Tampa biotech firm's shares slide 42% after $2.1M capital raise announcement

Oragenics, a publicly traded Tampa-based pharmaceutical company, says it will offer 1.4 million shares for $1.50 per share, seeking proceeds of $2.1 million to fund a promising brain-injury treatment.

The announcement is notable since Oragenics' lead product is a COVID-19 vaccine candidate. But the pharmaceutical company seems to be aiming to maintain a diverse menu.

The announcement is also notable for its dilutive nature: Dow Jones Newswires reports the company's share price closed at $2.45 Tuesday. It then fell more than 40% in premarket trading Wednesday after the announcement, Dow Jones reports. Oragenics shares closed Wednesday at $1.42, down -42.04%.