Oragenics, Inc. to Explore Strategic Alternatives for its OTC Probiotic Products Business

Florida-based biopharmaceutical company Oragenics, Inc. MKT has announced today that its board of directors has authorized the exploration of strategic alternatives with respect to the Company's over-the counter (OTC) probiotic business. These alternatives could include joint ventures, strategic partnerships or alliances, a sale of the OTC probiotic products business or other possible transactions. “The board of directors and management team are committed to further enhancing value for all Oragenics shareholders,” said Dr. Frederick Telling, Oragenics' Chairman. “We believe it is a prudent time to explore strategic alternatives for this business unit as we concentrate and focus our efforts and resources on the ongoing collaborations we have with Intrexon Corporation (“Intrexon”) for the development of our novel class of antibiotics known as lantibiotics and probiotics for treatment of diseases of the oral cavity.” Michael Sullivan, the Chief Financial Officer and Interim Principal Executive Officer of Oragenics added, “As the board focuses on exploring alternatives, we will be continuing with our strategy of seeking to accelerate the development of our lantibiotics, driving efficiencies wherever possible, and managing and reducing costs where appropriate.” There can be no assurance that the board's evaluation process will result in any transaction, or that any transaction, if pursued, will be consummated. We do not currently intend to disclose further developments with respect to this process or provide any additional information unless or until our board of directors approves a specific transaction or otherwise concludes the evaluation process. In addition, the board of directors recently approved the Company's budget for 2015 containing appropriate lantibiotic program spending levels the Company believes will allow for sufficient working capital to meet the Company's business objectives as presently structured over the next twelve months . The board also reiterated that several board members are continuing to provide assistance to the Company and Mr. Sullivan on management and product development matters while the search for a new Chief Executive Officer is being conducted.