Oragenics Buys Certain Assets Of Odyssey Health Including Drug Candidate To Treat Concussion

(RTTNews) - Oragenics, Inc. (OGEN) on Thursday said it has agreed to buy certain assets of Odyssey Health, related to its neurological drug therapies and technologies. These assets include drug candidates to treat mild traumatic brain injury or concussion, and to treat Niemann Pick Disease Type C, as well as Odyssey's proprietary powder formulation and its nasal delivery device.

The transaction includes $1 million in cash to Odyssey and 8 million Series F Convertible Preferred shares of Oragenics.

ONP-002, Odyssey's investigational drug to treat mild traumatic brain injury, has completed Phase 1 study and Odyssey and Oragenics are preparing for Phase 2 studies.

Niemann-Pick Type C is progressive genetic disorder characterized by the inability of cells to metabolize and properly transport cholesterol and other fatty substances within various tissues of the body, including brain tissue.

Upon closing the deal, which is expected in the fourth quarter of this year, certain members of Odyssey management will join Oragenics and lead the continued development of the acquired assets.