New York, May 23 - Oragenics, Inc. said it has obtained a $9 million equity line of credit from Fusion Capital Fund II, LLC.
Once the registration statement for the securities has been declared effective, Oragenics will be able to sell up to $15,000 of its stock a day to Fusion at the market price on the day of sale.
Oragenics also has the option to sell a further $9 million anytime up to 30 days after the initial stock purchase agreement is exhausted.
Under the initial line, Oragenics has the option to decrease the daily purchase amount or, as its stock price rises, increase the quantity.
Oragenics is an Alachua, Fla.-based biotechnology company aiming to develop products from research at the University of Florida. Initially it is working on a lifelong treatment for tooth decay, antibiotics and cancer and tuberculosis.
Its stock closed at $1.85 Monday.
| Issuer: | Oragenics, Inc.
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| Issue: | Stock purchase agreement
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| Amount: | $9 million (option for additional $9 million)
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| Term: | 30 months
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| Price: | Market price on day of sale
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| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Announcement date: | May 23
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| Stock price: | $1.85 at close May 23
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