Oragenics, Inc. Announces 3Q 2018 Financial Results and Provides Corporate Update
TAMPA, Fla.--(BUSINESS WIRE)-- Oragenics, Inc. (NYSE American: OGEN), a leader in the development of new antibiotics against infectious diseases and effective treatments for oral mucositis, announced financial results for the quarter ended September 30, 2018.
As of September 30, 2018, the Company reported $13.8 million in cash, compared to $6.2 million as of December 31, 2017. In addition, the company has received an additional $9.5 million in cash proceeds as a result of the exercise of 9.5 million warrants. As of November 13, 2018, the Company had approximately $22.3 million in cash. Total operating expenses, which include research and development and general and administrative expenses were $2.8 million for the third quarter of 2018, compared to $1.9 million for the same period during 2017.
“We are pleased with the recent exercise of warrants that provided us with an additional $9.5 million of capital. Our cash on hand will be used to continue the clinical site expansion of our ongoing Phase 2 clinical trial of our lead compound, AG013, for the prevention of oral mucositis, as well as the advancement of our novel lantibiotic treatment for Clostridium difficile, OG716,” commented Alan Joslyn, president and CEO of Oragenics, Inc. “We look forward to advancing both compounds’ development and to providing updates to our shareholders on those results.”
Further details concerning Oragenics, Inc.’s financial filings can be found by accessing the United States Securities and Exchange Commission website at www.sec.gov.
AG013, which has been granted Fast Track designation with the U.S. Food and Drug Administration and orphan drug status in Europe, is an ActoBiotics® therapeutic candidate formulated to deliver the therapeutic molecule Trefoil Factor 1 to the mucosal tissues in the oral cavity in a convenient oral rinsing solution. Trefoil Factors are a class of peptides involved in the protection of gastrointestinal tissues against mucosal damage and play an important role in subsequent repair. The compound was designed by the company’s strategic partner, ActoBio Therapeutics, Inc., a wholly-owned subsidiary of Intrexon Corporation (NYSE: XON).
Lantibiotics are a class of antibiotic compounds with novel mechanism of action, prized for their ability to overcome antibiotic-resistant infections. With resistant strains on the rise, particularly healthcare-acquired infections (HAI), the need for these potent lantibiotic agents is critical. Oragenics is pursuing the commercial-scale production of a lantibiotic for use as an antimicrobial.
About Oragenics, Inc.
We are focused on becoming a leader in novel antibiotics against infectious disease and on developing effective treatments for oral mucositis. Oragenics, Inc. has established two exclusive worldwide channel collaborations with Intrexon Corporation and its subsidiaries. The collaborations allows Oragenics to accelerate the development of much needed new antibiotics that can work against resistant strains of bacteria and the development of biotherapeutics for oral mucositis and other diseases and conditions of the oral cavity, throat, and esophagus.
For more information about Oragenics, please visit www.oragenics.com.
Safe Harbor Statement: Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements that reflect management’s current views with respect to future events and performance. These forward-looking statements are based on management’s beliefs and assumptions and information currently available. The words “ believe,” “ expect,” “ anticipate,” “ intend,” “ estimate,” “ project” and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to, risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission. Oragenics assumes no responsibility to update any forward-looking statements contained in this press release or with respect to the matters described herein.
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Michael Sullivan, 813-286-7900
Chief Financial Officer
Source: Oragenics, Inc.
Released November 14, 2018