Oragenics secured debt funding
Oragenics announces secured funding agreement.
Oragenics, Inc. announced on March 26, 2012, that the Tampa, Fla., company entered into a new loan agreement with the Koski Family Limited Partnership (KFLP) for $2.5 million in secured funding in two equal advances with the first advance occurring on March 23, 2012.
On March 23, 2012, Oragenics also entered into an exchange of notes for equity agreement with KFLP. KFLP agreed to the cancellation of $8.7 million of indebtedness in exchange for 6.285 million shares of Oragenics common stock based on a price of $1.39 per share.
“The additional financial resources and improved balance sheet resulting from these transactions will help Oragenics to continue its progress toward becoming a leader in oral care probiotics. Support from the KFLP comes at an important time in our strategic development,” said Dr. John N. Bonfiglio, CEO and president of Oragenics.
Oragenics is a nutraceutical company focused on oral care probiotics for humans and companion pets. The company’s proprietary Evora products and ProBiora3 are currently sold in the United States and international markets.