1.6
%
Other 5% Stockholders:
Emory University(14)
4,621,405
29.5
%
Stavros Papageorgiou(15)
1,111,857
7.1
%
Welch & Forbes LLC(16)
1,582,073
10.1
%
*
Less than 1%
(1)
Except as otherwise indicated, the business address of each
    director and executive officer listed is
c/o GeoVax
Labs, Inc., 1900 Lake Park Drive, Suite 380, Smyrna,
    Georgia 30080.
(2)
This table is based upon information supplied by our executive
    officers and directors, and with respect to principal
    stockholders, Schedule 13G filed with the SEC. Beneficial
    ownership is determined in accordance with the rules of the SEC.
    Applicable percentage ownership is based on
    15,652,813 shares of common stock outstanding as of
    March 31, 2010. In computing the number of shares
    beneficially owned by a person and the percentage ownership of
    that person, shares of common stock subject to options currently
    exercisable, or exercisable within 60 days of
    March 31, 2010, are deemed outstanding.
(3)
Mr. Antebi has options to acquire 26,400 shares, which
    will vest in equal amounts over the next three anniversaries of
    his appointment to the Board of Directors, beginning in March
    2011.
(4)
Mr. Dodd has options to acquire 26,400 shares, which
    will vest in equal amounts over the next three anniversaries of
    his appointment to the Board of Directors, beginning in March
    2011.
(5)
Includes options to purchase 355,825 shares of common stock
    exercisable within 60 days of March 31, 2010.
(6)
Includes options to purchase 36,400 shares of common stock
    exercisable within 60 days of March 31, 2010.
(7)
Includes options to purchase 52,400 shares of common stock
    exercisable within 60 days of March 31, 2010.
(8)
Includes options to purchase 46,000 shares of common stock
    exercisable within 60 days of March 31, 2010.
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Table of Contents
(9)
Dr. Robinson shares voting and investment power over
    1,093,441 shares with Welch & Forbes LLC, whose
    ownership is described below. Includes options to purchase
    181,245 shares of common stock exercisable within
    60 days of March 31, 2010.
(10)
Includes options to purchase 36,400 shares of common stock
    exercisable within 60 days of March 31, 2010.
(11)
Includes warrants to purchase 267,806 shares of common
    stock exercisable within 60 days of March 31, 2010,
    and options to purchase 8,800 shares of common stock
    exercisable within 60 days of March 31, 2010.
(12)
Includes options to purchase 717,070 shares of common stock
    and warrants to purchase 267,806 shares of common stock
    exercisable within 60 days of March 31, 2010.
(13)
Mr. Kandalepas resigned as an executive officer of the
    Company on July 1, 2009. Ownership information has been
    derived from our stock records, which show Mr. Kandalepas
    owns theses shares of record.
(14)
The address for this stockholder is Administration Building, 201
    Dowman Drive, Atlanta, Georgia 30322. Ownership information has
    been derived from this stockholder's SEC filing on
    Form 4 filed on January 29, 2010.
(15)
The address for this stockholder is
c/o Morse,
Zelnick, Rose & Lander LLP, 405 Park Avenue,
    Suite 1401, New York, New York 10022. Includes
    91,854 shares subject to warrants and 503,840 shares
    as to which Mr. Papageorgiou shares voting and investment
    power. Ownership information has been derived from this
    stockholder's SEC filing on Schedule 13G filed on
    October 1, 2009.
(16)
The address for this stockholder is 45 School Street, Boston,
    Massachusetts 02108. This stockholder shares voting and
    investment power with respect to all of these shares. Includes
    1,093,441 shares held by Dr. Robinson. Ownership
    information has been derived from this stockholder's
    Schedule 13G filed February 12, 2010.
SELLING
    STOCKHOLDERS
The following table presents information regarding the selling
    stockholders. Emory University is a principal stockholder.
    Mr. Hildebrand is our Chairman of the Board and previously
    served as our President and Chief Executive Officer from
    September 2006 to September 2008. See "Certain
    Relationships and Related Transactions" for additional
    information regarding our transactions with Emory University and
    our Consulting Agreement with Mr. Hildebrand.
    Dr. Robinson is our Chief Scientific Officer and a director.
Percentage of
Shares to be Sold in
Outstanding
the Offering
Shares
Shares
Assuming
Percentage of
Beneficially
Beneficially
the Maximum
Outstanding Shares
Owned Before
Owned Before
Number of Units are
Beneficially Owned
Selling Stockholder
Offering
Offering(1)
Sold in this Offer
After Offering(1)
Emory University(2)
4,621,405
29.5
%
%
Donald G. Hildebrand(3)
1,426,225
8.9
%
%
Harriet L. Robinson(4)
1,279,142
8.1
%
%
(1)
Applicable percentage of ownership is based on
    15,652,813 shares of our common stock outstanding as of
    March 31, 2010, together with securities exercisable or
    convertible into shares of common stock within sixty days of
    March 31, 2010, for each selling stockholder. Assumes no
    exercise of warrants to be issued in this offering. Beneficial
    ownership is determined in accordance with the rules of the SEC
    and generally includes voting or investment power with respect
    to securities. Shares of common stock are deemed to be
    beneficially owned by the person holding such securities for the
    purpose of computing the percentage of ownership of such person,
    but are not treated as outstanding for the purpose of computing
    the percentage ownership of any other person.
(2)
The address for this stockholder is Administration Building, 201
    Dowman Drive, Atlanta, Georgia 30322. Ownership information has
    been derived from this stockholder's SEC filing on
    Form 4 filed on January 29, 2010.
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Table of Contents
(3)
Includes options to purchase 355,825 shares of common stock
    exercisable within 60 days of March 31, 2010.
(4)
Dr. Robinson shares voting and investment power over
    1,093,441 shares with Welch & Forbes LLC.
    Includes options to purchase 181,245 shares of common stock
    exercisable within 60 days of March 31, 2010.
PLAN OF
    DISTRIBUTION
Global Hunter Securities LLC, referred to as the placement
    agent, has entered into a placement agency agreement with us and
    the selling stockholders in which it has agreed to act as
    placement agent in connection with the offering. Subject to the
    terms and conditions contained in the placement agency
    agreement, the placement agent is using its best efforts to
    introduce us to selected institutional investors who will
    purchase the shares. The placement agent has no obligation to
    buy any of the shares from us nor is the placement agent
    required to arrange the purchase or sale of any specific number
    or dollar amount of the shares, but has agreed to use its best
    efforts to arrange for the sale of all of the shares.
The placement agency agreement provides that the obligations of
    the placement agent and the investors are subject to certain
    conditions precedent, including the absence of any material
    adverse changes in our business and the receipt of customary
    legal opinions, letters and certificates.
We have agreed to indemnify the placement agent and certain
    other persons against certain liabilities under the Securities
    Act of 1933, as amended. The placement agent has informed us
    that it will not engage in overallotment, stabilizing
    transactions or syndicate covering transactions in connection
    with this offering.
We have agreed to pay the placement agent a fee equal to 6% of
    the proceeds of this offering and to reimburse the placement
    agent for reasonable expenses that it incurs in connection with
    the offering, but in no event greater than
    $     . The estimated offering expenses
    payable by us, in addition to the placement agent's fee,
    are approximately $     , which
    includes our legal and accounting costs and various other fees
    associated with registering and listing the shares offered
    hereby. In addition, we have agreed to issue the placement agent
    a five-year callable warrant to
    purchase      shares of our common
    stock, equal in number to 6% of the number of units sold in this
    offering at an exercise price equal to 120% of the offering
    price of the shares.
The following table shows the per share and total maximum fees
    we will pay to the placement agent, assuming a maximum
    reimbursement of $      and the sale of
    all of the shares offered pursuant to this prospectus:
Per share
$
Total
$
Because the offering may not be fully subscribed, the actual
    total may be less than the maximum amount set forth above.
This is a brief summary of the material provisions of the
    placement agency agreement and does not purport to be a complete
    statement of its terms and conditions. A copy of the placement
    agency agreement has been filed as an exhibit to the
    registration statement of which this prospectus forms a part.
    See "Where You Can Find More Information" on
    page    of this prospectus.
The transfer agent for our common stock to be issued in this
    offering is American Stock Transfer &
    Trust Company.
Our common stock is traded on the OTC Bulletin Board under
    the symbol "GOVX:OB." We intend to apply to list our
    common stock on Nasdaq, as discussed in "Description of
    Securities."
A prospectus in electronic format may be made available on the
    web site maintained by the placement agent and the placement
    agent may distribute the prospectus electronically.
We, our executive officers and directors and the selling
    stockholders have entered into
lock-up
agreements pursuant to which we and they have agreed that, for a
    period of 180 days from the date of this prospectus, we
56
Table of Contents
and they will not, without the prior written consent of the
    placement agent, offer, sell or otherwise transfer or dispose
    of, directly or indirectly, or enter into any swap agreement
    with respect to, any shares of common stock or securities
    convertible into or exchangeable or exercisable for shares of
    common stock, subject to certain exceptions.
If:
•
during the last 17 days of the
180-day
lock-up
period, we issue an earnings release, or material news or a
    material event relating to us occurs; or
•
prior to the expiration of the
180-day
lock-up
period, we announce that we will release earnings results during
    the
16-day
period beginning on the last day of the
10-day
lock-up
period, then the
180-day
lock-up
period will be extended until the expiration of the
18-day
period that begins on the date the earnings release is issued,
    the public announcement of the material news or the material
    event occurs.
DESCRIPTION
    OF CAPITAL STOCK AND UNIT WARRANTS
Capital
    Stock
The following description of our capital stock is summarized
    from, and qualified in its entirety by reference to, our
    certificate of incorporation, which has been previously filed
    with the SEC and is incorporated herein by reference. This
    summary is not intended to give full effect to provisions of
    statutory or common law. We urge you to review the following
    documents because they, and not this summary, define your rights
    as a holder of shares of common stock or preferred stock:
•
The General Corporation Law of the State of Delaware (the
    "DGCL"), as it may be amended from time to time;
•
Our certificate of incorporation, as it may be amended or
    restated from time to time, and
•
Our bylaws, as they may be amended or restated from time to time.
General
Our authorized capital stock currently consists of
    910,000,000 shares, which are divided into two classes
    consisting of 900,000,000 shares of common stock
    (18,000,000 upon implementation of the assumed
1-for-50
reverse stock split), par value $0.001 per share, and
    10,000,000 shares of preferred stock (no change upon
    implementation of the assumed
1-for-50
reverse stock split), par value $0.01 per share. As of
    March 31, 2010, there were issued and outstanding
    782,640,692 shares of common stock (15,652,814 shares
    upon implementation of the reverse stock split), options to
    purchase 51,612,757 shares (1,032,255 shares upon
    implementation of the reverse stock split) of common stock and
    warrants to purchase 45,379,740 shares (907,595 shares
    upon implementation of the reverse stock split) of common stock.
    No shares of preferred stock were outstanding.
We have submitted to our stockholders the following proposals,
    which are described in greater detail in our proxy statement
    pursuant to Section 14(a) of the Securities Exchange Act of
    1934 filed with the SEC on March 12, 2010:
•
To approve an amendment to our certificate of incorporation to
    increase the number of our authorized shares of common stock,
    $0.001 par value, from 900,000,000 to 2,000,000,000
    (40,000,000 after the assumed
1-for-50
reverse stock split).
