Toronto, Ontario–(Newsfile Corp. – December 18, 2024) – Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) (FSE: 954) (“Awakn” or the “Company”) a clinical-stage biotechnology company developing therapeutics for substance use and mental health disorders, is pleased to announce that it has obtained an unsecured credit facility of up to US$535,000 (the “Facility”) from an arm’s length creditor of the Company, which can be drawn upon by the Company in multiple advances, and which is evidenced by a grid promissory note issued by the Company (the “Grid Note”). The principal drawn under the Facility shall become due and payable on December 5, 2026 (the “Maturity Date”), and bears interest at 10% per annum also payable on the Maturity Date.
The Grid Note contains certain other customary financial and other covenants and any principal drawn will be used for general working capital purposes. The Facility is intended to provide the Company with immediate capital while it continues to advance its research and development projects, and seek out other potential sources of capital.
“We continue to make significant progress on research programs, including our lead program AWKN-001 which is in phase 3 in the UK and AWKN-002 which in in phase 2 planning in the US and this Facility extends our runway as we progress towards new milestones,” stated Anthony Tennyson, Awakn CEO.
About Awakn Life Sciences Corp.Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing therapeutics targeting addiction. Awakn has a near-term focus on Alcohol Use Disorder, a condition affecting approximately 29 million adults in the US and approximately 40 million in the US and key European markets for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels.