aibioOragenics says Series H preferred raise brought $16.5 million in gross proceeds
Tickers OGEN
Net proceeds were about $15.2 million after fees and expenses. The company plans to start a Phase IIa concussion trial in Q3 2025.
Key facts
- Company
- Oragenics Inc. (AMEX: OGEN)
- News type
- Financings
- Primary source
- Oragenics Inc. 8-K (2025-08-11)
Oragenics, Inc. (NYSE American: OGEN) said in a second-quarter shareholder update dated August 11, 2025 that a recent sale of Series H Convertible Preferred Stock and warrants raised $16.5 million in gross proceeds. Net proceeds were about $15.2 million after fees and expenses. The preferred stock can be exchanged for common shares later, and the warrants let holders buy more shares at a set price.
The update, filed as an 8-K exhibit, does not give the number of preferred shares, the conversion price, the warrant exercise price or the identity of the investors.
Who sold the Series H
The update names no placement agent, underwriter or lender for the Series H sale. The company's 2024 annual report names Dawson James Securities, Inc. on two other deals. Dawson James was the counterparty to an at-the-market (ATM) agreement under which the company sold 7.8 million shares in February 2025 for $2.75 million gross. It was also placement agent for a $2.5 million gross private placement of a $3 million note and 1,000,000 shares of Series G Mirroring Preferred Stock, closed on March 13, 2025. Under a placement agreement dated February 26, 2024, Dawson James received 6% of gross proceeds plus reimbursement of its counsel's legal fees.
Cash before the raise
The annual report put cash and cash equivalents at $0.8 million on December 31, 2024, enough to fund the operating plan only through the first quarter of 2025. It described the company's liquidity as limited. After the February ATM sales and the March note and Series G deal, the report said the company could fund its operating plan through the third quarter of 2025. Net losses were $10.6 million in 2024 and $20.7 million in 2023, and the accumulated deficit reached $216.8 million at year-end 2024. The report says the company may not be able to continue as a going concern.
It also describes a demand from Ladenburg Thalmann, which claims the company owes $2.5 million over its purchase of the Neurology Assets.
Six-month results
For the six months ended June 30, 2025, the company says research and development expense fell 50% from a year earlier, general and administrative costs fell 8%, and net loss fell 6%. It expects research spending to rise once the Phase IIa trial starts. The update gives no dollar figures for those results and no cash balance as of June 30, 2025.
The concussion program
The lead candidate, ONP-002, is an intranasal treatment for concussion that the company acquired in 2024. The update sets a Phase IIa start in the third quarter of 2025 and an investigational new drug filing for a Phase IIb trial in the third or fourth quarter of 2025. It projects Phase IIa data in the third quarter of 2026, and a U.S. Phase IIb start in the fourth quarter of 2026. Australia's Human Research Ethics Committee has approved the trial, and Southern Star Research is the clinical research organization. The update also lists a U.S. cGMP manufacturing agreement with Sterling Pharma Solutions, and Chief Executive Officer Janet Huffman is quoted throughout.
The company says it hopes ONP-002 could become the first FDA-approved drug for concussion. The update cites "strong preclinical efficacy and Phase I safety data" but gives no figures for either, and it reports no efficacy data from patients. The update also cites a nasal drug delivery market "projected to exceed $40 billion by 2030" without naming a source.
The raise and the plan
The update says the proceeds may fund accelerated ONP-002 trials, platform work, manufacturing and regulatory tasks, and working capital. It also says the company continues to look for non-dilutive funding, including government grants and strategic partnerships. The Series H can convert into common stock, so the share count could rise as holders convert. The update does not say how much of the net proceeds goes to each use, and it does not state the company's cash position after the raise in dollars.