Business
Odyssey Group International, Inc. Closes Acquisition of Novel Concussion Drug
Odyssey Group International, Inc. Closes Acquisition of Novel Concussion Drug.
About this update from Odyssey Health Inc.
[{"type":"text","content":"Anticipates initiation of Phase 1 clinical trials of PRV-002 during the Second Quarter of 2021IRVINE, CA / ACCESSWIRE / March 2, 2021 / Odyssey Group International, Inc. (OTCQB:ODYY) ("Odyssey"), a technology and asset acquisition company focused on developing unique, life-saving medical products, is pleased to announce that it has closed the previously announced acquisition of drug candidate PRV-002, a novel neurosteroid being developed for the treatment of concussion (mild traumatic brain injury (mTBI)), from Prevacus, Inc. ("Prevacus") in an all-stock transaction. A comprehensive video of the drug, and a description of how it works is available on the Company's Youtube channel.Concussion has become an epidemic in sports, military and elderly populations. More than 3 million sports and recreational concussions occur in the U.S. annually, and an estimated 1.5 million more go unreported. These figures do not include the significant number of concussions sustained in other high-risk incidents, including motor vehicle accidents and elderly falls. Despite the high incidence rate, there are currently no FDA-approved drugs for concussion; the market for a treatment is estimated to be over $2 billion annually.In preclinical animal studies, nasal administration of PRV-002 has shown rapid, broad brain biodistribution and simultaneously reduced swelling, inflammation and oxidative stress with positive safety data. In addition, results from subjects treated with PRV-002 post-concussion showed positive behavioral outcomes using various testing platforms.Dr. Jake VanLandingham, Chief Executive Officer of Prevacus, has joined Odyssey as the Company's new Vice President of Drug Development and will continue to lead the development of PRV-002. Dr. VanLandingham stated, "I am honored and excited to join Odyssey. PRV-002 has performed well in preclinical studies with promising efficacy and safety data in animal models. We will be laser-focused on the initiation of our first in-human clinical trials during the second quarter of 2021."Michael Redmond, CEO of Odyssey added, "I am thrilled to welcome Dr. VanLandingham to the Odyssey team. His drug development ability and expertise will be invaluable as we develop PRV-002 and for future projects. Concussion is a serious health issues and we believe that by d...