Oragenics will acquire Odyssey Health’s breath-powered intranasal delivery device and dry powder nasal formulations, in a deal that includes 8 million shares of Oragenics Series F preferred stock and a total of $1 million in cash, the companies said. The drugs included in the deal are Odyssey’s OPN-002 for the treatment of mild traumatic brain injury and ONP-001 for the treatment Niemann Pick Disease. Odyssey personnel are expected to join Oragenics to oversee continued development of the drugs.
Odyssey acquired OPN-002 from Prevacus in 2021. The company announced in September 2022 that Phase 1 results warranted advancing OPN-002 into Phase 2 development. In October 2022, Odyssey announced that it was creating a subsidiary to develop the intranasal drugs. Oragenics is developing an intranasal COVID-19 vaccine, NT-CoV2-1.
Oragenics President and CEO Kim Murphy commented, “We believe this strategic transaction could place Oragenics in a prime position to harness our expertise in intranasal administration, propelling us forward in neurological therapeutics. Our rigorous analysis of the underlying science and technologies has illuminated the immense potential of Odyssey’s neurological assets, which could significantly expand our potential reach into a broader market. Concussions have reached epidemic proportions across sports, the military and among the elderly, with more than 5 million Americans affected annually. Shockingly, there remains no FDA-approved treatment for this condition. We are excited by the prospect of addressing some of the world’s most pressing health challenges and evolving our company to enhance the lives of countless individuals.”
Odyssey Health President and CEO Michael Redmond said, “I look forward to working with Oragenics on further developing our assets. Our lead drug candidate for treating concussion has performed well in preclinical studies, generating promising efficacy and safety data in animal models. In addition, ONP-002 has completed a Phase 1 clinical study that concluded the drug is safe and well tolerated in humans. A pre-IND package has been submitted to the FDA for a Phase 2 trial and the collaboration with Oragenics allows for the advancement of these important neurological drug candidates.”
Read the Oragenics and Odyssey Health press release.
