Awakn Archives - Green Market Report

StaffSeptember 16, 2021


It’s been a busy week for psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) who reported its financial results for the quarter ending July 31, 2021, and announced an acquisition. On Wednesday, Awakn reported its earnings, but the relatively new company has no revenues to speak of. Instead, the company reported that it had a net loss of $9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue.

However, it has been able to raise money and currently has $8.7 million in cash. The company completed a $8.3 million financing at $2.50 per share in conjunction with its listing on the Neo Exchange. CEO Anthony Tennyson said, “We have also made significant strides in the development and delivery of psychedelic therapeutics to treat Addiction and continued to progress the opening of our first clinics. We remain steadfast in our mission to fully integrate effective psychedelic-based treatments into mainstream healthcare to better treat Addiction.”

Following the earnings announcement, Awakn said it has signed a binding share exchange agreement to acquire a 100% interest in Axonklinikken AS (“Axon”), a leading ketamine-assisted psychotherapy clinic in Norway. As part of the transaction Axon will be renamed ‘Awakn Oslo AS’, and Axon’s majority shareholder Dr. Lowan Stewart will be appointed as Regional Director for the Nordics and Managing Director Awakn Oslo AS. Awakn said the acquisition will help it to speed up its clinic roll out program, as Awakn will now parallel path its regional expansion plans in both the Nordics (Norway, Sweden, Denmark, Finland and Iceland) and U.K. & Ireland.

“This is a key element of our goal for Awakn to become the leading authority in the development and delivery of psychedelic therapeutics to treat addiction,” said Anthony Tennyson, Awakn’s CEO. “Our approach of development and delivery enables Awakn to earn revenue while we also develop a deep IP portfolio with strong commercial potential. This acquisition will enable Awakn to accelerate the first element of our three-pronged revenue generation strategy: clinics in the UK and Europe, licensing partnership beyond the UK and Europe, and therapeutics commercialization.”

StaffJune 23, 2021


Psychedelic biotech company Awakn Life Sciences Corp. (NEO: AWKN)  began trading today, June 23, 2021, on the NEO Exchange Inc. under the symbol “AWKN”. the company has raised C$13.5 million to date with large life science investors and dedicated psychedelic/CNS focused funds including Ambria Capital, Iter Investments, JLS Fund, Negev Capital and Neo Kuma Ventures.

The company has plans to open three UK psychedelic-assisted psychotherapy clinics where it will deliver ketamine-assisted therapies near term and MDMA when they secure authorization in 2021 (Bristol, London, and Manchester). The company’s target is 20 clinics by the end of 2024.

“Listing on the NEO is an important milestone for Awakn to continue to build on our dual strategic focus of developing psychedelic drugs, therapies, and enabling technologies to treat Addiction, and delivering psychedelic treatments for Addiction in our clinics,” said Awakn CEO, Anthony Tennyson. “The NEO listing will enable us to accelerate the execution of our drug discovery, therapy development, advanced analytics, and open clinic rollout programs.”

The listing follows the successful completion of the previously announced reverse takeover of a Canadian public company, 2835517 Ontario Ltd., by Toronto-based Awakn Life Sciences Inc. The public company was subsequently renamed Awakn Life Sciences Corp. in connection with the reverse takeover and the listing on the NEO.  Additionally, the Company raised gross proceeds of approximately USD$8.3 million through a brokered private placement.

Awakn will be providing evidence-backed ketamine-assisted psychotherapy for Alcohol Use Disorder and is currently in phase 2 a/b trial using Ketamine for reduction of Alcoholic relapse (led by Prof. Celia Morgan). The company is also entering a phase 2b clinical trial to test the effectiveness of MDMA-assisted therapy for the treatment of patients with non-physically dependent (‘Harmful Use’) Alcohol Use Disorder (led by Prof. David Nutt), starts in Q4 2021. In addition to those plans, Awakn has a next-generation drug development program of patentable psychedelic medicines or ‘NCEs’ (New Chemical Entities) targeting addiction, research led by Prof. David Nutt, Dr. Shaun McNulty, and Prof. Celia Morgan.

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