Sarasota biotech company announces $20M public offering

A publicly traded Sarasota biotechnology company has announced a public offering of up to $20 million of preferred stock.

Oragenics, which trades on the New York Stock Exchange under the ticker OGEN, is offering 800,000 shares of its stock at $25 per share, according to a statement. 

The company says it plans to use the net proceeds from the offering, along with its existing cash, for several purposes: 

• To fund its ongoing trials for ONP-2, a neurosteroid designed to treat concussion, along with other related research and development activities
• To repay a $3 million bridge note
• For working capital and other general corporate purposes

Headquartered at 1990 Main St., Oragenics is a developmental-stage biotechnology company. It focuses on nasal delivery of pharmaceutical medications in neurology and fighting infectious diseases, according to a statement, including drug candidates for treating mild traumatic brain injury (also known as concussion) as well as a proprietary powder formulation and intranasal delivery device.

The public offering is expected to close July 2. Dawson James Securities, Inc. is acting as the sole placement agent for the offering.