•
To approve the grant of discretionary authority to our Board of
    Directors to amend our certificate of incorporation to effect a
    reverse stock split of our authorized, issued and outstanding
    common stock at any time within four months after the date
    stockholder approval is obtained at any one of the following
    ratios, as selected by our Board of Directors:
1-for-20,
1-for-30,
1-for-40,
or
1-for-50.
Assuming the proposal to increase our authorized shares is
    approved, the number of authorized shares will be proportionally
    reduced upon implementation of the reverse stock split of our
    common stock.
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Table of Contents
We anticipate that both proposals will be approved at the
    special meeting of the stockholders to be held April 13,
    2010. Upon approval, we will promptly file the amendment to
    increase the number of our authorized shares. We plan to file
    the amendment to implement the reverse stock split of our common
    stock at least one week prior to this offering. We expect to
    select a
1-for-50
reverse split ratio, but this will be subject to the discretion
    of our Board of Directors. Unless otherwise indicated and except
    for the financial statements, all share amounts and prices in
    this registration statement assume the selection of a
1-for-50
ratio.
Common
    Stock
Holders of our common stock are entitled to one vote for each
    share held in the election of directors and in all other matters
    to be voted on by the stockholders. There is no cumulative
    voting in the election of directors. Holders of common stock are
    entitled to receive dividends as may be declared from time to
    time by our Board of Directors out of funds legally available
    therefor. In the event of liquidation, dissolution or winding up
    of the Company, holders of common stock are to share in all
    assets remaining after the payment of liabilities. Holders of
    common stock have no pre-emptive or conversion rights and are
    not subject to further calls or assessments. There are no
    redemption or sinking fund provisions applicable to the common
    stock. The rights of the holders of the common stock are subject
    to any rights that may be fixed for holders of preferred stock.
    All of the outstanding shares of common stock are fully paid and
    non-assessable.
Preferred
    Stock
We are also authorized to issue 10,000,000 shares of
    preferred stock. Under our certificate of incorporation, the
    Board of Directors has the power, without further action by the
    holders of common stock, to designate the relative rights and
    preferences of the preferred stock, and issue the preferred
    stock in one or more series as designated by the Board of
    Directors. The designation of rights and preferences could
    include preferences as to liquidation, redemption and conversion
    rights, voting rights, dividends or other preferences, any of
    which may be dilutive of the interest of the holders of the
    common stock or the preferred stock of any other series. The
    ability of directors, without stockholder approval, to issue
    additional shares of preferred stock could be used as
    anti-takeover measures. Anti-takeover measures may result in you
    receiving less for your stock than you otherwise might. The
    issuance of preferred stock creates additional securities with
    dividend and liquidation preferences over common stock, and may
    have the effect of delaying or preventing a change in control
    without further stockholder action and may adversely affect the
    rights and powers, including voting rights, of the holders of
    common stock. In certain circumstances, the issuance of
    preferred stock could depress the market price of the common
    stock.
Delaware
    Anti-Takeover Law
We have elected not to be subject to certain provisions of
    Delaware law that could make it more difficult to acquire us by
    means of a tender offer, a proxy contest, open market purchases,
    removal of incumbent directors and otherwise. These provisions,
    summarized below, are expected to discourage types of coercive
    takeover practices and inadequate takeover bids and to encourage
    persons seeking to acquire control of us to first negotiate with
    our Board of Directors.
In general, Section 203 of the DGCL prohibits a publicly
    held Delaware corporation from engaging in various
    "business combination" transactions with any
    interested stockholder for a period of three years after the
    date of the transaction in which the person became an interested
    stockholder, unless:
•
the transaction is approved by the corporation's board of
    directors prior to the date the interested stockholder obtained
    interested stockholder status;
•
upon consummation of the transaction that resulted in the
    stockholder's becoming an interested stockholder, the
    stockholder owned at least 85% of the voting stock of the
    corporation outstanding at the time the transaction commenced,
    excluding for purposes of determining the number of shares
    outstanding those shares owned by (a) persons who are
    directors and also officers and (b) employee stock plans in
    which employee participants do not have the right to determine
    confidentially whether shares held subject to the plan will be
    tendered in a tender or exchange offer; or
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Table of Contents
•
on or subsequent to the date the business combination is
    approved by the corporation's board of directors and
    authorized at an annual or special meeting of stockholders by
    the affirmative vote of at least
    66
2
/
3
%
    of the outstanding voting stock that is not owned by the
    interested stockholder.
A "business combination" is defined to include
    mergers, asset sales and other transactions resulting in
    financial benefit to a stockholder. In general, an
    "interested stockholder" is a person who, together
    with affiliates and associates, owns or within three years, did
    own, 15% or more of a corporation's voting stock.
Section 203 applies to Delaware corporations that have a
    class of voting stock that is listed on a national securities
    exchange or held of record by more than 2,000 stockholders;
    provided, however, the restrictions of this statute will not
    apply to a corporation if:
•
the corporation's original charter contains a provision
    expressly electing not to be governed by the statute;
•
the corporation's board of directors adopts an amendment to
    the corporation's bylaws within 90 days of the
    effective date of the statute expressly electing not to be
    governed by it;
•
the stockholders of the corporation adopt an amendment to its
    charter or bylaws expressly electing not to be governed by the
    statute (so long as such amendment is approved by the
    affirmative vote of a majority of the shares entitled to vote);
•
a stockholder becomes an interested stockholder inadvertently
    and as soon as practicable divests himself of ownership of a
    sufficient number of shares so that he ceases to be an
    interested stockholder, and during the three year period
    immediately prior to a business combination, would not have been
    an interested stockholder but for the inadvertent acquisition;
•
the business combination is proposed prior to the consummation
    or abandonment of a merger or consolidation, a sale, lease,
    exchange, mortgage, pledge, transfer or other disposition of
    assets of the corporation or a proposed tender or exchange offer
    for 50% or more of the outstanding voting shares of the
    corporation; or
•
the business combination is with an interested stockholder who
    became an interested stockholder at a time when the restrictions
    contained in the statutes did not apply.
Our certificate of incorporation includes a provision electing
    not to be governed by Section 203 of the DCGL. Accordingly,
    our board of directors does not have the power to reject certain
    business combinations with interested stockholders based on
    Section 203 of the DCGL.
Unit
    Warrants
In connection with the sale of each unit in this offering, we
    will issue a five-year callable warrant to purchase up to
    0.20 shares of common stock at an exercise price of
    $      per share, or 20.0% above the
    offering price of the units. After the expiration of the
    exercise period, unit warrant holders will have no further
    rights to exercise the unit warrants.
The unit warrants may be exercised only for full shares of
    common stock and may be exercised on a "cashless"
    basis. If the registration statement covering the shares
    issuable upon exercise of the warrants contained in the units is
    no longer effective, the unit warrants may only be exercised on
    a "cashless" basis. We will not issue fractional
    shares of common stock or cash in lieu of fractional shares of
    common stock. Unit warrant holders do not have any voting or
    other rights as a stockholder of our company. The exercise price
    and the number of shares of common stock purchasable upon the
    exercise of each unit warrant are subject to adjustment upon the
    happening of certain events, such as stock dividends,
    distributions, and splits. In addition, the unit warrants have a
    "callable feature" whereby, commencing at any time
    after the date of issuance of the unit warrants, if the average
    closing bid price of the common stock for 30 consecutive trading
    days exceeds $
, or 225% of
    the offering price of the units, then we shall have the right,
    upon 30 days' prior written notice, to redeem all of
    the then-issuable shares of common stock subject to the unit
    warrant at a price of $0.01 per share of common stock subject to
    the unit warrant.
59
Table of Contents
WHERE YOU
    CAN FIND MORE INFORMATION
We are subject to the informational reporting requirements of
    the Exchange Act, which requires us to file annual, quarterly,
    and current reports, proxy statements and other information with
    the SEC. The SEC maintains a website that contains such
    information regarding issuers that file electronically, such as
    GeoVax Labs, Inc. The public may inspect our filings over the
    Internet at the SEC's home page at www.sec.gov. The public
    may also read and copy any document we file at the Public
    Reference Room of the SEC at 100 F Street, NE,
    Washington, DC 20549. Information on the operation of the Public
    Reference Room may be obtained by the public by calling the SEC
    at
1-800-SEC-0330.
Our website address is www.geovax.com. Information contained on
    our website does not constitute a part of this prospectus.
EXPERTS
The audited consolidated financial statements of GeoVax, Labs,
    Inc. and subsidiary for the years ended December 31, 2009,
    2008 and 2007 and for the period of time considered part of the
    development stage from January 1, 2006 to December 31,
    2009, included in this prospectus, have been audited by Porter
    Keadle Moore LLP, an independent registered public accounting
    firm, as set forth in its report appearing herein. Such
    financial statements have been so included in reliance upon the
    reports of such firm given upon its authority as an expert in
    accounting and auditing.
The statements of operations, stockholders' deficiency and
    cash flows of GeoVax, Inc. (a Georgia corporation in the
    development stage) for the period from inception (June 27,
    2001) to December 31, 2005, included in this
    prospectus, have been audited by Tripp, Chafin &
    Company, LLC, an independent registered public accounting firm,
    as set forth in its report appearing herein. Such financial
    statements have been so included in reliance upon the reports of
    such firm given upon its authority as an expert in accounting
    and auditing.
LEGAL
    MATTERS
The validity of the common stock will be passed upon for us by
    Womble Carlyle Sandridge & Rice, PLLC, Atlanta,
    Georgia. As of the date of this prospectus, attorneys with
    Womble Carlyle Sandridge & Rice, PLLC beneficially own
    an aggregate of approximately 33,000 shares (after an
    assumed
1-for-50
reverse stock split) of our common stock. Certain legal matters
    in connection with this offering will be passed upon for the
    placement agent by Stradling Yocca Carlson &
    Rauth, P.C., Newport Beach, California.
60
Table of Contents
GEOVAX
    LABS, INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
INDEX TO
    2009 CONSOLIDATED FINANCIAL STATEMENTS
Reports of Independent Registered Public
    Accounting Firms on Financial Statements
F-2
Consolidated Balance Sheets as of
    December 31, 2009 and 2008
F-4
Consolidated Statements of Operations for the
    years ended December 31, 2009, 2008 and 2007 and for the
    Period from Inception (June 27, 2001) to
    December 31, 2009
F-5
Consolidated Statements of Stockholders'
    Equity (Deficiency) for the Period from Inception (June 27,
    2001) to December 31, 2009
F-6
Consolidated Statements of Cash Flows for the
    years ended December 31, 2009, 2008 and 2007 and for the
    Period from Inception (June 27, 2001) to
    December 31, 2009
F-7
Notes to Consolidated Financial Statements
F-8
Financial Statement Schedule:
Schedule II — Valuation and
    Qualifying Accounts for the years ended December 31, 2009,
    2008 and 2007
F-18
F-1
Table of Contents
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENTS
To the Board of Directors
GeoVax Labs, Inc.
Atlanta, Georgia
We have audited the accompanying consolidated balance sheets of
    GeoVax Labs, Inc. and subsidiary (a development stage company)
    (the "Company") as of December 31, 2009 and 2008,
    and the related consolidated statements of operations,
    stockholders' equity, and cash flows for each of the three
    years in the period ended December 31, 2009, and for the
    period of time considered part of the development stage from
    June 27, 2001 to December 31, 2009, except we did not
    audit the Company's financial statements for the period
    from June 27, 2001 to December 31, 2005 which were
    audited by other auditors. These financial statements are the
    responsibility of the Company's management. Our
    responsibility is to express an opinion on these financial
    statements based on our audit.
We conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audits provide a
    reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred
    to above present fairly, in all material respects, the financial
    position of GeoVax Labs, Inc. and subsidiary as of
    December 31, 2009 and 2008, and the results of their
    operations and their cash flows for each of the three years in
    the period ended December 31, 2009 in conformity with
    accounting principles generally accepted in the United States of
    America.
Our audits of the consolidated financial statements and internal
    controls over financial reporting also included the financial
    statement schedule of the Company, Schedule II, on page F-18.
    This schedule is the responsibility of the Company's
    management. Our responsibility is to express an opinion based on
    our audits of the consolidated financial statements. In our
    opinion, the financial statement schedule, when considered in
    relation to the basic consolidated financial statements taken as
    a whole, presents fairly in all material respects the
    information set forth therein.
We have also audited, in accordance with the standards of the
    Public Company Accounting Oversight Board (United States),
    GeoVax Labs, Inc. and subsidiary's internal control over
    financial reporting as of December 31, 2009, based on
    criteria established in
Internal Control —
    Integrated Framework
issued by the Committee of Sponsoring
    Organizations of the Treadway Commission (COSO) and our report
    dated February 22, 2010, expressed an unqualified opinion
    on the effectiveness of GeoVax Labs, Inc.'s internal
    control over financial reporting.
/S/ PORTER KEADLE MOORE LLP
Atlanta, Georgia
February 22, 2010
F-2
Table of Contents
REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENTS
Board of Directors
GeoVax, Inc.
Atlanta, Georgia
We have audited the statements of operations, stockholders'
    deficiency and cash flows of GeoVax, Inc. (a Georgia corporation
    in the development stage) for the period from inception
    (June 27, 2001) to December 31, 2005. These
    financial statements are the responsibility of the
    Company's management. Our responsibility is to express an
    opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a
    test basis, evidence supporting the amounts and disclosures in
    the financial statements. An audit also includes assessing the
    accounting principles used and significant estimates made by
    management, as well as evaluating the overall financial
    statement presentation. We believe that our audit provides a
    reasonable basis for our opinion.
In our opinion, the financial statements of GeoVax, Inc.
    referred to above present fairly, in all material respects, the
    results of its operations, changes in stockholders'
    deficiency and cash flows for the period from inception
    (June 27, 2001) to December 31, 2005, in
    conformity with accounting principles generally accepted in the
    United States of America.
/s/ TRIPP, CHAFIN & COMPANY, LLC
Marietta, Georgia
February 8, 2006
F-3
Table of Contents
GEOVAX
    LABS, INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
CONSOLIDATED
    BALANCE SHEETS
December 31,
2009
2008
ASSETS
Current assets:
Cash and cash equivalents
$
3,515,784
$
2,191,180
Grant funds receivable
320,321
311,368
Prepaid expenses and other
44,615
299,286
Total current assets
3,880,720
2,801,834
Property and equipment, net of accumulated depreciation and
    amortization
344,202
138,847
Other assets:
Licenses, net of accumulated amortization of $159,161 and
    $134,276
at December 31, 2009 and 2008 respectively
89,695
114,580
Deposits and other
980
980
Total other assets
90,675
115,560
Total assets
$
4,315,597
$
3,056,241
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
408,344
$
176,260
Amounts payable to Emory University (a related party)
163,021
170,162
Total current liabilities
571,365
346,422
Commitments (Note 5)
Stockholders' equity:
Common stock, $.001 par value, 900,000,000 shares
    authorized 781,628,192 and 747,448,876 shares outstanding
    at December 31, 2009 and 2008, respectively
781,628
747,449
Additional paid-in capital
20,500,452
16,215,966
Deficit accumulated during the development stage
(17,537,848
)
(14,253,596
)
Total stockholders' equity
3,744,232
2,709,819
Total liabilities and stockholders' equity
$
4,315,597
$
3,056,241
See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
F-4
Table of Contents
GEOVAX
    LABS. INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
CONSOLIDATED STATEMENTS OF OPERATIONS
From Inception
Years Ended December 31,
(June 27, 2001) to
2009
2008
2007
December 31, 2009
Grant revenue
$
3,668,195
$
2,910,170
$
237,004
$
10,226,550
Operating expenses:
Research and development
4,068,682
3,741,489
1,757,125
16,560,345
General and administrative
2,914,845
2,970,068
2,784,182
11,512,970
6,983,527
6,711,557
4,541,307
28,073,315
Loss from operations
(3,315,332
)
(3,801,387
)
(4,304,303
)
(17,846,765
)
Other income (expense):
Interest income
31,080
73,200
62,507
314,586
Interest expense
—
—
—
(5,669
)
31,080
73,200
62,507
308,917
Net loss
$
(3,284,252
)
$
(3,728,187
)
$
(4,241,796
)
$
(17,537,848
)
Basic and diluted:
Loss per common share
$
(0.00
)
$
(0.01
)
$
(0.01
)
$
(0.04
)
Weighted average shares
759,563,911
740,143,397
714,102,311
469,267,530
See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
F-5
Table of Contents
GEOVAX
    LABS, INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'
    EQUITY (DEFICIENCY)
Deficit
Accumulated
Total
Stock
During the
Stockholders'
Common Stock
Additional
Subscription
Development
Equity
Shares
Amount
Paid in Capital
Receivable
Stage
(Deficiency)
Capital contribution at inception (June 27, 2001)
—
$
—
$
10
$
—
$
—
$
10
Net loss for the year ended December 31, 2001
—
—
—
—
(170,592
)
(170,592
)
Balance at December 31, 2001
—
—
10
—
(170,592
)
(170,582
)
Sale of common stock for cash
139,497,711
139,498
(139,028
)
—
—
470
Issuance of common stock for technology license
35,226,695
35,227
113,629
—
—
148,856
Net loss for the year ended December 31, 2002
—
—
—
—
(618,137
)
(618,137
)
Balance at December 31, 2002
174,724,406
174,725
(25,389
)
—
(788,729
)
(639,393
)
Sale of common stock for cash
61,463,911
61,464
2,398,145
—
—
2,459,609
Net loss for the year ended December 31, 2003
—
—
—
—
(947,804
)
(947,804
)
Balance at December 31, 2003
236,188,317
236,189
2,372,756
—
(1,736,533
)
872,412
Sale of common stock for cash and stock subscription receivable
74,130,250
74,130
2,915,789
(2,750,000
)
—
239,919
Cash payments received on stock subscription receivable
—
—
—
750,000
—
750,000
Issuance of common stock for technology license
2,470,998
2,471
97,529
—
—
100,000
Net loss for the year ended December 31, 2004
—
—
—
—
(2,351,828
)
(2,351,828
)
Balance at December 31, 2004
312,789,565
312,790
5,386,074
(2,000,000
)
(4,088,361
)
(389,497
)
Cash payments received on stock subscription receivable
—
—
—
1,500,000
1,500,000
Net loss for the year ended December 31, 2005
—
—
—
—
(1,611,086
)
(1,611,086
)
Balance at December 31, 2005
312,789,565
312,790
5,386,074
(500,000
)
(5,699,447
)
(500,583
)
Cash payments received on stock subscription receivable
—
—
—
500,000
—
500,000
Conversion of preferred stock to common stock
177,542,538
177,543
897,573
—
—
1,075,116
Common stock issued in connection with merger
217,994,566
217,994
1,494,855
—
—
1,712,849
Issuance of common stock for cashless warrant exercise
2,841,274
2,841
(2,841
)
—
—
—
Net loss for the year ended December 31, 2006
—
—
—
—
(584,166
)
(584,166
)
Balance at December 31, 2006
711,167,943
711,168
7,775,661
—
(6,283,613
)
2,203,216
Sale of common stock for cash
20,336,433
20,336
3,142,614
—
—
3,162,950
Issuance of common stock upon stock option exercise
123,550
124
4,876
—
—
5,000
Stock-based compensation expense
—
—
1,518,496
—
—
1,518,496
Net loss for the year ended December 31, 2007
—
—
—
—
(4,241,796
)
(4,241,796
)
Balance at December 31, 2007
731,627,926
731,628
12,441,647
—
(10,525,409
)
2,647,866
Sale of common stock for cash in private placement transactions
8,806,449
8,806
1,356,194
—
—
1,365,000
Transactions related to common stock purchase agreement with
    Fusion Capital
6,514,501
6,515
399,576
—
—
406,091
Stock-based compensation:
Stock options
—
—
1,798,169
—
—
1,798,169
Consultant warrants
—
—
146,880
—
—
146,880
Issuance of common stock for consulting services
500,000
500
73,500
—
—
74,000
Net loss for the year ended December 31, 2008
—
—
—
—
(3,728,187
)
(3,728,187
)
Balance at December 31, 2008
747,448,876
747,449
16,215,966
—
(14,253,596
)
2,709,819
Transactions related to common stock purchase agreement with
    Fusion Capital
10,813,027
10,813
1,509,187
—
—
1,520,000
Sale of common stock for cash upon exercise of stock purchase
    warrant
23,141,289
23,141
1,476,859
—
—
1,500,000
Stock-based compensation:
Stock options
—
—
1,221,764
—
—
1,221,764
Consultant warrants
—
—
45,401
—
—
45,401
Issuance of common stock for consulting services
225,000
225
31,275
—
—
31,500
Net loss for the year ended December 31, 2009
—
—
—
—
(3,284,252
)
(3,284,252
)
Balance at December 31, 2009
781,628,192
$
781,628
$
20,500,452
$
—
$
(17,537,848
)
$
3,744,232
See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
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Table of Contents
GEOVAX
    LABS. INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
CONSOLIDATED STATEMENTS OF CASH FLOWS
From Inception
(June 27,
2001) to
Years Ended December 31,
December 31,
2009
2008
2007
2009
Cash flows from operating activities:
Net loss
$
(3,284,252
)
$
(3,728,187
)
$
(4,241,796
)
$
(17,537,848
)
Adjustments to reconcile net loss to net cash used in operating
    activities
Depreciation and amortization
89,776
61,014
54,461
336,847
Accretion of preferred stock redemption value
—
—
—
346,673
Stock-based compensation expense
1,298,665
2,019,049
1,518,496
4,836,210
Changes in assets and liabilities
Grant funds receivable
(8,953
)
(218,108
)
(93,260
)
(320,321
)
Stock subscriptions receivable
—
—
(897,450
)
—
Prepaid expenses and other current assets
254,671
(249,538
)
(11,618
)
(44,615
)
Deposits
—
—
—
(980
)
Accounts payable and accrued expenses
224,943
(252,116
)
405,424
571,365
Total adjustments
1,859,102
1,360,301
976,053
5,725,179
Net cash used in operating activities
(1,425,150
)
(2,367,886
)
(3,265,743
)
(11,812,669
)
Cash flows from investing activities:
Purchase of property and equipment
(270,246
)
(99,831
)
—
(521,888
)
Net cash used in investing activities
(270,246
)
(99,831
)
—
(521,888
)
Cash flows from financing activities:
Net proceeds from sale of common stock
3,020,000
2,668,541
3,167,950
15,121,898
Net proceeds from sale of preferred stock
—
—
—
728,443
Net cash provided by financing activities
3,020,000
2,668,541
3,167,950
15,850,341
Net increase (decrease) in cash and cash equivalents
1,324,604
200,824
(97,793
)
3,515,784
Cash and cash equivalents at beginning of period
2,191,180
1,990,356
2,088,149
—
Cash and cash equivalents at end of period
$
3,515,784
$
2,191,180
$
1,990,356
$
3,515,784
Supplemental disclosure of cash flow information Interest paid
$
—
$
—
$
—
$
5,669
Supplemental
    disclosure of non-cash investing and financing activities:
In
    connection with the Merger discussed in Note 6, all of the
    outstanding shares of the Company's mandatory redeemable
    convertible preferred stock were converted into shares of common
    stock as of September 28, 2006.
