SARASOTA, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) -- Oragenics, Inc. (NYSE: OGEN), a biotechnology company advancing innovative treatments for brain-related health conditions, today announced the conversion of its remaining outstanding convertible Series A and Series B Preferred Shares into common stock. The conversion helps simplify the company's capital structure and eliminates approximately $2.35 million in liquidation preference, effectively removing a significant overhang on the company's stock.
Holders of the Company's remaining 5,417,000 Series A Preferred Shares and 4,050,000 Series B Preferred Shares exercised their right to convert their shares into a total of approximately 22,000 common shares. The Series A and B Preferred Shares, which carried no voting rights, have now been fully retired.
"This conversion is a pivotal step for Oragenics as we simplify our financial structure and strengthen our foundation for future growth,” said Janet Huffman, Chief Financial Officer of Oragenics. "Eliminating the liquidation preference removes a significant overhang on our stock, aligning with our commitment to creating long-term value for shareholders and positioning us to focus on advancing our innovative pipeline of treatments for neurological and rare diseases.”
About Oragenics:
Oragenics is a development-stage biotechnology company focused on nasal delivery of pharmaceutical medications in neurology and fighting infectious diseases, including drug candidates for treating mild traumatic brain injury (mTBI), also known as concussion, and for treating Niemann Pick Disease Type C (NPC), as well as proprietary powder formulation and an intranasal delivery device. For more information, please visit www.oragenics.com.
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Investor Contact
Rich Cockrell
Investor Relations
404.736.3838
