Oragenics gets capital boost

Oragenics Inc., a Tampa-based biopharmaceutical company, agreed to an equity sale with what was already the company's largest shareholder. The latest deal with the Koski Family Limited Partnership (KFLP) will improve the company's balance sheet by $2 million.

KFLP receives five million shares of Oragenics common stock valued at $0.40 a share, a release said. In exchange, the partnership provides Oragenics with $1 million in cash, and cancels an outstanding $1 million promissory note, eliminating the debt from the company's books.

Any interest accrued during the note's term was waived, the release explained.

In a related transaction, KFLP and Oragenics initiated a revolving credit agreement, making $2 million available to the Tampa-based firm for up to 12 months starting Aug. 1.

Oragenics Inc. is headquartered on Tampa's Bayport Drive, and has research facilities in Alachua.