Oragenics finalizes iviGene purchase
US biopharmaceutical company Oragenics says that it has acquired all the outstanding shares of iviGene Corp, a privately-held, early-stage development company focused on infectious diseases, in a transaction for 185,186 shares of its own common stock. The firm added that the deal was unanimously approved by the boards of both companies.
Oragenics said that the purchase includes the transfer of two gene and protein biomarker technology patents held by iviGene which, it said, have potential in the diagnosis and treatment of a wide range of infectious diseases and cancers. Robert Zahradnik, Oragenics' president, said that the acquisition significantly expanded the firm's product development capabilities.
Shares in Oragenics, which is required to issue a resale registration statement for the newly-issued stock within 90 days of the deal, rose $0.02 to $1.27 in morning trading on the American Stock Exchange on the day of the news, November 20.
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