Oragenics, Inc. Receives Audit Opinion with Going Concern Explanation

Rhea-AI Summary

Oragenics, Inc. (AMEX: OGEN) announced that its 2021 financial statements contained an unqualified audit opinion with a going concern paragraph. This follows compliance with NYSE American regulations regarding audit opinions. The statements reflect no changes or amendments. Oragenics develops infectious disease treatments, including the NT-CoV2-1 intranasal COVID-19 vaccine and a lantibiotics program targeting antibiotic-resistant bacteria. Investors are cautioned about reliance on forward-looking statements due to inherent risks.

Positive

• Development of NT-CoV2-1 intranasal vaccine for COVID-19 and variants.
• Research collaboration with NIH for coronavirus spike protein.

Negative

• Audit opinion indicates concerns regarding the company's ability to continue as a going concern.

TAMPA, Fla.--(BUSINESS WIRE)-- Oragenics, Inc. (NYSE American: OGEN) (“Oragenics” or the “Company”) today announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed on March 24, 2022 with the Securities and Exchange Commission, the audited financial statements contained an unqualified audit opinion from its independent registered public accounting firm that included an explanatory paragraph related to the Company’s ability to continue as a going concern. See further discussion in footnote 1 to the Company’s financial statements included in the Company’s Annual Report on Form 10-K. This announcement is made pursuant to NYSE American LLC Company Guide Section 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the year ended December 31, 2021.

About Oragenics, Inc.

Oragenics, Inc. is a development-stage company dedicated to fighting infectious diseases including coronaviruses and multidrug-resistant organisms. Its lead product is NT-CoV2-1, an intranasal vaccine candidate to prevent COVID-19 and variants of the SARS-CoV-2 virus. The NT-CoV2-1 program leverages coronavirus spike protein research licensed from the NIH and the NRC with a focus on reducing viral transmission and offering a more patient-friendly intranasal administration. Its lantibiotics program features a novel class of antibiotics against bacteria that have developed resistance to commercial antibiotics. For more information about Oragenics, please visit www.oragenics.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs and assumptions and information currently available. The words "believe," "expect," "anticipate," "intend," "estimate," "project" and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to those described in our Form 10-K and other filings with the U.S. Securities and Exchange Commission. All information set forth in this press release is as of the date hereof. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220325005111/en/

Oragenics

Corporate Contact:

Michael Sullivan, 813-286-7900

Chief Financial Officer

msullivan@oragenics.com

or

LHA Investor Relations

Tirth T. Patel

212-201-6614

tpatel@lhai.com

Source: Oragenics, Inc.

FAQ

What did Oragenics announce regarding its financial statements?

Oragenics announced that its 2021 financial statements contained an unqualified audit opinion with a going concern paragraph.

What could affect Oragenics' future financial performance?

The company's future performance may be affected by the risks and uncertainties outlined in its filings with the U.S. Securities and Exchange Commission.

What is the lead product of Oragenics?

Oragenics' lead product is the NT-CoV2-1 intranasal vaccine candidate to prevent COVID-19.

What regulatory requirement did Oragenics fulfill with this announcement?

Oragenics made this announcement to comply with NYSE American LLC Company Guide Section 610(b) regarding audit opinions.

What are the potential risks mentioned in Oragenics' press release?

The risks include reliance on forward-looking statements which may differ from actual outcomes.