Odyssey Health closes asset sale with Oragenics

Odyssey Health announces the closing of the definitive Asset Purchase Agreement, that was entered into on October 4, 2023, with Oragenics, under which Oragenics acquired Odyssey’s proprietary assets related to its neurological drug therapy platform under dvelopment. The assets include drug candidates for treating mild traumatic brain injury, also known as concussion, and for treating Niemann Pick Disease Type C, as well as Odyssey’s proprietary powder formulation and its nasal delivery device. Odyssey retains its other assets and operations. The Company received cash in two installments: $500,000 upon the execution of the Asset Purchase Agreement on October 4, 2023 and $500,000 on December 11, 2023, after Odyssey obtained its stockholders’ approval for the asset sale at its special stockholder meeting held on December 7, 2023. At the Closing on December 28, 2023, Oragenics issued eight million shares of Oragenics’ Series F Preferred Stock to Odyssey. On the day of the closing Oragenics’ common stock last traded at $5.37 valuing the preferred stock at approximately $43M Certain members of Odyssey management joined Oragenics to lead the continued development of the pipeline of neurological drug therapies and technologies. Odyssey’s technologies are expected to allow for easy nasal administration, rapid drug uptake to the brain, no cumbersome cold-chain protocols, and a strong safety profile, which hold potential to improve patient outcomes. The lead drug candidate, ONP-002 has the potential to be a first-in-class intranasal drug to treat moderate-to-severe concussion in the acute through subacute phases. In preclinical animal studies, the drug showed rapid and broad biodistribution throughout the brain while simultaneously reducing swelling, inflammation, and oxidative stress along with an excellent safety profile. Results from animals treated with the drug post-concussion showed positive behavioral outcomes using various testing platforms including improved memory and sensory-motor performance, and reduced anxiety. ONP-002 has completed a Phase 1human clinical trial showing it is safe and well tolerated in healthy human subjects. Oragenics are now preparing for Phase 2 clinical trials to further evaluate ONP-002’s safety and efficacy.