Oragenics to acquire Odyssey Health’s neurological drug technology pipeline

Oragenics and Odyssey Health signed a definitive agreement under which Oragenics will acquire Odyssey’s assets related to its proprietary neurological drug therapies and technologies. 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 will retain its other assets and operations. The asset purchase includes cash payments to Odyssey totaling $1.0M million and eight million shares of Oragenics’ Series F Convertible Preferred Stock. The transaction is expected to close in Q4, subject to the satisfaction of various closing conditions, including approval of the transaction by Odyssey’s shareholders and approval of the conversion of the Series F Preferred Stock by Oragenics’ shareholders. After closing this transaction, certain members of Odyssey management intend to join Oragenics and lead the continued development of Odyssey’s pipeline of neurological drug therapies and technologies. Odyssey’s lead concussion asset is believed to be a first-in-class intranasal drug under development for the treatment of moderate-to-severe concussion in the acute through subacute phases. Odyssey and Oragenics are now preparing for Phase 2 clinical trials to further evaluate ONP-002’s safety and efficacy.