See accompanying reports of independent registered public
    accounting firms and notes to financial statements.
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Table of Contents
GEOVAX
    LABS, INC.
(A DEVELOPMENT-STAGE ENTERPRISE)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009, 2008 and 2007 and
Period from Inception (June 27, 2001) to
    December 31, 2009
1.
Nature of
    Business
GeoVax Labs, Inc. ("GeoVax" or the
    "Company"), is a biotechnology company focused on
    developing human vaccines for diseases caused by Human
    Immunodeficiency Virus (HIV). The Company has exclusively
    licensed from Emory University ("Emory") vaccine
    technology which was developed in collaboration with the
    National Institutes of Health ("NIH") and the Centers
    for Disease Control and Prevention ("CDC"). The
    Company is incorporated under the laws of the State of Delaware
    and its principal offices are located in Smyrna, Georgia
    (metropolitan Atlanta area).
The Company is devoting all of its present efforts to research
    and development. We have funded our activities to date almost
    exclusively from equity financings and government grants, and we
    will continue to require substantial funds to continue these
    activities. We expect that our existing cash resources, combined
    with the proceeds from the NIH grant discussed in Note 4
    and our anticipated use of the common stock purchase agreement
    discussed in Note 7, will be sufficient to fund our planned
    activities at least through 2010. The extent to which we rely on
    the common stock purchase agreement as a source of funding will
    depend on a number of factors including the prevailing market
    price of our common stock and the extent to which we choose to
    secure working capital from other sources, if available.
2.
Summary
    of Significant Accounting Policies
Basis of
    Presentation and Principles of Consolidation
The accompanying consolidated financial statements include the
    accounts of GeoVax, Inc. from inception together with those of
    GeoVax Labs, Inc. from September 28, 2006 (see
    Note 6). All intercompany transactions have been eliminated
    in consolidation.
Development-Stage
    Enterprise
GeoVax is devoting all of its present efforts to research and
    development and is a development stage enterprise as defined by
    Financial Accounting Standards Board ("FASB")
    Accounting Standard Codification ("ASC") Topic 915,
    "
Development Stage Entities
". All losses
    accumulated since inception (June 27, 2001) have been
    considered as part of the Company's development stage
    activities.
Use of
    Estimates
The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States of
    America requires management to make estimates and assumptions
    that affect the reported amounts of assets and liabilities and
    disclosure of contingent assets and liabilities at the date of
    the financial statements and the reported amounts of revenues
    and expenses during the reporting period. Actual results may
    differ from those estimates.
Cash and
    Cash Equivalents
We consider all highly liquid investments with a maturity of
    three months or less when purchased to be cash equivalents. Our
    cash and cash equivalents consist primarily of bank deposits and
    money market accounts. The recorded values approximate fair
    market values due to the short maturities.
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Table of Contents
Fair
    Value of Financial Instruments and Concentration of Credit
    Risk
Financial instruments that subject us to concentration of credit
    risk consist primarily of cash and cash equivalents, which are
    maintained by a high credit quality financial institution. The
    carrying values reported in the balance sheets for cash and cash
    equivalents approximate fair values.
Property
    and Equipment
Property and equipment are stated at cost. The components of
    property and equipment as of December 31, 2009 and 2008 are
    as follows:
2009
2008
Laboratory equipment
$
389,494
$
243,663
Leasehold improvements
115,605
—
Other furniture, fixtures & equipment
16,789
7,979
Total property and equipment
521,888
251,642
Accumulated depreciation and amortization
(177,686
)
(112,795
)
Property and equipment, net
$
344,202
$
138,847
Expenditures for maintenance and repairs are charged to
    operations as incurred, while additions and improvements are
    capitalized. Depreciation is computed using the straight-line
    method over the estimated useful lives of the assets which range
    from three to five years. Amortization of leasehold improvements
    is computed using the straight-line method over the remaining
    term of the related lease. Depreciation and amortization expense
    was $64,891, $36,128, and $29,575 during the years ended
    December 31, 2009, 2008 and 2007, respectively.
Other
    Assets
Other assets consist principally of license agreements for the
    use of technology obtained through the issuance of the
    Company's common stock. These license agreements are
    amortized on a straight line basis over ten years. Amortization
    expense related to these agreements was $24,886 during each of
    the years ended December 31, 2009, 2008 and 2007,
    respectively, and is expected to be $24,886, $24,886, $19,923,
    $10,000 and $10,000 for each of the next five years,
    respectively.
Impairment
    of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. Recoverability of assets to be
    held and used is measured by a comparison of the carrying amount
    of the assets to the future net cash flows expected to be
    generated by such assets. If such assets are considered to be
    impaired, the impairment to be recognized is measured by the
    amount by which the carrying amount of the assets exceeds the
    discounted expected future net cash flows from the assets.
Accrued
    Liabilities
As part of the process of preparing our financial statements, we
    estimate expenses that we believe we have incurred, but have not
    yet been billed by our third party vendors. This process
    involves identifying services and activities that have been
    performed by such vendors on our behalf and estimating the level
    to which they have been performed and the associated cost
    incurred for such service as of each balance sheet date in our
    financial statements. Examples of expenses for which we accrue
    include fees for professional services and fees owed to contract
    manufacturers in conjunction with the manufacture of vaccines
    for our clinical trials. We make these estimates based upon
    progress of activities related to contractual obligations and
    information received from vendors.
F-9
Table of Contents
Restatement
    for Recapitalization
All share amounts and per share figures in the accompanying
    consolidated financial statements and the related footnotes have
    been restated for the 2006 recapitalization discussed in
    Note 6.
Net Loss
    Per Share
Basic and diluted loss per common share are computed based on
    the weighted average number of common shares outstanding. All
    common share equivalents (which consist of options and warrants)
    are excluded from the computation of diluted loss per share
    since the effect would be anti-dilutive. Common share
    equivalents which could potentially dilute basic earnings per
    share in the future, and which were excluded from the
    computation of diluted loss per share, totaled: 93,327,497,
    114,829,102; and 93,637,594 shares at December 31,
    2009, 2008 and 2007, respectively.
Revenue
    Recognition
We recognize revenue in accordance with the SEC's Staff
    Accounting Bulletin No. 101,
Revenue Recognition in
    Financial Statements,
as amended by Staff Accounting
    Bulletin No. 104,
Revenue Recognition,
("SAB 104"). SAB 104 provides guidance
    in applying U.S. generally accepted accounting principles
    to revenue recognition issues, and specifically addresses
    revenue recognition for upfront, nonrefundable fees received in
    connection with research collaboration agreements. During 2009,
    2008 and 2007, our revenue consisted of grant funding received
    from the National Institutes of Health (see Note 4).
    Revenue from this arrangement is approximately equal to the
    costs incurred and is recorded as income as the related costs
    are incurred.
Research
    and Development Expense
Research and development expense primarily consists of costs
    incurred in the discovery, development, testing and
    manufacturing of our product candidates. These expenses consist
    primarily of (i) fees paid to third-party service providers
    to perform, monitor and accumulate data related to the
    Company's preclinical studies and clinical trials,
    (ii) costs related to sponsored research agreements,
    (iii) the costs to procure and manufacture materials used
    in clinical trials, (iv) laboratory supplies and
    facility-related expenses to conduct development, and
    (v) salaries, benefits, and share-based compensation for
    personnel. These costs are charged to expense as incurred.
Patent
    Costs
Our expenditures relating to obtaining and protecting patents
    are charged to expense when incurred, and are included in
    general and administrative expense.
Period to
    Period Comparisons
Our operating results are expected to fluctuate for the
    foreseeable future. Therefore,
period-to-period
comparisons should not be relied upon as predictive of the
    results for future periods.
Income
    Taxes
We account for income taxes using the liability method. Under
    this method, deferred tax assets and liabilities are recognized
    for the estimated future tax consequences attributable to
    differences between the financial statement carrying amounts of
    existing assets and liabilities and their respective tax bases.
    Deferred tax assets and liabilities are measured using enacted
    rates in effect for the year in which temporary differences are
    expected to be recovered or settled. Deferred tax assets are
    reduced by a valuation allowance unless, in the opinion of
    management, it is more likely than not that some portion or all
    of the deferred tax assets will be realized.
F-10
Table of Contents
Stock-Based
    Compensation
We account for stock-based transactions in which the Company
    receives services from employees, directors or others in
    exchange for equity instruments based on the fair value of the
    award at the grant date. Compensation cost for awards of common
    stock is estimated based on the price of the underlying common
    stock on the date of issuance. Compensation cost for stock
    options or warrants is estimated at the grant date based on each
    instrument's fair-value as calculated by the Black-Scholes-
    option-pricing model. The Company recognizes stock-based
    compensation cost as expense ratably on a straight-line basis
    over the requisite service period for the award. See Note 7
    for additional stock-based compensation information.
Recent
    Accounting Pronouncements
In June 2009, the FASB issued guidance now codified as ASC Topic
    105, "
Generally Accepted Accounting
    Principles
", as the single source of authoritative
    nongovernmental U.S. generally accepted accounting
    principles ("GAAP"). ASC Topic 105 does not change
    current U.S. GAAP, but is intended to simplify user access
    to all authoritative GAAP by providing all authoritative
    literature related to a particular topic in one place (the
    "Codification"). The Codification became the source of
    authoritative GAAP recognized by the FASB to be applied by
    nongovernmental entities. Rules and interpretive releases of the
    Securities and Exchange Commission ("SEC") under
    authority of federal securities laws are also sources of
    authoritative GAAP for SEC registrants. On the effective date of
    ASC Topic 105, the Codification superseded all then-existing
    non-SEC accounting and reporting standards. All other
    non-grandfathered non-SEC accounting literature not included in
    the Codification became non-authoritative. The provisions of ASC
    Topic 105 are effective for interim and annual periods ending
    after September 15, 2009 and, accordingly, are effective
    for the Company for the current fiscal reporting period. The
    adoption of ASC Topic 105 did not have an impact on our results
    of operations, financial position, or cash flows, but will
    impact our financial reporting process by eliminating all
    references to pre-codification standards. All references to
    accounting literature included in the notes to our financial
    statements have been changed to reference the appropriate
    sections of the Codification.
Following ASC Topic 105, the FASB will not issue new standards
    in the form of Statements, FASB Staff Positions, or Emerging
    Issues Task Force Abstracts. Instead, it will issue Accounting
    Standards Updates. The FASB does not consider Accounting
    Standards Updates as authoritative in their own right.
    Accounting Standards Updates serve only to update the
    Codification, provide background information about the guidance,
    and provide the bases for conclusions on changes in the
    Codification.
