A Medical Device Daily

Biotechnology firm Oragenics (Alachua, Florida) reported that it has closed an investment contract with the Koski Family Limited Partnership to provide new capital for continuing operations. Pursuant to this contract, the Koski Family Limited Partnership agreed to invest $4 million in equity in exchange for 50 million common shares, and warrants to purchase 1million additional shares for 10 cents each. The equity investment consists of $1.5 million in cash at closing and $2.5 million in the form of a non-interest bearing promissory note, to be paid in five equal monthly installments of $500,000 commencing July 31. In addition, the Koski Family Limited Partnership has provided Oragenics with a loan in the amount of $1 million secured by certain assets owned by Oragenics.

Pursuant to the terms of this investment, Richard Welch, Derek Hennecke, and Kevin Sills have resigned from Oragenics board, and have been replaced by David Hirsch, Robert Koski, and Christine Koski. Dr. Jeffrey Hillman remains. David Hirsch has been appointed CEO of Oragenics, going forward.

Oragenics has a number of products in discovery, preclinical and clinical development, with a concentration in the main therapeutic area of infectious diseases, diagnostics, and oral health.