Awakn Life Sciences Reports Fiscal Third Quarter 2021 Financial Results and Business Highlights
Awakn Life Sciences Corp. (NEO: AWKN) (OTCMKTS: AWKNF), a biotechnology company developing and delivering psychedelic therapeutics (medicines and therapies) to treat addiction, today is reporting its financial results and business highlights for the three and nine months ended October 31, 2021. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.
Since going public in the summer of 2021, we have made significant progress on the development and delivery of effective psychedelic-based therapeutics to better treat addiction. A key driver of our success is the world-class team we have with leading experts in the fields of drug development, clinical research, psychiatry, psychotherapy and neurochemistry. Heading into the new year we have several meaningful upcoming catalysts including our Phase II A/B study to be published in the American Journal of Psychiatry.Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences
Business and Operational Updates:
- Identified new chemical series via our drug discovery program, discovering novel entactogen-like NCEs. Four leading series have been selected to be taken into in vivo efficacy analysis. The data generated will be used to support patent applications and to facilitate the development of additional lead compounds for clinical development.
- Signed a Memorandum of Understanding (“MOU”) with NHS (Devon Partnership NHS Trust) and University of Exeter (“UOE”) with a view of increasing access to psychedelic-assisted psychotherapy within the UK National Health Service (NHS).
- Acquired exclusive rights to MDMA research from Imperial College London. The MDMA research, data from the Phase IIa Bristol Imperial MDMA in Alcoholism Study (BIMA), is an open-label safety, tolerability and proof-of-concept study to investigate the role of MDMA-Assisted Psychotherapy in treating patients with alcohol use disorder (AUD), which resulted in a relapse rate of only 21%, 9 months post treatment.
- Received the Care Quality Commission’s (CQC) formal approval for Awakn’s Bristol clinic to begin treatments. Awakn Clinics Bristol is one of three Awakn clinics, with Awakn Oslo AS (Norway) already providing treatments and London (UK) expecting to become operational in early 2022. Treatments at the clinic are led by on-site psychiatrists and will treat a number of addictions and mental health disorders.
- Acquired Axonklinikken AS (“Axon”), a leading ketamine-assisted psychotherapy clinic in Norway, to be renamed “Awakn Oslo AS”, as part of planned Nordic expansion. Awakn Oslo AS clinic will serve as the Nordic hub in order to expand its clinical network across the region.
Key Corporate Highlights and Developments:
- Appointed Former EVP & Chief Commercial Officer of Gilead Sciences, Paul Carter, as Awakn’s Independent Member of its Board of Directors. Paul has over 25 years of senior executive experience, specializing in commercialization, regional leadership and mergers and acquisitions. With Paul joining, Awakn’s Board of Directors will shift to an independent majority.
- Strengthened Executive Leadership Team by appointing Kate Butler to be CFO, and Jonathan Held, Current CFO, will transition to be Chief Business Officer.
Key Financial Highlights:
- As of October 31, 2021, the Company had approximately $5.7 million in cash and no debt.
- As of December 14, 2021 there were 24,887,307 million common shares outstanding.
- Achieved first revenue of $31,737 via Awakn Oslo AS, compared to $Nil in the prior year.
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