In September 2006, the FASB issued guidance now codified under
    ASC Topic 820,
"Fair Value Measurements and
    Disclosures,"
which provides enhanced guidance for
    using fair value to measure assets and liabilities, provides a
    common definition of fair value, and establishes a framework to
    make the measurement of fair value under GAAP more consistent
    and comparable. The pronouncement also requires expanded
    disclosures to provide information about the extent to which
    fair value is used to measure assets and liabilities, the
    methods and assumptions used to measure fair value, and the
    effect of fair value measures on earnings. In February 2008, the
    FASB released additional guidance also now codified under ASC
    Topic 820, which delayed the January 1, 2008 effective date
    for application of certain guidance related to non-financial
    assets and non-financial liabilities, except for items that are
    recognized or disclosed at fair value in the financial
    statements on a recurring basis, until January 1, 2009. The
    implementation of this pronouncement did not have a material
    effect on our results of operations, financial position, or cash
    flows.
In March 2008, the FASB issued guidance now codified under ASC
    Topic 815, "
Derivatives and Hedging
", which
    amends and expands the disclosure requirements previously
    required for derivative instruments and hedging activities. We
    adopted this pronouncement effective January 1, 2009 and it
    did not have a material effect on our results of operations,
    financial position, or cash flows.
In April 2008, the FASB issued guidance now codified under ASC
    Topic 350, "
Intangibles — Goodwill and
    Other
," which amends the factors that should be
    considered in developing renewal or extension assumptions used
    to determine the useful life of a recognized intangible asset.
    We adopted the provisions of this pronouncement effective
    January 1, 2009, and it did not have a material effect on
    our results of operations, financial position, or cash flows.
F-11
Table of Contents
In June 2008, the FASB issued guidance now codified under ASC
    Topic 260, "
Earnings Per Share
." This
    pronouncement addresses whether instruments granted in
    share-based payment transactions are participating securities
    prior to vesting, and therefore, need to be included in the
    earnings allocation in calculating earnings per share under the
    two-class method of computing earnings per share. This
    pronouncement requires companies to treat unvested share-based
    payment awards that have non-forfeitable rights to dividend or
    dividend equivalents as a separate class of securities in
    calculating earnings per share. We adopted this pronouncement
    effective January 1, 2009 and it did not have a material
    effect on our results of operations, financial position, or cash
    flows.
In April 2009, the FASB issued guidance now codified under ASC
    Topic 825, "
Financial Instruments,"
which
    amends previous Topic 825 guidance to require disclosures about
    fair value of financial instruments in interim as well as annual
    financial statements. We adopted this pronouncement effective
    April 1, 2009 and it did not have a material effect on our
    results of operations, financial position, or cash flows.
In May 2009, the FASB issued guidance now codified under ASC
    Topic 855, "
Subsequent Events
," which
    establishes general standards of accounting for, and disclosures
    of, events that occur after the balance sheet date but before
    financial statements are issued or are available to be issued.
    We adopted this pronouncement effective June 30, 2009 and
    it did not have a material effect on our results of operations,
    financial position, or cash flows. We have performed an
    evaluation of subsequent events through February 22, 2010,
    which is the date these financial statements were issued.
We do not believe that any other recently issued, but not yet
    effective, accounting standards if currently adopted would have
    a material effect on our financial statements.
3.
License
    Agreements
Emory License
— During 2002, we entered into a
    license agreement with Emory University (the "Emory
    License"), a related party, for technology required in
    conjunction with certain products under development by us in
    exchange for 35,226,695 shares of our common stock valued
    at $148,856. The Emory License, among other contractual
    obligations, requires payments based on milestone achievements,
    royalties on our sales or on payments to us by our sublicensees,
    and payment of maintenance fees in the event certain milestones
    are not met within the time periods specified in the agreement.
    The Emory License expires on the date of the latest expiration
    date of the underlying patents.
MFD License
— During 2004, we entered into a
    license agreement with MFD, Inc. in exchange for
    2,470,998 shares of our common stock valued at $100,000.
    Pursuant to this agreement, we obtained a fully paid, worldwide,
    irrevocable exclusive license to certain patents covering
    technology that may be employed by our products.
4.
NIH
    Grant
In September 2007, the National Institutes of Health (NIH)
    awarded us an Integrated Preclinical/Clinical AIDS Vaccine
    Development (IPCAVD) grant to support our HIV/AIDS vaccine
    program. The project period for the grant, which is renewable
    annually, covers a five-year period which commenced October
    2007, with an expected annual award of generally between $3 and
    $4 million per year (approximately $18.3 million in
    the aggregate). The most recent award is for the period
    September 1, 2009 through August 31, 2010 in the
    amount of $4.7 million. We are utilizing this funding to
    further our HIV/AIDS vaccine development, optimization and
    production. We record revenue associated with the grant as the
    related costs and expenses are incurred and such revenue is
    reported as a separate line item in our statements of
    operations. During 2009, 2008 and 2007, we recorded $3,668,195,
    $2,910,170 and $237,004, respectively, of revenue associated
    with the grant.
5.
Commitments
Lease
    Agreements
In September 2009, we executed a lease agreement, effective
    November 1, 2009, for approximately 8400 square feet
    of office and laboratory space located in Smyrna, Georgia
    (metropolitan Atlanta). Future
F-12
Table of Contents
minimum lease payments pursuant to the 62 month lease total
    $114,570 in 2010, $118,010 in 2011, $121,560 in 2012, $125,180
    in 2013 and $128,920 in 2014.
Other
    Commitments
In the normal course of business, we may enter into various firm
    purchase commitments related to production and testing of our
    vaccine material, and other research-related activities. As of
    December 31, 2009, there were less than $10,000 of
    unrecorded outstanding purchase commitments to our vendors and
    subcontractors, which will be due in less than one year.
6.
2006
    Merger and Recapitalization
The Company was originally incorporated in June 1988 under the
    laws of Illinois as Dauphin Technology, Inc.
    ("Dauphin"). Dauphin was unsuccessful and its
    operations were terminated in December 2003. In September 2006,
    Dauphin completed a merger (the "Merger") with GeoVax,
    Inc. which was incorporated under the laws of Georgia in June
    2001. As a result of the Merger, the shareholders of GeoVax,
    Inc. exchanged their shares of common stock for Dauphin common
    stock and GeoVax, Inc. became a wholly-owned subsidiary of
    Dauphin. Dauphin then changed its name to GeoVax Labs, Inc. and
    replaced its officers and directors with those of GeoVax, Inc.
    Subsequent to the Merger, the Company has not conducted any
    business other than GeoVax, Inc.'s business of developing
    human vaccines. The Merger was accounted for under the purchase
    method of accounting as a reverse acquisition in accordance with
    U.S. generally accepted accounting principles. Under this
    method of accounting, Dauphin was treated as the acquired
    company and, accordingly, all financial information prior to the
    date of Merger presented in the accompanying consolidated
    financial statements, or in the notes herein, as well as any
    references to prior operations, are those of GeoVax, Inc. In
    June 2008, the Company was reincorporated under the laws of the
    State of Delaware.
7.
Stockholders'
    Equity
Common
    Stock Transactions
During April and May 2008, we sold an aggregate of
    8,806,449 shares of our common stock to 16 individual
    accredited investors for an aggregate purchase price of
    $1,365,000. We also issued to the investors warrants to purchase
    an aggregate of 14,104,841 shares of common stock at a
    price of $0.33 per share, 8,258,065 of which expire in May 2013,
    with the remainder expiring in April/May 2012.
In September 2009, we issued 23,141,289 shares of our
    common stock for an aggregate purchase price of $1,500,000 upon
    the exercise of a previously issued stock purchase warrant.
We may, from time to time, issue shares of our common stock to
    consultants or others in exchange for services. During 2009 and
    2008 we issued 225,000 and 500,000 shares, respectively,
    for consulting services; and we recorded general and
    administrative expense of $31,500 and $74,000 during each
    respective period related to these issuances.
Common
    Stock Purchase Agreement
In May 2008, we signed a common stock purchase agreement (the
    "Purchase Agreement") with Fusion Capital
    Fund II, LLC ("Fusion Capital"). The Purchase
    Agreement allows us to require Fusion Capital to purchase up to
    $10 million of our common stock in amounts ranging from
    $80,000 to $1.0 million per purchase transaction, depending
    on certain conditions, from time to time over a
25-month
period beginning July 1, 2008, the date on which the SEC
    declared effective the registration statement related to the
    transaction.
The purchase price of the shares relating to the Purchase
    Agreement is based on the prevailing market prices of our shares
    at the times of the sales without any fixed discount, and we
    control the timing and amounts of any sales of shares to Fusion
    Capital. Fusion Capital does not have the right or the
    obligation to purchase any shares of our common stock on any
    business day that the purchase price of our common stock is
    below $0.05 per share. As primary consideration for entering
    into the Purchase Agreement, and upon the execution of the
    Purchase Agreement we issued to Fusion Capital
    2,480,510 shares of our common stock as a
F-13
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commitment fee, and we agreed to issue to Fusion Capital up to
    an additional 2,480,510 commitment fee shares, on a pro rata
    basis, as we receive the $10 million of future funding. The
    Purchase Agreement may be terminated by us at any time at our
    discretion without any additional cost to us. There are no
    negative covenants, restrictions on future financings, penalties
    or liquidated damages in the agreement.
During 2008 we sold 3,709,964 shares to Fusion under the
    terms of the Purchase Agreement for an aggregate purchase price
    of $500,000, and issued 124,027 shares to Fusion pursuant
    to our deferred commitment fee arrangement. During 2009, we sold
    10,435,991 shares to Fusion for an aggregate purchase price
    of $1,520,000, and issued 377,036 shares pursuant to our
    deferred commitment fee arrangement.
Stock
    Options
In 2006 we adopted the GeoVax Labs, Inc. 2006 Equity Incentive
    Plan (the "Stock Option Plan") for the granting of
    qualified incentive stock options ("ISO's"),
    nonqualified stock options, restricted stock awards or
    restricted stock bonuses to employees, officers, directors,
    consultants and advisors of the Company. The exercise price for
    any option granted may not be less than fair value (110% of fair
    value for ISO's granted to certain employees). Options
    granted under the Stock Option Plan have a maximum ten-year term
    and generally vest over three years. The Company has reserved
    51,000,000 shares of its common stock for issuance under
    the Stock Option Plan.
