TAMPA, Fla.--(BUSINESS WIRE)--On July 5, 2010, Oragenics, Inc. (the “Company”) (OTCBB: ORNI) entered into a Common Stock Purchase Agreement (the “Agreement”) with the Koski Family Limited Partnership (“KFLP”), an accredited investor and the Company’s largest shareholder. The entering into of the Agreement was approved by the Company’s disinterested directors. Pursuant to the terms of the Agreement, at Closing the Company is to issue 5.0 million shares of its Common Stock to the KFLP at a price of $0.40 per share. The $2.0 million aggregate consideration to be paid by the KFLP is to consist of (i) $1,000,000 cash payable at Closing, and (ii) the exchange and cancellation of the outstanding $1.0 million promissory note issued to the KFLP on May 25, 2010. Accrued interest on the note will be waived by the KFLP upon Closing, which is expected to occur on or before July 31, 2010 and is subject to the continued accuracy of representations and warranties of the Company in the Agreement and the other customary conditions set forth herein.
