Awakn Life Sciences Corp. (NEO: AWKN), a biotech company that develops psychedelics treatments for addiction, began trading on the NEO exchange last week.
The company is directing much of its efforts toward building an infrastructure to provide Ketamine and MDMA treatment for patients struggling with addiction disorders. It will set up most of its operations in the UK before moving to other territories.
“Twenty percent of the global population is suffering from an addiction. Be it to alcohol, opioids, prescriptions, nicotine, gambling addiction, pornography addiction, sex addiction…” said CEO Anthony Tennyson in an interview with Benzinga.
Awakn recently closed a CA$8.3 million ($6.7 million) private raise, totaling CA$13.5 million ($10.9 million) in private capital proceeds.
Awakn In A Nutshell
“To keep it simple,” says Tennyson “we do two things: we do development and we do delivery.”
For the psychedelics industry to run smoothly, four core pillars need to be guaranteed. These, according to Tennyson, are: “Compound, therapy, therapists and clinical environment. And those need to be delivered together.”
In the area of development, the company’s pipeline for the short and medium-term is focusing on developing protocols that can lead to the approval of generic MDMA and Ketamine in the UK. The company is running a separate program on a parallel track that aims to place its own novel psychedelic molecules through the clinical trial pipeline.
From the delivery side, Awakn is currently building a psychedelics-assisted therapy clinic in Bristol and plans to launch branches in London and …