A summary of activity under the Stock Option Plan as of
    December 31, 2009, and changes during the year then ended
    is presented below:
Weighted-
Weighted-
Average
Average
Remaining
Aggregate
Number
Exercise
Contractual
Intrinsic
of Shares
Price
Term (Yrs)
Value
Outstanding at January 1, 2009
46,947,757
$
0.10
Granted
3,425,000
0.14
Exercised
—
—
Forfeited or expired
(2,425,000
)
0.29
Outstanding at December 31, 2009
47,947,757
$
0.12
5.5
$
4,292,646
Exercisable at December 31, 2009
39,409,424
$
0.11
4.8
$
3,984,013
Additional information concerning our stock options for the
    years ended December 31, 2009, 2008 and 2007 is as follows:
2009
2008
2007
Weighted average fair value of options granted during the period
$
0.12
$
0.12
$
0.30
Intrinsic value of options exercised during the period
—
—
22,181
Total fair value of options vested during the period
1,143,326
1,074,454
1,156,020
We use a Black-Scholes model for determining the grant date fair
    value of our stock option grants. This model utilizes certain
    information, such as the interest rate on a risk-free security
    with a term generally equivalent to the expected life of the
    option being valued and requires certain other assumptions, such
    as the expected amount of time an option will be outstanding
    until it is exercised or expired, to calculate the fair value of
    stock options granted. The significant assumptions we used in
    our fair value calculations were as follows:
2009
2008
2007
Weighted average risk-free interest rates
2.8
%
2.9
%
4.5
%
Expected dividend yield
0.0
%
0.0
%
0.0
%
Expected life of option
7
yrs
7
yrs
6.8
yrs
Expected volatility
112.3
%
100.5
%
135
%
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Table of Contents
Stock-based compensation expense related to the Stock Option
    Plan was $1,221,764, $1,798,169 and $1,296,196 during the years
    ended December 31, 2009, 2008 and 2007, respectively. The
    2008 and 2007 expense includes $425,725 and $242,113,
    respectively, associated with extensions of previously issued
    stock option grants (accounted for as reissuances) which were
    due to expire in 2007 to 2011. Stock option expense is allocated
    to research and development expense or to general and
    administrative expense based on the related employee
    classifications and corresponds to the allocation of employee
    salaries. For the three years ended December 31, 2009,
    stock option expense was allocated as follows:
2009
2008
2007
General and administrative expense
$
917,110
$
1,304,128
$
1,012,083
Research and development expense
304,654
494,041
284,113
Total stock option expense
$
1,221,764
$
1,798,169
$
1,296,196
As of December 31, 2009, there was $943,295 of unrecognized
    compensation expense related to stock-based compensation
    arrangements. The unrecognized compensation expense is expected
    to be recognized over a weighted average remaining period of
    2.2 years.
Compensatory
    Warrants
We may, from time to time, issue stock purchase warrants to
    consultants or others in exchange for services. A summary of our
    compensatory warrant activity as of December 31, 2009, and
    changes during the year then ended is presented below:
Weighted-
Weighted-
Average
Average
Remaining
Aggregate
Number
Exercise
Contractual
Intrinsic
of Shares
Price
Term (Yrs)
Value
Outstanding at January 1, 2008
2,700,000
$
0.33
Granted
2,970,000
0.14
Exercised
—
—
Forfeited or expired
(2,700,000
)
0.33
Outstanding at December 31, 2009
2,970,000
$
0.14
2.7
$
118,800
Exercisable at December 31, 2009
2,767,500
$
0.14
2.7
$
110,700
Additional information concerning our compensatory warrants for
    the years ended December 31, 2009, 2008 and 2007 is as
    follows:
Year Ended December 31,
2009
2008
2007
Weighted average fair value of warrants granted during the period
$
0.10
$
0.05
$
0.25
Intrinsic value of warrants exercised during the period
—
—
—
Total fair value of warrants vested during the period
6,413
146,880
266,760
We use a Black-Scholes model for determining the grant date fair
    value of our compensatory warrants. The significant assumptions
    we used in our fair value calculations were as follows:
2009
2008
2007
Weighted average risk-free interest rates
1.54
%
2.01
%
4.6
%
Expected dividend yield
0.0
%
0.0
%
0.0
%
Expected life of warrant
3
yrs
2.5
yrs
3
yrs
Expected volatility
112.1
%
99.0
%
113.6
%
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Table of Contents
Expense associated with compensatory warrants was $45,401,
    $146,880 and $222,300 during the years ended December 31,
    2009, 2008 and 2007, respectively. All such expense was
    allocated to general and administrative expense. As of
    December 31, 2009, there was $121,058 of unrecognized
    compensation expense related to compensatory warrant
    arrangements. The unrecognized compensation expense is expected
    to be recognized over a weighted average remaining period of
    1 year.
Investment
    Warrants
In addition to outstanding stock options and compensatory
    warrants, as of December 31, 2009 we have a total of
    42,409,740 outstanding stock purchase warrants issued to
    investors in connection with previous financing transactions.
    These warrants have a weighted-average exercise price of $0.33
    per share and a weighted-average remaining contractual life of
    2.6 years.
8.
Retirement
    Plan
We participate in a multi-employer defined contribution
    retirement plan (the "401k Plan") administered by a
    third party service provider; and the Company contributes to the
    401k Plan on behalf of its employees based upon a matching
    formula. During the years ended December 31, 2009, 2008 and
    2007 our contributions to the 401k Plan were $25,057, $11,691
    and $6,535, respectively.
9.
Income
    Taxes
At December 31, 2009, we have a consolidated federal net
    operating loss ("NOL") carryforward of approximately
    $72.2 million, available to offset against future taxable
    income which expires in varying amounts in 2010 through 2029.
    Additionally, we have approximately $522,000 in research and
    development ("R&D") tax credits that expire in
    2022 through 2028 unless utilized earlier. No income taxes have
    been paid to date.
As a result of the Merger discussed in Note 6, our NOL
    carryforward increased substantially due to the addition of
    approximately $59.7 million of historical NOL carryforwards
    for Dauphin Technology, Inc. However, Section 382 of the
    Internal Revenue Code contains provisions that may limit our
    utilization of NOL and R&D tax credit carryforwards in any
    given year as a result of significant changes in ownership
    interests that have occurred in past periods or may occur in
    future periods.
Deferred income taxes reflect the net effect of temporary
    differences between the carrying amounts of assets and
    liabilities for financial reporting purposes and the amounts
    used for income tax purposes. Significant components of our
    deferred tax assets and liabilities included the following at
    December 31, 2009 and 2008:
2009
2008
Deferred tax assets:
Net operating loss carryforward
$
25,035,390
$
24,217,858
Research and development tax credit carryforward
522,322
354,581
Stock-based compensation expense
1,569,212
1,127,665
Other
32,300
—
Total deferred tax assets
27,159,224
25,700,104
Deferred tax liabilities
Depreciation
(31,091
)
(25,222
)
Total deferred tax liabilities
(31,091
)
(25,222
)
Net deferred tax assets
27,128,132
25,674,882
Valuation allowance
(27,128,132
)
(25,674,882
)
$
—
$
—
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Table of Contents
We have established a full valuation allowance equal to the
    amount of our net deferred tax assets due to uncertainties with
    respect to our ability to generate sufficient taxable income to
    realize these assets in the future.
A reconciliation of the income tax benefit on losses at the
    U.S. federal statutory rate to the reported income tax
    expense is as follows:
2009
2008
2007
U.S. federal statutory rate applied to pretax loss
$
(1,116,646
)
$
(1,267,584
)
$
(1,442,211
)
Permanent differences
3,223
3,054
4,719
Research and development credits
—
167,741
100,296
Change in valuation allowance (excluding impact of the Merger
    discussed in Note 6)
1,113,423
1,096,789
1,337,196
Reported income tax expense
$
—
$
—
$
—
10.
Related
    Party Transactions
We are obligated to reimburse Emory University (a significant
    stockholder of the Company) for certain prior and ongoing costs
    in connection with the filing, prosecution and maintenance of
    patent applications subject to the Emory License (see
    Note 3). The expense associated with these ongoing patent
    cost reimbursements to Emory amounted to $85,673, $102,141 and
    $243,653 for the years ended December 31, 2009, 2008 and
    2007, respectively.
In June 2008, we entered into two subcontracts with Emory for
    the purpose of conducting research and development activities
    associated with our grant from the NIH (see Note 4). During
    2009 and 2008, we recorded $816,651 and $723,887, respectively,
    of expense associated with these subcontracts. All amounts paid
    to Emory under these subcontracts are reimbursable to us
    pursuant to the NIH grant.
Through November 2009, we leased office and laboratory space on
    a
month-to-month
basis from Emtech Biotechnology Development, Inc., a related
    party associated with Emory. Rent expense associated with this
    lease totaled $43,112, $47,041 and $36,588 for the years ended
    December 31, 2009, 2008 and 2007, respectively.
In March 2008, we entered into a consulting agreement with
    Donald Hildebrand, the Chairman of our Board of Directors and
    our former President & Chief Executive Officer,
    pursuant to which Mr. Hildebrand provides business and
    technical advisory services to the Company. The term of the
    consulting agreement began on April 1, 2008 and originally
    was to end on December 31, 2009; in December 2009 the
    consulting agreement was extended for an additional year. During
    2009 and 2008, we recorded $57,600 and $64,000, respectively, of
    expense associated with the consulting agreement.
11.
Selected
    Quarterly Financial Data (unaudited)
A summary of selected quarterly financial data for 2009 and 2008
    is as follows:
2009 Quarter Ended
March 31
June 30
September 30
December 31
Revenue from grants
$
710,155
$
752,800
$
1,808,551
$
396,689
Net loss
(861,509
)
(1,348,653
)
(230,815
)
(843,275
)
Net loss per share
(0.00
)
(0.00
)
(0.00
)
(0.00
)
2008 Quarter Ended
March 31
June 30
September 30
December 31
Revenue from grants
$
599,991
$
376,078
$
1,322,502
$
611,599
Net loss
(682,510
)
(1,284,352
)
(722,108
)
(1,039,217
)
Net loss per share
(0.00
)
(0.00
)
(0.00
)
(0.00
)
F-17
Table of Contents
GEOVAX
    LABS, INC.
SCHEDULE II — VALUATION AND QUALIFYING
    ACCOUNTS
For the Years Ended December 31, 2009, 2008 and
    2007
Additions
Balance at
Charged to
Charged to
Balance at
Beginning
Costs and
Other
End
Description
of Period
Expenses
Accounts
Deductions
of Period
Reserve Deducted in the Balance Sheet From the Asset to Which it
    Applies:
Allowance for Deferred Tax Assets
Year ended December 31, 2009
$
25,674,882
$
1,453,250
$
—
$
—
$
27,128,132
Year ended December 31, 2008
$
24,436,911
$
1,237,971
$
—
$
—
$
25,674,882
Year ended December 31, 2007
$
22,792,303
$
1,644,608
$
—
$
—
$
24,436,911
F-18
Table of Contents
GEOVAX LABS, INC.
$40,000,000
Up
    to           Units
$           Per
    Unit
PROSPECTUS
Global Hunter Securities
    LLC
The date of this Prospectus
    is          ,
    2010
Table of Contents
PART II
INFORMATION
    NOT REQUIRED IN PROSPECTUS
ITEM 13.
Other
    Expenses of Issuance and Distribution.
The following table sets forth the estimated costs and expenses
    of the Registrant in connection with the offering described in
    the registration statement all of which will be borne by us.
SEC Registration Fee
$
2,852
FINRA Filing Fee
$
*
Legal Fees and Expenses
$
*
Accounting Fees and Expenses
$
*
Printing Fees and Expenses
$
*
Miscellaneous
$
*
TOTAL
$
*
To be filed by amendment
ITEM 14.
Indemnification
    of Directors and Officers.
Section 145 of the Delaware General Corporation Law (the
    "DGCL"), provides, among other things, that a
    corporation may indemnify any person who was or is a party or is
    threatened to be made a party to any threatened, pending or
    completed action, suit or proceeding (other than an action by or
    in the right of the corporation) by reason of the fact that the
    person is or was a director, officer, employee or agent of the
    corporation, or is or was serving at the corporation's
    request as a director, officer, employee or agent of another
    corporation, partnership, joint venture, trust or other
    enterprise, against expenses (including attorneys' fees),
    judgments, fines and amounts paid in settlement actually and
    reasonably incurred by the person in connection with the action,
    suit or proceeding. The power to indemnify applies (i) if
    such person is successful on the merits or otherwise in defense
    of any action, suit or proceeding or (ii) if such person
    acted in good faith and in a manner he reasonably believed to be
    in or not opposed to the best interests of the corporation, and
    with respect to any criminal action or proceeding, had no
    reasonable cause to believe his conduct was unlawful. The power
    to indemnify applies to actions brought by or in the right of
    the corporation as well, but only to the extent of defense
    expenses (including attorneys' fees but excluding amounts
    paid in settlement), actually and reasonably incurred and not to
    any satisfaction of judgment or settlement of the claim itself,
    and with the further limitation that in such actions no
    indemnification shall be made in the event of any adjudication
    of negligence or misconduct in the performance of his duties to
    the corporation, unless a court believes that in light of all
    the circumstances indemnification should apply.
