January 02, 2024
Adds Clinical-Stage Product Pipeline, Expands Intranasal Drug Delivery Technologies,
Names Michael Redmond as President of Oragenics
TAMPA, Fla.--(BUSINESS WIRE)-- Oragenics, Inc. (NYSE American: OGEN) ("Oragenics" or the "Company") announces it has completed its previously announced acquisition of assets related to Odyssey Health, Inc.'s (OTCQB: ODYY) ("Odyssey") 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 behavioral 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.
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.
"We are delighted to complete this pivotal transaction following a favorable 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.
"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.
In conjunction with the transaction, Michael Redmond, who has served as President and CEO of Odyssey since 2018, was named President of Oragenics. Mr. Redmond has 35 years of commercial experience with medical device companies, having held various sales and marketing leadership positions that helped accelerate growth at companies to multiples of their previous revenue and valuation. Mr. Redmond also has significant experience in raising capital and securing licensing and distribution deals with major biotech and pharmaceutical companies. In his new position, Mr. Redmond will oversee the growth of Oragenics' neurology product pipeline and intranasal drug delivery technologies.
Additionally, the Odyssey management and development team that led the ONP-002 clinical trial design and implementation for the treatment of concussion, will continue to oversee research and development of the newly acquired neurology assets at Oragenics. The team has experience in conducting clinical trials, developing drug formulations and commercializing pharmaceutical products across a broad range of indications.
"I'm proud to join the executive team at Oragenics and look forward to continuing the development of ONP-002 and ultimately utilizing my experience in commercializing therapeutics. We intend to leverage our joint expertise and resources to expedite the development of this drug, with the goal of filling a critical gap in concussion care as we prepare for a Phase 2 clinical study in the first half of 2024. We believe this transaction also strengthens Oragenics' research and development capabilities, including the integration of key members of Odyssey's research and development team with the Oragenics team," said Mr. Redmond.