Awakn Shares Its Q2 2022 Results, Showing Consistent Growth On Its Second Full Financial Year

Biotech firm leading the Alcohol Use Disorder (AUD) treatment Awakn Life Sciences Corp. AWKNF has announced its financial outcomes and business highlights for the three months ended July 31, 2022.

During the period, numbers reflected:

• Total revenue of $255.719 through its London, Bristol and Oslo clinics, compared to zero in the same period of 2021 (when the facilities weren’t yet open), and a 34% increase of total $190,473 proceeds of the three-month period ended April 30, 2022.

• Total cash of $362.528

• Closing of private placement with 1,880,454 units issued at $0.41 each raised a total $778.169 in gross proceeds

As for business updates, Awakn’s Phase III trial recently received approx. $1.9 million (CA$2.5 million) in funding from a UK government agency, covering 66% of total costs, while it also completed the first-ever ketamine therapy for behavioral addictions study.  

The company has also signed several agreements towards its proprietary MDMA product commercialization in this period, notably expanding Awakn’s footprint in US and Canadian clinics.

Furthermore, it anticipates receiving approval for its Phase III ketamine-assisted therapy for AUD trial, completing its behavioral study of ketamine in gambling addiction, and signing more licensing deals on its ketamine therapy for AUD treatment, all before this year’s second half ends.

Awakn is now launching a new private placement financing option of up to $2.257.800 (CA$3,000,000) through the issuance of up to 5,454,546 units at $0.41 (CA$0.55) each. Through the first tranche, the company issued 1,880,454 shares for gross proceeds of $778.376, and has further received subscription commitments for 3,090,909 more units for potential additional proceeds of $1.279.420. 

Each unit equates one common share in Awakn’s capital and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.51 (CA$0.68) per common share until 24 months from the date of issuance.

In view of the results, CEO Anthony Tennyson concluded: "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.”

Photo courtesy of RODNAE Productions on Pexels and Doc James on Wikimedia Commons.