Awakn Life Sciences Reports Second Quarter 2021 Financial Results and Business Highlights
Awakn Life Sciences Corp. (NEO: AWKN) (OTCMKTS: AWKNF),, a biotechnology company with clinical operations developing and delivering psychedelic medicines to better treat Addiction, today is reporting its financial results and business highlights for the three and six months ended July 31, 2021. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.
Our team has achieved many accomplishments in a short period of time since going public in June of 2021. We have continued to surround ourselves with experts in the psychedelic and addiction industries such as Prof. David Nutt, Prof. Celia Morgan and Prof. Barbara Mason. 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.
Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences
Business and Operational Updates
- Filed provisional patent applications in the U.S. for two next-generation novel MDMA-derived new chemical entities, AWKN001 and AWKN002, further strengthening the Company’s intellectual property portfolio and pipeline for the treatment of a broad range of addictions, including, but not limited to alcohol, opioid and behavioural, such as gambling.
- Initiated a new chemical entity (NCE) drug discovery program to strengthen Awakn’s pipeline for the treatment of a broad range of substance and behavioral addictions. The program is led by Prof David Nutt. The first project in the program is a two stage ten month Hit to Lead (HtL) drug discovery program, with results from the first stage due in early Q4 2021.
- Initiated a Ketamine research program designed to demonstrate the effectiveness of ketamine-assisted psychotherapy against multiple addictions, initially focusing on treating AUD and gambling addiction.
- Signed a 10-year lease to open Awakn Clinics London, a psychedelic-focused therapy center to treat addition and other mental health conditions. Awakn Clinics London will be approximately 4,419 square-feet and will host eight treatment rooms.
- Established preclinical and clinical expert advisory boards by separating its current advisory board, while adding Prof. Stephen Husbands (University of Bath), Prof. Harriet de Wit (University of Chicago) and Prof Kevin Fone (University of Nottingham). Each of the two boards to be chaired by Professor David Nutt, Chief Research Officer.
Key Corporate Highlights and Developments:
- Announced Depository Trust & Clearing Corporation (“DTC”) eligibility, allowing Awakn’s shares to be electronically cleared and settled, which will streamline the process of trading, enhance liquidity, and provide direct access to investors in the U.S. OTC capital markets.
- Commenced trading on the OTC Market under the Symbol ‘AWKNF’. This additional capital markets exposure offers us greater visibility within the investment community in the U.S., which should enhance our liquidity and increase our access to institutional and retail investors.
- Commenced trading on the Neo Exchange under the symbol AWKN after completion of reverse takeover transaction and release from escrow of private placement proceeds.
Key Financial Highlights:
- Completed a $8.3 million financing at $2.50 per share in conjunction with the listing on the Neo Exchange.
- Closed the quarter well capitalized with approximately $8.8 million of cash as on hand as of July 31, 2021.
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