Shares of Oragenics were below previous 52-week lows in Tuesday’s after-hours market, following news the company was planning to sell shares and warrants in an underwritten public offering.
After the bell, the stock had fallen 24%, to $1.87 a share. The stock previously hit a 52-week low of $2.10 on Feb. 5.
The company said proceeds from the offering would be used “to fund the continued development of ONP-002, which is a unique neurosteroid drug compound intended to treat mild traumatic brain injuries also known as concussions,” and for other purposes.