Awakn Life Sciences: Business And Corporate Update For Psychedelics Biotech

Biotech psychedelics company Awakn Life Sciences Corp. AWKNF has just published its business and corporate updates.

Besides researching, developing and commercializing therapeutics to treat substance and behavioral addictions, Awakn’s near-term focus is on the Alcohol Use Disorder (AUD) treatment, and it intends to do so by commercializing an R&D pipeline across multiple channels.

Regarding the business, the company has launched a “Beta” phase of its licensing and partnerships program in North America: By signing a memorandum of understanding with multiple U.S. clinics, the health centers will then access Awakn's proprietary ketamine-assisted therapy specifically for the treatment of AUD. 

The treatment is backed by the successful Phase II/b trial conducted by the company, which resulted in 86% abstinence at 6-months post treatment. The partnerships’ full launch are set for early 2023. 

On the other hand, Awakn has initiated its Licensing and Access Pathway (ILAP) application for Project Kestrel, the company’s lead clinical development program supported by its Phase II a/b 'KARE' clinical trial on ketamine-assisted therapy for the treatment AUD.

Awakn is planning to initiate a Phase III trial in the UK in 2022. As a UK government-run initiative supporting innovative approaches to the safe, timely and efficient development of medicines, ILAP’s approval would help Awakn accelerate the time-to-market for its ketamine treatment, and eventually facilitate patient access to this treatment on the UK's National Health Service.

A few weeks ago, Awakn also released the news that it will receive funding from the national Innovate UK agency, which the company will destine to identifying the quickest and most cost-effective route to market in the UK and the US for its lead program: proprietary ketamine-assisted therapy for treating alcohol use disorder.