Home Trending Stocks Oragenics Inc (OGEN) stock rallied on Tuesday but WHY?

Oragenics Inc (OGEN) stock rallied on Tuesday but WHY?

Oragenics Inc. (OGEN) shares jumped 4.1% to trade at $0.721 in after-market on Tuesday, May 18, 2021. Earlier, OGEN’s stock gained 11.53% to close Tuesday’s session at $0.69. OGEN shares have risen 29.07% over the last 12 months, and they have moved up 4.94% in the past week. Over the past three months, the stock has declined 46.31%, while over the past six months, it has soared 46.12%.

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Let’s see is there any reason behind its gains on Tuesday?

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Letter to Shareholders

On May 18, 2021, the executive Chairman of Oragenics Inc, Frederick W. Telling, Ph.D. issued a letter to the company’s shareholders.

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He said that the company is working quickly to develop the Terra CoV-2 vaccine candidate to address SARS-CoV-2 and its variants, as well as a new class of antibiotics to address the daunting problem of antibiotic resistance.

Overhaul in Management and Board of Directors

On May 2, 2021, Dr. Alan Joslyn resigned as Chief Executive Officer, President, and director of Oragenics, Inc.

Mr. Sullivan, the Company’s current Chief Financial Officer, will serve as the Company’s interim principal executive officer to address the vacancy created by Dr. Joslyn’s resignation.

Also, Dr. Frederick Telling transitioned from Chairman of the Board to the newly established position of Executive Chairman, effective immediately, during the interim period before a new CEO is hired

Oragenics’s CoV-2 S-2P demonstrated protective immunity in mice

In February 2021, Oragenics, Inc released the data from the National Institutes of Health (NIH) that confirmed the stabilized prefusion spike protein CoV-2 S-2P induced protective immunity in mice challenged with mouse-adapted SARS-CoV-2 virus.

Material transfer agreement with Biodextris 

On March 9, 2021, Oragenics entered into a material transfer agreement with Biodextris Inc. for the use of three intranasal mucosal adjuvants in the Company’s Terra CoV-2 vaccine against COVID-19.

Selling common stock

On February 12, 2021, Oragenics reported that it has raised approximately $20 million from the sale of common stock through a sales agreement with A.G.P.Alliance Global Partners for an “at-the-market” facility. The company also received approximately $1.9 million from the exercise of common stock warrants.

Oragenics also started redemption of all outstanding shares of the Company’s Series C, Non-Convertible, Preferred Stock to the holder of the Series C Preferred Stock.

Closing of registered direct offering

On December 30, 2021, Oragenics closed its previously announced registered direct offering of 14,444,444 shares of common stock at a purchase price of $0.45 per share.

The company will get gross proceeds of $6.5 million from the offer and intends to use the net proceeds for the development of Oragenics SARS-CoV-2 vaccine

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Conclusion

As of this writing, there is no recent news to justify its positive performance on Tuesday. Investors may be betting on its Covid-19 vaccine development which has shown improved results recently.

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