09:14:36 EST Tue 07 Feb 2023
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Awakn Life Sciences signs 3rd licensing deal in N.A.

2022-11-09 15:52 ET - News Release

Mr. Anthony Tennyson reports

AWAKN LIFE SCIENCES SIGNS ITS THIRD LICENSING PARTNERSHIP AGREEMENT IN NORTH AMERICA, AND FIRST IN NEW YORK

Awakn Life Sciences Corp. has signed its third licensing partnership agreement in North America. The agreement is with Nushama, a leading network of ketamine-assisted therapy centres that exist to humanize medicine, together they will bring Awakn's ketamine-assisted therapy treatment for AUD (alcohol-use disorder) to Nushama's clinic in New York (NYC).

Awakn's proprietary treatment protocol was developed and validated in a phase II a/b trial. The trial delivered 86-per-cent abstinence over the six months posttreatment versus 2 per cent pretrial. This efficacy is significantly better than the current standard of care for AUD which has an approximate 25-per-cent abstinence rate over a similar time frame.

Under the terms of the licence agreement, Awakn will provide access to its proprietary therapeutics and training to Nushama practitioners and, in return, Nushama will pay Awakn an annual fee and a revenue share per treatment. Traditional AUD rehabilitation facilities range nationally from $20,000 (U.S.) to $65,000 (U.S.) per month and start at $50,000 (U.S.) in NYC. However, Awakn's protocol at Nushama will cost a one-time fee of $12,500 (U.S.), a fraction of such facilities, with superior efficacy rates.

The U.S. alcohol and substance addiction treatment industry is significant with 14,000-plus treatment facilities across the country generating more than $35-billion in revenue, even with its low efficacy rates. Awakn aims to improve performance of the addiction industry by providing clinic operators, such as Nushama, with access to an efficient and more effective treatment option under licence.

Anthony Tennyson, Awakn chief executive officer, commented: "We are very excited to partner with Nushama and their exceptional team, who are leaders in ketamine-assisted therapy in one of the world's largest markets with a high volume of people being treated. Expanding our U.S. reach to include such an important market as New York City, with planned expansion across the Northeast region, is a major milestone for our program. There is a shared understanding between us that the current standard of care for the treatment of alcohol addiction just isn't good enough and together we will deliver a more efficacious and cost-effective treatment to the growing number of people who so desperately need it."

Richard Meloff, Nushama co-founder and president, added: "Awakn has assembled one of the finest scientific teams in the world for the study of psychedelics and the treatment of addiction. Given the magnitude of alcoholism and staggeringly high relapse rates, we felt an urgency to offer a new solution that is both efficacious and cost-effective."

About Awakn Life Sciences Corp.

Awakn Life Sciences is a revenue-generating biotechnology company researching, developing and commercializing therapeutics to treat substance and behavioural addictions. Awakn has a near-term focus on alcohol-use disorder, a condition affecting 285 million people globally, for which the current standard of care is inadequate. Its goal is to provide effective therapeutics to addiction sufferers in desperate need and its strategy is focused on commercializing its R&D (research and development) pipeline across multiple channels.

We seek Safe Harbor.

© 2023 Canjex Publishing Ltd. All rights reserved.