Our bylaws provide that we may indemnify any person who was or
    is a party or is threatened to be made a party to any
    threatened, pending or completed action, suit or proceeding,
    whether civil, criminal, administrative or investigative (other
    than an action by or in the right of the Company) by reason of
    the fact that the person is or was a director, officer, employee
    or agent of the Company, or is or was serving at the request of
    the Company as a director, officer, employee or agent of another
    corporation, partnership, joint venture, trust or other
    enterprise, against expenses (including attorneys' fees),
    judgments, fines and amounts paid in settlement actually and
    reasonably incurred by the person in connection with such
    action, suit or proceeding if the person acted in good faith and
    in a manner the person reasonably believed to be in or not
    opposed to the best interests of the Company, and, with respect
    to any criminal action or proceeding, had no reasonable cause to
    believe the person's conduct was unlawful. Our bylaws also
    provide that we may indemnify any person who was or is a party
    or is threatened to be made a party to any threatened, pending
    or completed action or suit by or in the right of the Company to
    procure a judgment in its favor by reason of the fact that the
    person is or was a director, officer, employee or agent of the
    Company, or is or was serving at the request of the Company as a
    director, officer, employee or agent of another corporation,
    partnership, joint venture, trust or other enterprise against
    expenses (including attorneys' fees) actually and
    reasonably incurred by the person in
II-1
Table of Contents
connection with the defense or settlement of such action or suit
    if the person acted in good faith and in a manner the person
    reasonably believed to be in or not opposed to the best
    interests of the Company and except that no indemnification
    shall be made in respect of any claim, issue or matter as to
    which such person shall have been adjudged to be liable to the
    Company unless and only to the extent that the Delaware Court of
    Chancery or the court in which such action or suit was brought
    shall determine upon application that, despite the adjudication
    of liability but in view of all the circumstances of the case,
    such person is fairly and reasonably entitled to indemnity for
    such expenses which the Delaware Court of Chancery or such other
    court shall deem proper.
Under our bylaws, expenses (including attorneys' fees)
    incurred by an officer or director in defending any civil,
    criminal, administrative or investigative action, suit or
    proceeding may be paid by the Company in advance of the final
    disposition of such action, suit or proceeding upon receipt of
    an undertaking by or on behalf of such director or officer to
    repay such amount if it shall ultimately be determined that such
    person is not entitled to be indemnified by the Company. Such
    expenses (including attorneys' fees) incurred by former
    directors and officers or other employees and agents may be so
    paid upon such terms and conditions, if any, as we deem
    appropriate.
The indemnification and advancement of expenses provided by our
    bylaws is not exclusive, both as to action in such person's
    official capacity and as to action in another capacity while
    holding such office.
Our bylaws also provide that we may purchase and maintain
    insurance on behalf of any person who is or was a director,
    officer, employee or agent of the Company, or is or was serving
    at the request of the Company as a director, officer, employee
    or agent of another corporation, partnership, joint venture,
    trust or other enterprise against any liability asserted against
    such person and incurred by such person in any such capacity, or
    arising out of such person's status as such, whether or not
    the Company would have the power to indemnify such person
    against such liability under our bylaws. The Company maintains
    an insurance policy providing for indemnification of its
    officers, directors and certain other persons against
    liabilities and expenses incurred by any of them in certain
    stated proceedings and under certain stated conditions.
Insofar as indemnification for liabilities arising under the
    Securities Act may be permitted to directors, officers or
    persons controlling the registrant pursuant to the foregoing
    provisions, the registrant has been informed that in the opinion
    of the SEC such indemnification is against public policy as
    expressed in the Securities Act and is therefore unenforceable.
ITEM 15.
Recent
    Sales of Unregistered Securities.
Recent
    Sales of Unregistered Securities
GeoVax
    Labs, Inc., an Illinois corporation
In November and December 2007, we issued an aggregate of
    337,155 shares of our common stock and warrants to purchase
    an aggregate of 534,669 shares of our common stock at
    $16.50 per share to 29 individual accredited investors for an
    aggregate purchase price of $2,612,950. We also granted these
    investors certain "piggyback" registration rights.
In December 2007, we also issued 38,710 shares of our
    common stock and warrants to purchase an aggregate of
    31,429 shares of our common stock at $16.50 per share to an
    institutional investor for an aggregate purchase price of
    $300,000. We also granted this investor certain
    "piggyback" registration rights.
In January and March 2008, we issued an aggregate of
    6,000 shares of our common stock and a warrant to purchase
    54,000 shares of our common stock at $16.50 per share to
    Equinox One Consulting, LLC ("Equinox One") for public
    and financial relations services to be rendered to us during
    2008. The warrant vested in installments with 21,600 shares
    vested upon issuance and 10,800 shares vesting on each of
    June 30, September 30, and December 31, 2008.
During April and May 2008, we sold to fifteen individual
    accredited investors 176,129 shares of our common stock and
    warrants to purchase an aggregate of 282,097 shares of
    common stock at an exercise price
II-2
Table of Contents
of $16.50 per share for an aggregate purchase price of
    $1,365,000. We also granted these investors certain
    "piggyback" registration rights.
On May 8, 2008, we entered into the Purchase Agreement (the
    "Purchase Agreement") with Fusion Capital as disclosed
    in our
Form 8-K
filed May 12, 2008, and we issued to Fusion Capital
    49,610 shares of our common stock as a commitment fee. This
    completed the private placement, pursuant to which we may sell
    shares to Fusion Capital, as described in that
Form 8-K
and the related
Form S-1
(Reg.
No. 333-151491).
The
Form S-1
registered the sale by Fusion Capital, in an indirect primary
    offering, of the shares acquired under the Purchase Agreement.
    We disclose information regarding the number of shares sold in a
    given period in the notes to our financial statements. We had
    previously issued 4,000 shares to Fusion Capital as an
    expense reimbursement upon execution of the related term sheet.
    See "The Fusion Transaction."
No underwriters or placement agents were used in the above
    transactions. We relied upon the exemptions from registration
    contained in Section 4(2) of the Securities Act
and/or
Rule 506 promulgated thereunder as to all of the
    transactions, as the investors were either deemed to be
    sophisticated with respect to the investment in the securities
    due to their financial condition
and/or
involvement in our business or were accredited investors.
    Restrictive legends were placed on the certificates evidencing
    the securities issued in all of the above transactions.
GeoVax
    Labs, Inc., a Delaware corporation
On June 18, 2008, GeoVax Labs, Inc., a Delaware
    corporation, issued approximately 14,868,297 shares of its
    common stock to former holders of common stock of GeoVax Labs,
    Inc., an Illinois corporation on a
one-for-1
basis. Outstanding options and warrants to acquire approximately
    2,200,182 shares of common stock of the Illinois
    corporation were converted into the right to acquire shares of
    the Delaware corporation on a
one-for-1
basis.
The Delaware corporation relied upon SEC Rule 145(a)(2).
    The transaction was a statutory merger in which the securities
    of the Illinois corporation were exchanged for the securities of
    the Delaware corporation and the transaction's sole purpose
    was to change the issuer's domicile from Illinois to
    Delaware.
On July 1, 2008, we issued 2,000 shares of our common
    stock, $0.001 par value, to Equinox One for services
    rendered pursuant to the consulting agreement.
For the quarter ended September 30, 2008, we sold an
    aggregate of 32,463 shares of our common stock,
    $0.001 par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $240,000.
    We also issued to Fusion Capital an additional 1,191 shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
On October 13, 2008, we issued 2,000 shares of our
    common stock, $0.001 par value, to Equinox One for services
    rendered pursuant to the consulting agreement.
For the quarter ended December 31, 2008, we sold an
    aggregate of 41,736 shares of our common stock,
    $0.001 par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $260,000.
    We also issued to Fusion Capital an additional 1,290 shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
For the quarter ended March 31, 2009, we sold an aggregate
    of 48,009 shares of our common stock, $0.001 par
    value, to Fusion Capital pursuant to the Purchase Agreement for
    an aggregate purchase price of $240,000. We also issued to
    Fusion Capital an additional 1,191 shares of our common
    stock as a partial settlement of the commitment fee for entering
    into the Purchase Agreement.
For the quarter ended June 30, 2009, we sold an aggregate
    of 74,692 shares of our common stock, $0.001 par
    value, to Fusion Capital pursuant to the Purchase Agreement for
    an aggregate purchase price of $590,000. We also issued to
    Fusion Capital an additional 2,927 shares of our common
    stock as a partial settlement of the commitment fee for entering
    into the Purchase Agreement.
II-3
Table of Contents
On September 4, 2009, we issued 2,250 shares of our
    common stock, $0.001 par value, to Equinox One for
    consulting services.
For the quarter ended September 30, 2009, we sold an
    aggregate of 27,837 shares of our common stock,
    $0.001 par value, to Fusion Capital pursuant to the
    Purchase Agreement for an aggregate purchase price of $210,000.
    We also issued to Fusion Capital an additional 1,042 shares
    of our common stock as a partial settlement of the commitment
    fee for entering into the Purchase Agreement.
On December 1, 2009 we issued 2,250 shares of our
    common stock, $0.001 par value, to Equinox One Consulting,
    LLC for services rendered pursuant to the consulting agreement.
For all of the aforementioned transactions with Fusion Capital
    and Equinox One, respectively, we relied on Section 4(2) of
    the Securities Act and Rule 506 promulgated thereunder. The
    shares were only offered to a single accredited investor who
    purchased for investment in a transaction that did not involve a
    general solicitation.
On September 22, 2009 we issued 462,826 shares of our
    common stock, $0.001 par value, to Mr. Stavros
    Papageorgiou. The shares were issued to Mr. Papageorgiou
    pursuant to his exercise in full of a warrant granted on
    May 15, 2006. The Company received $1,500,000 for the
    shares it sold. The Company relied on Section 4(2) of the
    Securities Act to issue the common stock and warrant, inasmuch
    as the common stock was issued to a single accredited investor
    who purchased for investment in a transaction that did not
    involve a general solicitation.
ITEM 16.
Exhibits
    and Financial Statement Schedules
(a) Exhibits.
Exhibit
Number
Description
1
.1***
Form of Placement Agency Agreement
2
.1
Agreement and Plan of Merger by and among GeoVax, Inc., GeoVax
    Acquisition Corp. and Dauphin Technology, Inc., dated
    January 20, 2006(1)
2
.2
First Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated June 29, 2006(2)
2
.3
Second Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated September 27, 2006(3)
3
.1
Certificate of Incorporation(5)
3
.2
Bylaws(5)
4
.1***
Form of Subscription Agreement
4
.2***
Form of Unit Warrant
5
.1***
Opinion of Womble Carlyle Sandridge & Rice, PLLC
10
.1*
Employment Agreement by and between GeoVax Labs, Inc. and Robert
    T. McNally dated April 1, 2008(6)
10
.2*
Employment Agreement between GeoVax, Inc. and Mark W. Reynolds,
    as amended and restated, dated as of January 1, 2010(9)
10
.3*
Employment Agreement between GeoVax, Inc. and Harriet L.
