Shares of GeoVax Labs, Inc. (NASDAQ: GOVX) kicked off Monday’s session with an increase of 23.36% in its share prices. The strong performance of the company highlighted the positive sentiments of the investor after the company announced that it has signed a license agreement with the National Institute of Allergy and Infectious Diseases (NIAID) to support the COVID-19 vaccine development.
The Patent and Biological Materials License Agreement will give access to NIAID’s patent rights in the stabilized SPIKE protein to GeoVax. SPIKE protein is the protein that is used by SARS-CoV-2 to enter the human tissue. This new agreement with NIAID will give GeoVax rights to manufacture, develop, and commercialize its COVID-19 vaccine.
GeoVax Labs, Inc. (NASDAQ: GOVX) shares were trading up 23.36% at $3.75 at the time of writing on Monday. GeoVax Labs, Inc. (GOVX) share price went from a low point around $2.30 to briefly over $92.00 in the past 52 weeks. It has traded up 62.76% from its 52-weeks low and moved down -95.92% from its 52-weeks low. GOVX market cap has remained high, hitting $10.79 million at the time of writing. It had a trading volume of 14.67 million as compared to the average volume of 134.56K.
After signing an agreement with NIAID, GeoVax will be able to use the materials and patent rights owned by agencies of the US Department of Health and Human Services (HHS). This is an important agreement for GeoVax in the current development of its COVID-19 vaccine. The company has designed and constructed four COVID-19 vaccine candidates.
Additionally, GeoWax continues to actively discuss additional funding support. The company is striving to secure the necessary manufacturing resources to advance medical development as soon as possible.