Oragenics, a leading biotechnology company, announced its acquisition of Odyssey Health’s assets related to innovative neurological drug therapies and technologies. This strategic move positions Oragenics at the forefront of cutting-edge medical advancements in the field.
Expanding Treatment Capabilities for Concussions and Niemann Pick Disease Type C
Among the assets obtained by Oragenics are groundbreaking drug candidates for the treatment of concussions and Niemann Pick Disease Type C. These potential therapies have shown promising results in early research and development stages. The acquisition also includes Odyssey’s proprietary powder formulation and nasal delivery device, offering enhanced methods for administering these potential treatments.
Ongoing Operations and Management
While Oragenics takes ownership of the specified assets, Odyssey will continue to focus on its other operations and assets. This allows both companies to streamline their respective areas of expertise and amplify their growth potentials.
As part of the agreement, Oragenics will make cash payments totaling $1 million to Odyssey. Additionally, Odyssey will receive 8 million shares of Oragenics’ series F convertible preferred stock. The transaction is scheduled to be finalized in the fourth quarter of 2023, subject to customary closing conditions.
Collaborative Development Efforts
Following the completion of this transaction, select members of Odyssey’s management team will join Oragenics. Their valuable expertise will play a vital role in leading the continued development of Odyssey’s pipeline of neurological drug therapies and technologies in partnership with Oragenics.
Advancing ONP-002 for Concussion Treatment
One of the key highlights from these acquisitions is ONP-002, Odyssey’s lead concussion asset. Oragenics and Odyssey are diligently preparing for Phase 2 clinical trials to further evaluate the safety and efficacy of this groundbreaking therapy. This represents a significant step forward in addressing the vital need for effective concussion treatments.