Oragenics, Inc. Announces 3Q 2018 Financial Results and Provides Corporate Update
November 14 2018 - 7:27PM
Business Wire
Oragenics, Inc. (NYSE American: OGEN), a leader in the
development of new antibiotics against infectious diseases and
effective treatments for oral mucositis, announced financial
results for the quarter ended September 30, 2018.
As of September 30, 2018, the Company reported $13.8 million in
cash, compared to $6.2 million as of December 31, 2017. In
addition, the company has received an additional $9.5 million in
cash proceeds as a result of the exercise of 9.5 million warrants.
As of November 13, 2018, the Company had approximately $22.3
million in cash. Total operating expenses, which include research
and development and general and administrative expenses were $2.8
million for the third quarter of 2018, compared to $1.9 million for
the same period during 2017.
“We are pleased with the recent exercise of warrants that
provided us with an additional $9.5 million of capital. Our cash on
hand will be used to continue the clinical site expansion of our
ongoing Phase 2 clinical trial of our lead compound, AG013, for the
prevention of oral mucositis, as well as the advancement of our
novel lantibiotic treatment for Clostridium difficile, OG716,”
commented Alan Joslyn, president and CEO of Oragenics, Inc. “We
look forward to advancing both compounds’ development and to
providing updates to our shareholders on those results.”
Further details concerning Oragenics, Inc.’s financial filings
can be found by accessing the United States Securities and Exchange
Commission website at www.sec.gov.
About AG013
AG013, which has been granted Fast Track designation with the
U.S. Food and Drug Administration and orphan drug status in Europe,
is an ActoBiotics® therapeutic candidate formulated to deliver the
therapeutic molecule Trefoil Factor 1 to the mucosal tissues in the
oral cavity in a convenient oral rinsing solution. Trefoil Factors
are a class of peptides involved in the protection of
gastrointestinal tissues against mucosal damage and play an
important role in subsequent repair. The compound was designed by
the company’s strategic partner, ActoBio Therapeutics, Inc., a
wholly-owned subsidiary of Intrexon Corporation (NYSE: XON).
About Lantibiotics
Lantibiotics are a class of antibiotic compounds with novel
mechanism of action, prized for their ability to overcome
antibiotic-resistant infections. With resistant strains on the
rise, particularly healthcare-acquired infections (HAI), the need
for these potent lantibiotic agents is critical. Oragenics is
pursuing the commercial-scale production of a lantibiotic for use
as an antimicrobial.
About Oragenics, Inc.
We are focused on becoming a leader in novel antibiotics against
infectious disease and on developing effective treatments for oral
mucositis. Oragenics, Inc. has established two exclusive worldwide
channel collaborations with Intrexon Corporation and its
subsidiaries. The collaborations allows Oragenics to accelerate the
development of much needed new antibiotics that can work against
resistant strains of bacteria and the development of
biotherapeutics for oral mucositis and other diseases and
conditions of the oral cavity, throat, and esophagus.
For more information about Oragenics, please visit
www.oragenics.com.
Safe Harbor Statement: Under the Private Securities
Litigation Reform Act of 1995: This release includes
forward-looking statements that reflect management’s current views
with respect to future events and performance. These
forward-looking statements are based on management’s beliefs and
assumptions and information currently available. The words “
believe,” “ expect,” “ anticipate,” “ intend,” “ estimate,” “
project” and similar expressions that do not relate solely to
historical matters identify forward-looking statements. Investors
should be cautious in relying on forward-looking statements because
they are subject to a variety of risks, uncertainties, and other
factors that could cause actual results to differ materially from
those expressed in any such forward-looking statements. These
factors include, but are not limited to, risks and uncertainties
described in our filings with the U.S. Securities and Exchange
Commission. Oragenics assumes no responsibility to update any
forward-looking statements contained in this press release or with
respect to the matters described herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20181114005997/en/
Oragenics, Inc.Corporate:Michael Sullivan,
813-286-7900Chief Financial
Officermsullivan@oragenics.comorInvestors:John
MarcoManaging DirectorCORE
IR310-819-2948johnm@coreir.comMedia:Jules AbrahamCORE
IR917-885-7378julesa@coreir.com
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