Oragenics announces it has completed its previously announced acquisition of assets related to Odyssey Health’s proprietary neurological drug therapies and technologies.
The acquired assets include ONP-002 and a unique nasal delivery device, Odyssey’s lead concussion asset, 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. In preclinical animal studies, the asset demonstrated 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 behavioural outcomes using various testing platforms including improved memory and sensory-motor performance, and reduced anxiety. ONP-002 has completed a Phase 1 clinical trial in healthy human subjects showing it is safe and well tolerated. Oragenics anticipates preparing for Phase 2 clinical trials to further evaluate ONP-002’s safety and efficacy.
“We are delighted to complete this pivotal transaction following a favourable vote of shareholders at both companies. We expect that Odyssey’s neurological pipeline will significantly expand our market opportunity and believe its technology complements our expertise in intranasal drug delivery. This acquisition also addresses a significant and growing health concern. There are an estimated 5 million concussions annually in the U.S., with up to half going unreported, underscoring a substantial market opportunity for an efficacious treatment,” said Kim Murphy, Chief Executive Officer of Oragenics.
Also included in the acquired assets are all of Odyssey’s rights and interest in ONP-001, believed to be a first-in-class neurosteroid being developed for the treatment of Niemann Pick Type-C Disease (NPC), as well as Odyssey’s proprietary powder formulation and its intranasal delivery device. Odyssey will retain its other assets and operations.
“Our decision to invest in this innovative therapy is driven by our commitment to pioneering solutions that build upon our expertise in intranasal drug delivery and our dedication to improving patient outcomes. These new pipeline candidates hold potential to deliver innovative treatments for millions affected by mTBI and NPC, and introduce Oragenics into a market that is projected to grow to $8.9 billion annually by 2027,” added Ms. Murphy.
