TAMPA — Oragenics Inc. has raised $22 million through the sale of common stock and by exercising warrants on its common stock, the company says.
The Tampa-based COVID-19 vaccine maker also announced that it has given notice to the holders of its Series C, non-convertible preferred stock that it intends to redeem those shares.
“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,” says Oragenics President and CEO Alan Joslyn in a statement.
“In addition, we will be able to advance our lantibiotics program, which is directed at solving the problem of multidrug-resistant organisms.”
The redemption of Oragenics’ Series C preferred stock is expected to amount to $5.6 million and will eliminate accruing annual 20% preferred dividend payments to shareholders.
The redemption payment date for the preferred stock is anticipated to be March 15, the company says.
The currently outstanding 160.180 shares of the stock will be redeemed at $33,847.9874 per share and include accrued and unpaid dividends through March 13. After the payment, the Series C preferred stock will no longer be deemed outstanding and dividends will cease to accrue.
Oragenics raised the capital from the common stock sale through an agreement with Alliance Global Partners. Additionally, the company raised $1.9 million from the exercise of common stock warrants.
Oragenics is focused on the creation of a vaccine to combat the novel coronavirus pandemic and the further development of effective treatments for novel antibiotics against infectious diseases.
The company hopes to develop vaccines commercially and it also has an exclusive worldwide channel collaboration with Eleszto Genetika Inc. relating to the development of novel lantibiotics.