Business
Odyssey Group International to Acquire Concussion Drug Asset from Prevacus, Inc.
Odyssey Group International to Acquire Concussion Drug Asset from Prevacus, Inc..
About this update from Odyssey Health Inc.
[{"type":"text","content":"All Stock Transaction Phase 1 Clinical Trial Site, Protocol and CRO EstablishedIRVINE, CA / ACCESSWIRE / January 11, 2021 / Odyssey Group International, Inc. (OTCQB:ODYY) (the “Company” or “Odyssey”), a technology and asset acquisition company focused on developing unique, life-saving medical products, is pleased to announce it has entered into a definitive agreement to acquire drug candidate PRV-002, a concussion drug therapeutic compound (mild traumatic brain injury (mTBI)), from Prevacus, Inc. (“Prevacus”) www.prevacus.com.The definitive agreement has been signed and the transaction is expected to close by the end of February 2021, the transaction is conditional on Prevacus shareholder approval and other customary closing conditions.There are more than 3 million sports and recreational concussions in the U.S. each year with an additional estimated 1.5 million that go unreported. These figures do not include a high number of concussions sustained in other high-risk incidents including motor vehicle accidents and elderly falls. Given the high incidence rate of concussion and its impact on patient care, the market for a treatment is estimated to be over $2 billion dollars annually.Several notable professional athletes have endorsed Prevacus and its drug development effort, including Brett Favre, who has long been an investor in Prevacus and endorsed the science in hopes of bringing a therapeutic treatment for concussion to market. See the Prevacus website "news" section for other notable pro-athletes who have endorsed this effort; https://prevacus.com/news/.Dr. Jake Vanlandingham, Prevacus Chief Executive Officer, will join Odyssey and continue to be instrumental in the development of PRV-002 focused on a treatment for concussion (mild traumatic brain injury (mTBI)). Dr. Vanlandingham, stated, "We are very excited to join forces with Odyssey in further development of the first drug to treat concussion. The Odyssey management group and funding mechanism will immediately allow us to continue the development of our unique nanoparticle drug in the nasal device by dramatically enhancing PRV-002 delivery to the brain," said Dr. Vanlandingham. "The concussion drug has been proven to be safe and effective in animal models and preparations are underway f...