Odyssey Health, Inc. Provides Update on Asset Purchase Agreement with Oragenics, Inc.
LAS VEGAS, NV / ACCESSWIRE / October 18, 2023 / Odyssey Health, Inc. (OTCQB:ODYY), f/k/a Odyssey Group International, Inc., a company focused on developing unique, life-enhancing medical products is providing an update on its Asset Purchase Agreement with Oragenics, Inc. (NYSE: OGEN).
When the Asset Purchase Agreement is consummated, Odyssey will receive eight (8) million shares of Oragenics Series F Convertible Preferred Stock at the close of the transaction. Oragenics has approximately 2.5 million shares of common stock outstanding. The preferred stock converts to Oragenics common stock on a one-to-one basis. In addition, Odyssey will receive $1 million in cash, of which $500,000 was paid on signing and $500,000 will be paid on the sooner of ninety days from the October 4, 2023, signing of the agreement, or on the successful proxy vote of the Odyssey stockholders.
The Company believes that asset sale is in the best interest of stockholders and provides many benefits. The 8 million shares of Series F Preferred Stock will become an asset of Odyssey. Oragenics has the resources and cash, as well as the ability to raise additional capital to fund the development of the platform technology and begin the clinical trials for the concussion drug.
"We are excited to be teaming with Oragenics to further the development and clinical trials of our novel neurological drug and drug delivery technologies. Oragenics has significant experience with nasal delivery and provides excellent synergy with our nasal drug delivery technology. Oragenics, Inc. trades on the New York Stock Exchange under the symbol: OGEN and the preferred shares, will provide tremendous stockholder value in the future," commented Michael Redmond, CEO of Odyssey.
The transaction is expected to close in the fourth quarter of 2023, subject to the satisfaction of various closing conditions, including approval of the transaction by Odyssey's shareholders and approval of the conversion of the Series F Preferred Stock by Oragenics shareholders.
Odyssey will retain its other assets and operations, including the CardioMap heart monitoring technology and the Save a Life choking rescue device. Both devices are currently in development and hold great promise for the future of the company. Once the Asset Purchase Agreement closes, Odyssey will also have the 8 million shares of Oragenics preferred stock.
About Odyssey Health Inc. (formerly Odyssey Group International, Inc.)
Odyssey Health Inc. (OTCQB:ODYY) is a medical company with a focus in the area of life-saving medical solutions. Odyssey's corporate mission is to create, acquire and develop distinct assets, intellectual property, and exceptional technologies that provide meaningful medical solutions. The company is focused on areas that have an identified technological advantage, provide superior clinical utility, and have a substantial market opportunity. For more information, visit the Company's website at www.odysseyhealthinc.com
We encourage our shareholders to visit our corporate social media accounts for updates:
About Our Drug Candidate
Our drug candidate is a fully synthetic non-naturally occurring neurosteroid being developed for the treatment of mTBI (concussion). In preclinical studies, the drug has demonstrated equivalent, if not superior, neuroprotective effects compared to related neurosteroids. Animal models of concussion demonstrated that the drug reduces the behavioral pathology associated with brain injury symptoms such as memory impairment, anxiety, and motor/sensory performance. Additionally, the drug is lipophilic and in pre-clinical studies has shown it can easily cross the blood-brain barrier to rapidly eliminate swelling, oxidative stress and inflammation in the brain while restoring proper blood flow.
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to close the transaction with Oragenics, our ability to continue to raise needed funds, to successfully complete clinical studies, our ability to successfully develop products, rapid changes in our markets, changes in demand for our future products, and legislative, regulatory, competitive developments and general economic conditions.
SOURCE: Odyssey Health, Inc.
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