Odyssey Group International said that it has signed a definitive agreement with Prevacus to acquire PRV-002, an intranasal therapy for the treatment of mild traumatic brain injury. As part of the deal, Prevacus CEO Jake Vanlandingham will join Odyssey.
In 2017, Prevacus announced that it planned to initiate a Phase 1 trial of PRV-002; however, Prevacus has been caught up in an embezzlement scandal involving the state of Mississippi since late 2018, and the nasal spray is still in Phase 1 development.
Vanlandingham commented, “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. The concussion drug has been proven to be safe and effective in animal models and preparations are underway for a Phase 1 human clinical trial this year.”
Odyssey Chairman and CEO Michael Redmond said, “We have been in a joint partnership with Prevacus for the past couple of years and have been able to witness the early development and progress of PRV-002 and its potential for treatment of concussion. We are now thrilled to own the asset, have Dr. Vanlandingham join us in bringing it to a Phase 1 human clinical trial and have Odyssey shareholders directly benefit in the potential value created by PRV-002. We look forward to closing the all-stock acquisition by the end of February.”
Read the Odyssey Group International press release.
