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Awakn Life Sciences Corp
Symbol AWKN
Shares Issued 36,923,339
Close 2023-09-14 C$ 0.255
Market Cap C$ 9,415,451
Recent Sedar Documents

Awakn closes $767,215 third tranche of financing

2023-09-14 12:51 ET - News Release

Mr. Anthony Tennyson reports

AWAKN LIFE SCIENCES PROVIDES CORPORATE UPDATE

Awakn Life Sciences Corp. has provided a corporate update on recent progress. Awakn has closed the third tranche of its previously announced private placement.

Key recent corporate activity:

  • Health care services exit completed and burn reduced: In June, 2023, Awakn announced its intended exit from health care services to focus solely on research and development of therapeutics treating addiction. Awakn successfully completed its exit from the health care services in August, 2023, which has significantly reduced Awakn's burn.
  • Clinical trial application (CTA) submitted for phase III of lead program AWKN-P001, with Awakn's cost for the phase III capped at approximately 800,000 pounds sterling: In September, 2023, Awakn submitted the CTA for a phase III clinical trial for its lead program AWKN-P001 for the treatment of severe alcohol use disorder (SAUD). The trial is being run by the University of Exeter, and a partnership between the U.K. National Institute of Health and Care Research (NIHR) and the U.K. Medical Research Council (MRC). The phase III trial will be a two-armed, randomized, placebo-controlled trial. It will be delivered in the United Kingdom across 10 U.K. National Health Service (NHS) sites. Awakn will contribute approximately 800,000 pounds sterling toward the costs of the trial, with the NIHR, MRC and the University of Exeter contributing the balance of the costs. Awakn and its partners are expecting feedback in the coming months on the CTA, and subject to ethical and regulatory approval, first trial participants will be treated in Q1 2024.
  • Zydis/MDMA feasibility study progressing: Awakn initiated a feasibility study in March, 2023, for a proprietary formulation of MDMA (3,4-methylenedioxymethamphetamine) using Catalent's Zydis orally disintegrating tablet (ODT) technology. The study is evaluating a variety of chemical parameters and several aspects of the Zydis MDMA ODT. Awakn and Catalent have completed two of the three planned manufacturing tests and are now progressing into the third manufacturing production run test.
  • Awakn continues to expand its addiction and mental health treatment licensing partnership business: Awakn provides access to its proven proprietary ketamine-assisted therapy protocol for the treatment of alcohol use disorder (AUD) and additional health care services intellectual property under licence to substance use disorder and mental health treatment facilities. Awakn's partner clinic network now includes clinics in New York and California, in the United States; Ontario, in Canada; Oslo and Trondheim, in Norway; London, in the U.K.; and Lisbon, in Portugal.

Financing

On April 26, 2023, Awakn announced a non-brokered private placement financing for gross proceeds of up to $3-million, which was upsized to $4-million on June 15, 2023, at a price of 46 cents per unit. Each unit comprises one common share in the capital of the company and three-quarters of one whole common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 63 cents per common share for a period of five years from the date of issuance. Gross proceeds from the offering will be used to finance the company's general working capital.

Today, Awakn has closed the third tranche of the offering, issuing 1,667,858 units for gross proceeds of $767,215 for this tranche and $2,734,663 in total for the offering to date.

Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the NEO Exchange. 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.

About Awakn Life Sciences Corp.

Awakn Life Sciences is a clinical-stage biotechnology company developing therapeutics targeting addiction. Awakn has a near-term focus on alcohol use disorder (AUD), a condition affecting approximately 37 million people in the United States and key international markets and 285 million people globally for which the current standard of care is inadequate. Awakn's goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and its strategy is focused on commercializing its R&D pipeline across multiple channels.

We seek Safe Harbor.

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