Oragenics Inc. Raises $16.5 Million to Advance Intranasal Concussion Therapy
Oragenics Inc. has successfully closed a $16.5 million public offering to fund the development of its intranasal therapy for concussions, marking a significant step forward in neurological disorder treatments.
Oragenics Inc. (NYSE American: OGEN), a clinical-stage biotechnology company, has announced the closing of its public offering of Series H Convertible Preferred Stock and Warrants, raising approximately $16.5 million in gross proceeds. This financial boost is earmarked for the clinical development of ONP-002, the company's innovative intranasal therapy aimed at treating concussions, alongside repaying a $3 million bridge note and supporting ongoing research and development efforts. The offering, which saw the sale of 660,000 units at $25.00 each, includes warrants that could potentially double the raised amount if fully exercised. Dawson James Securities served as the sole placement agent for this offering.
The significance of this funding round lies in its potential to accelerate the development of ONP-002, a promising treatment for mild traumatic brain injury (mTBI), commonly known as concussion. With concussions being a prevalent issue in sports and military activities, the advancement of ONP-002 could address a critical unmet need in neurological care. The successful completion of this offering underscores investor confidence in Oragenics' innovative approach to treating neurological disorders through intranasal delivery systems.
For further details on Oragenics and its groundbreaking work in neurology and infectious diseases, visit https://www.Oragenics.com. Additional information about the offering and Oragenics' pipeline can be found in the company's newsroom at https://ibn.fm/OGEN.