Oragenics lowers strike price on warrants sold in 2006 private placement

By Devika Patel

Knoxville, Tenn., Jan. 17 - Oragenics, Inc. amended the terms of warrants sold in a private placement which settled in March 2006, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The warrants expire on Feb. 8 and Oragenics' board of directors determined it would be in the best interest of the company to lower the exercise price to $0.44 from $0.60. The new strike price was the closing price on the American Stock Exchange of the company's common stock on Jan.11, the date the amendment was approved.

The reduction in the exercise was made in an effort by the company to increase the likelihood that holders would exercise their warrants and provide the company with needed capital.

Because Oragenics' chairman David Gury, director Jeffrey Hillman and former chief executive officer and former director Robert Zahradnik are holders of the warrants, the company's independent disinterested directors also approved the amendment to the warrants separately.

Oragenics is a biopharmaceutical company based in Alachua, Fla.

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