IRVINE, CA, May 19, 2021 (GLOBE NEWSWIRE) -- Odyssey Group International, Inc. (OTCQB:ODYY) (the "Company" or "Odyssey"), a technology and asset acquisition company focused on developing unique, life-saving medical products, today announced the completion of the development of a novel nasal drug delivery device. The device was built in partnership with Design Catapult, Inc. The device will be used to deliver the Company’s drug candidate, PRV-002 for concussion treatment and is designed to enhance bio-distribution to the brain. The nasal device will be used in phase 1 clinical trials being scheduled in Australia this summer. PRV-002 is a pre-clinical stage neurosteroid being developed for first in human treatment of concussion.
“I am pleased to have reached yet another milestone in the development of our drug, PRV-002,” commented Michael Redmond, President and Chief Executive Officer of Odyssey Group International. “This innovation will provide more uniform drug distribution to the nasal cavity while enhancing availability to the brain. The device will be instrumental in administering PRV-002 in clinical trials, which we expect to begin later this summer. I want to thank our entire team and Design Catapult, Inc. for the rapid development and proprietary innovation they have created.””
Travis Cochran, Vice President of Engineering at Design Catapult added, “We were honored to help create the nasal application for such an important biotechnology advancement. When Odyssey chose Design Catapult, Inc. our goal was to design an applicator that would maximize the bio-distribution of PRV-002 and provide ease of use for the patient. We have achieved that goal and, in doing so, Odyssey has a truly one of kind device for delivery of their one of a kind therapy.”
The Nasal device has completed its developmental and validation phases. The device is now being transferred to Design Catapult Manufacturing, Inc., a sister company to Design Catapult, Inc. where the device will be built under Good Manufacturing Practices (GMP) for use in the phase 1 human clinical trial.
About Odyssey Group International, Inc.
Odyssey Group International, Inc. (OTCQB:ODYY) is a technology and asset acquisition company with a focus in the area of life saving medical solutions. Odyssey's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that provide meaningful medical solutions. The Company is focused on building and acquiring assets in areas that have an identified technological advantage, provide superior clinical utility, have a substantial market opportunity and provide solid returns to its valued shareholders and partners.
For more information, visit: http://www.odysseygi.com
About PRV-002
PRV-002 is a fully synthetic non-naturally occurring neurosteroid being developed for the treatment of mTBI (concussion). In preclinical studies, PRV-002 has demonstrated equivalent, if not superior, neuroprotective effects compared to related neurosteroids. Animal models of concussion demonstrated that PRV-002 reduces the behavioral pathology associated with brain injury symptoms such as memory impairment, anxiety, and motor/sensory performance. Additionally, PRV-002 is lipophilic and can easily cross the blood-brain barrier to rapidly eliminate swelling, oxidative stress and inflammation in the brain while restoring proper blood flow.
Forward-Looking Statements
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 on the agreement in a timely manner, successfully complete a Phase 1 clinical trial, the economic slowdown affecting companies, 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.