    Robinson dated as of November 19, 2007(9)
10
.4*
Employment Agreement by and between GeoVax, Inc. and Mark Newman
    dated as of January 4, 2010(9)
10
.5*,***
GeoVax Labs, Inc. 2006 Equity Incentive Plan
10
.6
License Agreement by and between GeoVax, Inc. and Emory
    University, as amended and restated, dated June 23, 2004(3)
10
.7
Technology Sale and Patent License Agreement by and between
    GeoVax, Inc. and MFD, Inc., dated December 26, 2004(3)
II-4
Table of Contents
Exhibit
Number
Description
10
.8
Office and Laboratory Lease by and between UCB, Inc. and GeoVax,
    Inc., dated August 31, 2009(8)
10
.10
Consulting Agreement by and between Donald G. Hildebrand and
    GeoVax Labs, Inc., as amended, dated December 11, 2009(6)
10
.11
Common Stock Purchase Agreement by and between GeoVax Labs, Inc.
    and Fusion Capital Fund II, LLC, dated as of May 8,
    2008(7)
10
.12
Registration Rights Agreement by and between GeoVax Labs, Inc.
    and Fusion Capital Fund II, LLC(7)
10
.13*
Summary of the GeoVax Labs, Inc. Director Compensation Plan(9)
10
.14*,**
Form of Incentive Stock Option Agreement under GeoVax, Inc. 2002
    Stock Option and Incentive Plan
10
.15*,**
Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2002 Stock Option and Incentive Plan
10
.16*,**
Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2006 Equity Incentive Plan
10
.17**
Form of Warrant issued to Peter Tsolinas(10)
10
.18**
Form of Five Year Warrant Agreement issued to Peter Tsolinas(11)
21
.1
Subsidiaries of the Registrant(4)
23
.1**
Consent of Porter Keadle Moore LLP, an independent registered
    public accounting firm
23
.2**
Consent of Tripp, Chafin & Company, LLC, an
    independent registered public accounting firm
23
.3
Consent of Womble Carlyle Sandridge & Rice, PLLC
    (contained in the opinion filed as Exhibit 5.1 hereof)
24
.1
Power of Attorney (included on signature page to this
    Registration Statement)
*
Indicates a management contract or compensatory plan or
    arrangement.
**
Filed herewith.
***
To be filed by amendment
(1)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    January 24, 2006.
(2)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    July 13, 2006.
(3)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    October 4, 2006.
(4)
Incorporated by reference from the registrant's Annual
    Report on
Form 10-K
filed with the Securities and Exchange Commission on
    March 28, 2007.
(5)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    June 23, 2008.
(6)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    March 24, 2008.
(7)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    May 12, 2008.
(8)
Incorporated by reference from the registrant's Quarterly
    Report on
Form 10-Q
filed with the Securities and Exchange Commission on
    November 6, 2009.
(9)
Incorporated by reference from the registrant's Annual
    Report on
Form 10-K
filed with the Securities and Exchange Commission on
    March 8, 2010.
(10)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    November 29, 2007.
II-5
Table of Contents
(11)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    May 27, 2008.
(b) Financial Statement Schedules.
Schedule II — Valuation and Qualifying Accounts
    for the years ended December 31, 2009, 2008 and 2007
    (unaudited) is included in the accompanying prospectus on
page F-18.
All other financial statement schedules have been omitted
    because they are not applicable or not required or because the
    information is included elsewhere in the Consolidated Financial
    Statements or the Notes thereto.
ITEM 17.
Undertakings.
a. The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
i. To include any prospectus required by section 10(a)(3)
    of the Securities Act of 1933;
ii. To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule 424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20 percent change in the
    maximum aggregate offering price set forth in the
    "Calculation of Registration Fee" table in the
    effective registration statement; and
iii. To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
2. That, for the purpose of determining any liability under
    the Securities Act of 1933, as amended, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
3. To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
4. That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities: The undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
i. Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
ii. Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
II-6
Table of Contents
iii. The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant; and
iv. Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
b. Insofar as indemnification for liabilities arising under
    the Securities Act of 1933 may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, we have been advised
    that in the opinion of the Securities and Exchange Commission
    such indemnification is against public policy as expressed in
    the Securities Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by us of expenses incurred or paid by a
    director, officer or controlling person of the registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the registrant
    will, unless in the opinion of our counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
c. The undersigned registrant hereby undertakes that:
1. For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule 430A and contained in a form of
    prospectus filed by the registrant pursuant to
    Rule 424(b)(1) or (4) or 497(h) under the Securities
    Act shall be deemed to be part of this registration statement as
    of the time it was declared effective.
2. For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    herein, and the offering of such securities at that time shall
    be deemed to be the initial
bona fide
offering thereof.
II-7
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
    registrant certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
Form S-1
and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of Atlanta, State of Georgia, on the 31st day of
    March, 2010.
GEOVAX LABS, INC.
By:
/s/  Robert
    T. McNally
Robert T. McNally Ph.D.
President and Chief Executive Officer
POWER OF
    ATTORNEY
KNOW ALL MEN BY THESE PRESENTS
, that each person whose
    signature appears below constitutes and appoints Robert T.
    McNally and Mark W. Reynolds, and each of them, his true and
    lawful attorneys-in-fact and agents, with full power of
    substitution and resubstitution, for him and in his name, place
    and stead in any and all capacities, to sign any or all
    amendments to this Registration Statement on
Form S-1
(including post-effective amendments), and to file the same,
    with all exhibits thereto, and other documents in connection
    therewith with the Securities and Exchange Commission, granting
    unto said attorneys-in-fact and agents full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises, as fully and to
    all intents and purposes as he might or could do in person,
    hereby ratifying and confirming that said attorneys-in-fact and
    agents, or their substitute or substitutes, may lawfully do or
    cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed by the following persons
    in the capacities and on the dates indicated.
Name
Title
Date
/s/  Robert
    T. McNally
Robert
    T. McNally, Ph.D.
Director President & Chief Executive Officer
    (Principal Executive Officer)
March 31, 2010
/s/  Mark
    W. Reynolds
Mark
    W. Reynolds
Chief Financial Officer (Principal Financial and Accounting
    Officer)
March 31, 2010
/s/  Steven
    S. Antebi
Steven
    S. Antebi
Director
March 31, 2010
/s/  David
    A. Dodd
David
    A. Dodd
Director
March 31, 2010
Donald
    G. Hildebrand
Director
, 2010
/s/  Dean
    G. Kollintzas
Dean
    G. Kollintzas
Director
March 31, 2010
II-8
Table of Contents
Name
Title
Date
Harriet
    L. Robinson
Director
, 2010
/s/  John
    N. Spencer, Jr.
John
    N. Spencer, Jr.
Director
March 31, 2010
/s/  Peter
    M Tsolinas
Peter
    M Tsolinas
Director
March 31, 2010
II-9
Table of Contents
Exhibit Index
Exhibit
Number
Description
1
.1***
Form of Placement Agency Agreement
2
.1
Agreement and Plan of Merger by and among GeoVax, Inc., GeoVax
    Acquisition Corp. and Dauphin Technology, Inc., dated
    January 20, 2006(1)
2
.2
First Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated June 29, 2006(2)
2
.3
Second Amendment to Agreement and Plan of Merger by and among
    GeoVax, Inc., GeoVax Acquisition Corp. and Dauphin Technology,
    Inc., dated September 27, 2006(3)
3
.1
Certificate of Incorporation(5)
3
.2
Bylaws(5)
4
.1***
Form of Subscription Agreement
4
.2***
Form of Unit Warrant
5
.1***
Opinion of Womble Carlyle Sandridge & Rice, PLLC
10
.1*
Employment Agreement by and between GeoVax Labs, Inc. and Robert
    T. McNally dated April 1, 2008(6)
10
.2*
Employment Agreement between GeoVax, Inc. and Mark W. Reynolds,
    as amended and restated, dated as of January 1, 2010(9)
10
.3*
Employment Agreement between GeoVax, Inc. and Harriet L.
    Robinson dated as of November 19, 2007(9)
10
.4*
Employment Agreement by and between GeoVax, Inc. and Mark Newman
    dated as of January 4, 2010(9)
10
.5*,***
GeoVax Labs, Inc. 2006 Equity Incentive Plan
10
.6
License Agreement by and between GeoVax, Inc. and Emory
    University, as amended and restated, dated June 23, 2004(3)
10
.7
Technology Sale and Patent License Agreement between GeoVax,
    Inc. and MFD, Inc., dated December 26, 2004(3)
10
.8
Office and Laboratory Lease by and between UCB, Inc. and GeoVax,
    Inc., dated August 31, 2009(8)
10
.10
Consulting Agreement by and between Donald G. Hildebrand and
    GeoVax Labs, Inc., as amended, dated December 11, 2009(6)
10
.11
Common Stock Purchase Agreement, by and between GeoVax Labs,
    Inc. and Fusion Capital Fund II, LLC(7)
10
.12
Registration Rights Agreement, by and between GeoVax Labs, Inc.
    and Fusion Capital Fund II, LLC(7)
10
.13*
Summary of the GeoVax Labs, Inc. Director Compensation Plan(9)
10
.14*,**
Form of Incentive Stock Option Agreement under GeoVax, Inc. 2002
    Stock Option and Incentive Plan
10
.15*,**
Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2002 Stock Option and Incentive Plan
10
.16*,**
Form of Non-Qualified Stock Option Agreement under GeoVax, Inc.
    2006 Equity Incentive Plan
10
.17**
Form of Warrant issued to Peter Tsolinas(10)
10
.18**
Form of Five Year Warrant Agreement issued to Peter Tsolinas(11)
21
.1
Subsidiaries of the Registrant(4)
23
.1**
Consent of Porter Keadle Moore LLP, an independent registered
    public accounting firm
23
.2**
Consent of Tripp, Chafin & Company, LLC, an
    independent registered public accounting firm
23
.3
Consent of Womble Carlyle Sandridge & Rice, PLLC
    (contained in the opinion filed as Exhibit 5.1 hereof)
24
.1
Power of Attorney (included on signature page to this
    Registration Statement)
Table of Contents
*
Indicates a management contract or compensatory plan or
    arrangement.
**
Filed herewith.
***
To be filed by amendment.
(1)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    January 24, 2006.
(2)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    July 13, 2006.
(3)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    October 4, 2006.
(4)
Incorporated by reference from the registrant's Annual
    Report on
Form 10-K
filed with the Securities and Exchange Commission on
    March 28, 2007.
(5)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    June 23, 2008.
(6)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    March 24, 2008.
(7)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    May 12, 2008.
(8)
Incorporated by reference from the registrant's Quarterly
    Report on
Form 10-Q
filed with the Securities and Exchange Commission on
    November 6, 2009.
(9)
Incorporated by reference from the registrant's Annual
    Report on
Form 10-K
filed with the Securities and Exchange Commission on
    March 8, 2010.
(10)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    November 29, 2007.
(11)
Incorporated by reference from the registrant's Current
    Report on
Form 8-K
filed with the Securities and Exchange Commission on
    May 27, 2008.