Awakn Life Sciences Corp. AWKNF, the biotech company focused on addiction treatments, has signed a licensing partnership agreement with US ketamine therapy clinics owner Revitalist Lifestyle and Wellness Ltd. RVLWF, through which Revitalist will treat patients suffering from Alcohol Use Disorder (AUD) with Awakn's proprietary ketamine-assisted therapy.
Alcohol Use Disorder is a condition affecting 400 million people worldwide. In the U.S. alone, the alcohol and substance addiction treatment industry is compelling, with more than 14,000 treatment facilities across the country with some $35 billion in revenue.
The treatment was developed and validated in a Phase II a/b trial, showing a 86% abstinence over the six-months post treatment versus 2% pre-trial, while other currently available AUD therapies have an approximately 25% abstinence rate for the same time period.
Through its network of nine clinics, Revitalist offers patients psychedelic medicine provided by medical and behavioral professionals. The current license agreement sets for Awakn to provide access to its proprietary ketamine as well as training to Revitalist practitioners. In return, Revitalist will pay Awakn an annual fee and a revenue share per treatment.
Awakn CEO Anthony Tennyson expressed his enthusiasm over arriving to “a new, and key territory” - that is, the United States. “This puts Awakn in the relatively unique position of being a biotech with commercialization activity across both multiple revenue streams and geographic territories."
The biotech company owns three ketamine clinics in London, Bristol and Oslo and expects to open two more in Manchester and Dublin in 2023.
Revitalist CEO Kathryn Walker shared concerns over the insufficiency of current standard of care for AUD and most addiction disorders said she holds high hopes for Awakn’s therapy’s impact in the country.
“Now, for the first time in the United States, these individuals are able to access this promising treatment to help them remain in remission of their addictive behaviors. We look forward to incorporating Awakn's ketamine-assisted therapy protocols into our offering across our clinical properties," Walker said.
Photo courtesy of RODNAE Productions on Pexels.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.