Awakn Life Sciences Reports Strong Q2 2022 Results

Awakn Life Sciences Reports Strong Q2 2022 Results

Awakn delivered revenue growth of 34% in Q2

Awakn also announces closing of first tranche of private placement financing

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a biotechnology company, researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announced today its financial results and business highlights for the three months ended July 31, 2022. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars ("CAD"), unless otherwise specified.

Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, stated, "Today's results and revenue growth demonstrate the continued momentum building in our business and the successful execution of our business plan in both pillars of the business: R&D and Commercialization.

In R&D we have been approved for 66% grant funding for our Phase III clinical trial as part of our lead program, Project Kestrel. We have also made excellent progress in strengthening the IP moats for our ketamine and MDMA programs, including the recently announced feasibility study for a novel formulation and optimized route of administration for MDMA with Catalent.

In Commercialization, our clinics have also delivered excellent growth over this quarter driving a 34% QoQ increase in revenue during the seasonally quietest period of the year for our services. We have also successfully launched our licensing partnership business into the US and Canada, putting us in the unique position of being a biotech with commercial operations in four territories, the U.K., the U.S., Canada and Norway, in only our second full financial year."

2Q22 & Recent Business Highlights:

2Q22 & Recent Corporate Highlights:

2Q22 & Recent Financial Highlights:

  • Delivered revenue of $339,872 via Awakn's clinics for the three months ended July 31, 2022, compared to $Nil in the prior year. This represents a 34% or $86,718 increase versus the three months ended April 30, 2022.
  • Revenue during the period was primarily driven by the provision of ketamine-assisted therapies at the London, Bristol and Oslo Awakn clinics. These clinics were not open during the equivalent period in 2021.
  • As of July 31, 2022, the Company had $481,830 in cash.
  • Announced the closing of a private placement - issued 1,880,454 units at a price of $0.55 per unit raising gross proceeds of $1,034,250.

Milestones Anticipated in H2 2022

  • Receive regulatory and ethics approval for Phase III clinical trial for ketamine-assisted therapy for the treatment of AUD
  • Completion of the behavioral study of ketamine in gambling addiction
  • Therapeutics commercialization through acquiring more licensing partners utilizing the company's intellectual property (IP) ketamine-assisted therapy for treatment of AUD ("KARE") in the US and Canada

Financing

Awakn is pleased to announce a non-brokered private placement financing to raise gross proceeds of up to $3,000,000 (the "Offering") through the issuance of up to 5,454,546 units (the "Units") at a price of $0.55 per Unit, and that is has closed the first tranche of the Offering issuing 1,880,454 Units for gross proceeds of $1,034,250 (the "First Tranche"). To date, the Company has also received commitments to subscribe for an additional 3,090,909 Units, which are pending receipt of final documentation, for potential additional proceeds of $1,700,000. However, there can be no assurance that any additional tranches on the Offering will be completed.

Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.68 per Common Share until the date that is twenty-four (24) months from the date of issuance.

All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Gross proceeds raised from the Offering will be used for working capital and general corporate purposes. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The First Tranche constituted a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as Professor David Nutt, and Jonathan Held, related parties to the Company under MI 61-101, subscribed for an aggregate of 85,000 Units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by the related parties does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the First Tranche, which the Company deems reasonable in the circumstances in order to complete the First Tranche in an expeditious manner.

In connection with the First Tranche, the Company paid certain eligible persons (the "Finders") a cash commission in total of $32,010 and issued a total of 53,200 non-transferable finders warrants ("Finder Warrants"). Each Finder Warrant entitles the holder to purchase one Common Share for a period of two years from the date of issuance at a price of $0.68 per Common Share.

About Awakn Life Sciences Corp.

Awakn Life Sciences Corp. is a revenue-generating biotechnology company researching, developing, and commercialising therapeutics to treat substance and behavioral addictions. Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 400m people globally for which the current standard of care is inadequate. Our goal is to provide effective therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels.

www.AwaknLifeSciences.com | Twitter | LinkedIn | Facebook | www.AwaknClinics.com

About Project Kestrel

Project Kestrel is the lead clinical development program of Awakn Life Sciences. Project Kestrel is supported by Awakn's Phase II a/b 'KARE' clinical trial which examined ketamine-assisted therapy for the treatment of Alcohol Use Disorder (AUD). The trial resulted in patients experiencing on average 86% abstinence at 6 months post treatment versus 2% before the trial which means that study participants went from being sober on average 7 days a year to being sober on average 314 days a year. Awakn is planning to initiate a Phase III trial in the UK in 2022 and plans to seek regulatory approval in the UK and the US in due course.

Notice Regarding Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, including statements relating the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.

Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to:COVID-19; fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company's and Awakn's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
anthony.tennyson@awaknlifesciences.com

Media Enquiries:
America and Canada:
KCSA Strategic Communications
Anne Donohoe
Adonohoe@KCSA.com

Rest of World:
Gordo Whittaker, CMO, Awakn Life Sciences
gordo@awaknlifesciences.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137275

News Provided by Newsfile via QuoteMedia

AWKN:AQL
The Conversation (0)
Awakn Life Sciences' Phase III Trial to Be Delivered in the UK National Health Service

Awakn Life Sciences' Phase III Trial to Be Delivered in the UK National Health Service

Phase III trial confirmed to cost CA$3.75 million, with a UK Government agency funding 66% of this cost

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announces that its Phase III clinical trial exploring the use of ketamine-assisted therapy for the treatment of severe AUD will be delivered across seven NHS sites in the UK. The trial has also been approved for grant funding for 66% of the costs by the National Institute for Health and Care Research (NIHR), a UK government agency. It is currently forecast the trial will cost approximately CA$3.75 million in total, with Awakn funding approximately CA$1.25 million of that.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awakn Life Sciences Announces Signing of Lease for Second Clinic in Norway

Awakn Life Sciences Announces Signing of Lease for Second Clinic in Norway

Trondheim in central Norway will be the location of Awakn's 4th clinic

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announces today the signing of a 5-year lease to open Awakn Clinics Trondheim. The new clinic is part of the second stage of Awakn's Nordic expansion plans, following on from last week's announcement of a move to a larger premises for its Oslo clinic.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awakn Life Sciences Announces Location for Larger Oslo Clinic

Awakn Life Sciences Announces Location for Larger Oslo Clinic

Awakn's Nordic expansion begins with new Awakn Clinics Oslo

 Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announces today the signing of a 5-year lease to open a larger Awakn Clinics Oslo. The move to the new Oslo premises is the first stage of Awakn's Nordic expansion plans.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awakn Life Sciences Signs Its Third Licensing Partnership Agreement in North America, and First in New York

Awakn Life Sciences Signs Its Third Licensing Partnership Agreement in North America, and First in New York

Awakn will Partner with Nushama, One of New York's Leading Ketamine-assisted Therapy Centers

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announces it has signed its third Licensing Partnership agreement in North America. The agreement is with Nushama a leading network of ketamine-assisted therapy centers that exist to humanize medicine, together they will bring Awakn's Ketamine-assisted therapy treatment for AUD to Nushama's clinic in New York City (NYC).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awakn Life Sciences Secures Funding to Expand Nordic Commercial Operations

Awakn Life Sciences Secures Funding to Expand Nordic Commercial Operations

Awakn has raised approx. CAD$775K to grow its Nordic clinics business

Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ("Awakn"), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), today announces that its wholly-owned subsidiary Awakn Oslo AS ("Awakn Oslo") has entered into a debt financing agreement (the "Loan Agreement") with TD Veen AS (the "Lender"), a family-owned, Norwegian investment company and current shareholder of Awakn.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Seelos Therapeutics Provides Update on Top-Line Results from its Amyotrophic Lateral Sclerosis Study with SLS-005

Seelos Therapeutics, Inc. (Nasdaq: SEEL) ("Seelos"), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, today provided an update on top-line data of the Phase 23 HEALEY ALS Platform trial. This study was performed in collaboration with The Sean M. Healey and AMG Center, which is viewed as an influential force in ALS research and in caring for the ALS community. Their unique and innovative approach continues to be a benefit to the ALS community and its contributions have helped bring the last two FDA approved therapies for ALS to market.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Melodiol Global Health Limited

Appendix 4E Preliminary Final Report Year Ended 31 December 2023

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to present its Preliminary Final Year Report.

Keep reading...Show less

Compass Pathways Announces Fourth Quarter 2023 Financial Results and Business Highlights 

-

Highlights:
  • COMP360 phase 3 pivotal program ongoing; COMP005 trial top-line data now expected in fourth quarter 2024, COMP006 remains on track for top-line data in mid-2025
  • Teri Loxam to assume Chief Financial Officer role on March 1, 2024
  • Cash position of $220.2 million at December 31, 2023, additional $31.4 million net cash raised to date in first quarter 2024
  • Conference call February 29 at 8:00 am ET (1:00 pm UK)


Compass Pathways plc (Nasdaq: CMPS) ("Compass"), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the fourth quarter 2023 and provided an update on recent progress across its business.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Compass Pathways to participate in upcoming TD Cowen investor conference

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that management will participate in a panel discussion at the TD Cowen 44th Annual Health Care Conference at 12:50 pm ET on March 4, 2024.

A live audio webcast of the panel discussion will be accessible from the "Events" page of the Investors section of the Compass website. A replay of the webcast will be accessible for 30 days following such event. For more information, please visit investor section of compasspathways.com.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Compass Pathways to announce fourth quarter and year-end 2023 financial results on February 29, 2024

Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the fourth quarter and year-end 2023 ending December 31, 2023, and provide an update on recent business developments, on February 29, 2024.

The management team will host a conference call at 8:00 am ET (1:00 pm UK) on February 29, 2024. To access the call, please register in advance here to obtain a local or toll-free phone number and your personal pin.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Melodiol Global Health Limited

Capital Raising & Corporate Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise it has received firm commitments to raise ~$1.08m (before costs) through the issue of approximately 106,415,113 new fully paid ordinary shares (‘Shares’) at an issue price of $0.01019 per Share (the ‘Placement’).

Keep reading...Show less

Latest Press Releases

Related News

×