Awakn Life Sciences' Revenue up 534% in 2022, AUD Treatment Advances

The firm has made meaningful strides in its early clinical runway as it gears up for government-funded studies.

Toronto-based Awakn Life Sciences Corp. (OTC: AWKNF), a biotech company focused on addiction treatments, reported a heft 534% rise in annual revenue for the fiscal year ended Jan. 31, which they attribute to the strong performance of their clinics.

The company pulled in $1.5 million in annual revenue, a 534% increase year-on-year, with $471,813 in the fourth quarter, a 131% increase sequentially. Net loss for the year was $9.7 million, and improvement versus $16.5 million in 2021.

Awakn had around $550,866 in cash at the end of the period.

“Our clinics delivered strong revenue growth … and looking forward to the current fiscal year, we are targeting a further increase in revenue from our clinics and partnerships,” CEO Anthony Tennyson said in a statement.

Awakn’s main program, AWKN-P001, which aims to treat severe alcohol use disorder (AUD), is moving into phase III. The U.K. government will cover most of the trial costs, leaving Awakn to contribute only $1.25 million.

Additionally, the company is partnering with a European pharmaceutical firm to study the potential of repurposing (S)-ketamine for addiction treatment. Awakn is also working with Catalent on a study of MDMA, using Catalent’s proprietary oral disintegrating tablet technology, which could potentially shorten therapy sessions.

Recently, Awakn received an Innovation Passport – a licensing pathway for pre-clinical ventures – from the U.K. Medicines and Healthcare Products Regulatory Agency for its ketamine-assisted therapy for severe AUD. The company also signed a collaboration agreement with the University of Exeter for an upcoming phase III trial.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at

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