Oragenics Announces Recent Capital Raise & Warrant Exercises Totaling $21.9 Million & the Redemption of Its Series C Preferre...
February 12 2021 - 8:00AM
Business Wire
Oragenics, Inc. (NYSE American: OGEN) (“Oragenics” or the
“Company”) announced it has raised approximately $20 million from
the sale of common stock through a sales agreement with
A.G.P./Alliance Global Partners for an “at-the-market” facility. In
addition, the Company also received approximately $1.9 million from
the exercise of common stock warrants. In turn, Oragenics has given
a notice for the redemption of all outstanding shares of the
Company’s Series C, Non-Convertible, Preferred Stock (the “Series C
Preferred Stock”) to the holder of the Series C Preferred
Stock.
Commenting on these developments, Alan Joslyn, President and
Chief Executive Officer of Oragenics, said, “We are delighted that
we were able to raise capital to fund our operations through a
number of anticipated key value-creating milestones towards the
initiation of the Phase 2 clinical trial of our SARS CoV-2 vaccine,
Terra CoV-2. In addition, we will be able to advance our
lantibiotics program, which is directed at solving the problem of
multidrug-resistant organisms. Importantly, the redemption of our
Series C Preferred Stock in the amount of $5.6 million eliminates
the accruing annual 20% preferred dividend payment.”
The redemption payment date of the Series C Preferred Stock will
be March 15, 2021 (the “Redemption Payment Date”). The currently
outstanding, 160.180 shares of Series C Preferred Stock, will be
redeemed at a redemption price equal to the stated value of
$33,847.9874 per share of Series C Preferred Stock, and include
accrued and unpaid dividends through March 13, 2021 (the
“Redemption Price”). After payment of the Redemption Price, the
Series C Preferred Stock will no longer be deemed outstanding and
dividends on the Series C Preferred Stock will cease to accrue.
This press release does not constitute a Redemption Notice under
the Certificate of Designation governing the Series C Preferred
Stock and is qualified in its entirety by reference to the
Redemption Notice issued by or on behalf of the Company.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities of the Company nor
shall there be any sale of securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification of such
securities under the securities laws of any such state or other
jurisdiction.
About Oragenics, Inc.
Oragenics, Inc. is focused on the creation of the Terra CoV-2
vaccine candidate to combat the novel coronavirus pandemic and the
further development of effective treatments for novel antibiotics
against infectious diseases. The Company is dedicated to the
development and commercialization of a vaccine candidate providing
specific immunity from novel coronavirus. The Terra CoV-2
immunization leverages coronavirus spike protein research conducted
by the National Institutes of Health. In addition, Oragenics has an
exclusive worldwide channel collaboration with Eleszto Genetika,
Inc. relating to the development of novel lantibiotics.
For more information about Oragenics, please visit
www.oragenics.com.
Forward-Looking Statements
This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995, as
amended, that involve significant risks and uncertainties about
Oragenics, including but not limited to statements with respect to
the completion, timing, size, and use of proceeds of the proposed
underwritten offering of common stock. Oragenics may use words such
as "expect," "anticipate," "project," "intend," "plan," "aim,"
"believe," "seek," "estimate," "can," "focus," "will," and "may"
and similar expressions to identify such forward-looking
statements. Among the important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are risks relating to, among other
things, whether or not Oragenics will be able to raise capital,
market and other conditions, Oragenics’ business and financial
condition, and the impact of general economic, industry or
political conditions in the United States or internationally. For
additional disclosure regarding these and other risks faced by
Oragenics, see disclosures contained in Oragenics’ public filings
with the SEC, including the "Risk Factors" in the company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. You should
consider these factors in evaluating the forward-looking statements
included in this press release and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and Oragenics undertakes no obligation to update such
statements as a result of new information, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210212005119/en/
Oragenics, Inc. Michael Sullivan, Chief Financial Officer
813-286-7900 msullivan@oragenics.com or LHA Investor
Relations Kim Golodetz 212-838-3777 kgolodetz@lhai.com
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