Oragenics has concluded the previously announced acquisition of assets focusing on neurological drug therapies and technologies from Odyssey Health.
The companies initially signed the agreement in October 2023.
This strategic move includes the acquisition of a concussion product, ONP-002, and a nasal delivery device.
A completely synthetic neurosteroid, ONP-002 is being developed to treat mild traumatic brain injury and analysed as an intranasal drug to treat moderate-to-severe concussion in the acute to sub-acute stages.
Preclinical animal studies have shown that the drug can be rapidly biodistributed throughout the brain, reducing swelling, inflammation and oxidative stress. It has been shown to have a robust safety profile.
The drug has successfully concluded a Phase I trial in healthy human participants, proving safe and well-tolerated.
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Oragenics is now ready for Phase II trials of ONP-002 to further assess its safety and efficacy.
The transaction also includes all of Odyssey’s rights and interests in ONP-001, a neurosteroid in development for treating Niemann pick type-C disease.
Other assets and activities of Odyssey will be maintained by the company following the neurological asset acquisition.
Oragenics CEO Kim Murphy stated: “We expect that Odyssey’s neurological pipeline will significantly expand our market opportunity and believe its technology complements our expertise in intranasal drug delivery.
“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 $8.9bn annually by 2027.”
Odyssey’s former president and CEO Michael Redmond, had been appointed as Oragenics’ president.
He will lead the expansion of the company’s neurology product pipeline and intranasal drug delivery technologies.