Oragenics slumps on deep-discounted equity offering

Oragenics

20/11/2020 14:07

(Updates with pricing details)
    ** Oragenics Inc  OGEN.A  shares down >25% premarket after
drug developer prices follow-on
    ** Co sells 14.2 mln shares, raises $5.25 mln primarily to
continue funding pre-clinical development of its SARS-CoV-2
vaccine, Terra CoV-2  urn:newsml:reuters.com:*:nBwbZLbVta
    ** Offering price of 37 cents is ~30% discount to stock's
last close 
    ** AGP sole bookrunner for offering
    ** Last month, co said U.S. FDA 'broadly' supports its
COVID-19 vaccine development approach, and expects to file new
drug application by Q1 end, 2021, and commence patient
enrollment in Q2, 2021  urn:newsml:reuters.com:*:nFWN2GW0RM  urn:newsml:reuters.com:*:nBw6nKy9Wa
    ** OGEN has 61 mln shares outstanding and ~50 mln shares of
free float, per Refinitiv data
    ** Stock, essentially flat YTD, had traded to as high as
$2.09 in Jul

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))