Toronto, Ontario–(Newsfile Corp. – April 3, 2024) – Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) (FSE: 954) (“Awakn” or the “Company”) a clinical-stage biotechnology company developing medication-assisted treatments for addiction with a near-term focus on Alcohol Use Disorder (AUD), announces today the launch of an additional Licensing Partnership agreement in North America. The agreement is with Rivus Wellness and Research Institute (“Rivus”), based in Oklahoma City. This is the first Licensing Partnership Awakn has in the U.S. southern states, opening up a whole new population and geographic region to the Awakn Kare treatment.
Awakn Kare is a proprietary treatment protocol developed and validated in a phase II a/b trial. The trial delivered 86% abstinence over the six months post-treatment versus 2% pre-trial. This efficacy is significantly better than the current standard of care for AUD which has an approximate 25% abstinence rate over a similar timeframe.
Under the terms of the license agreement, signed May 18, 2023, and launched April, 2024, Awakn provides access to its proprietary therapeutics and training to the Rivus practitioners, and in return, Rivus will pay Awakn an annual fee and a revenue share per treatment.
The U.S. alcohol and substance addiction treatment industry is significant in size with 14,000+ treatment facilities across the country1, with direct medical costs in the region of US30bn per annum2 but with relatively poor treatment success rates. Awakn aims to improve the performance of the addiction industry by providing its license partners and clinic operators with access to an efficient and more effective treatment option under license.
“We are excited to partner with Rivus and their excellent team, there is shared ethos and vision between the two organizations which is important. Being able to provide a whole new cohort of people in Oklahoma with a new more effective treatment option whilst they are in desperate need, is what drives us.”
– Anthony Tennyson, Awakn CEO
“The Rivus Wellness and Research Institute has consistently served the Oklahoma City mental health community with innovative treatments, interventions, and preventions, and we feel that this partnership with Awakn Kare will benefit our patients tremendously. Rivus will continue to be at the forefront of the mental health industry as we continue to provide outstanding care to those in need.”
On April 26th, 2023, and while listed on the CBOE Canada, Awakn announced a non-brokered private placement financing for gross proceeds of up to $3,000,000, which was upsized to $4,000,000 on June 15, 2023 at a price of CAD$0.46 per unit (the “Offering“). Each unit is comprised of one common share in the capital of the Company (each, a “Common Share“) and three quarters (0.75) of one whole Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.63 per Common Share for a period of five (5) years from the date of issuance. On December 15, 2023 Awakn announced the closing of the fourth tranche of this financing for $230,000 and $2,964,663 in total.
On February 12, 2024 Awakn announced the listing of its common shares on the Canadian Securities Exchange (“CSE”) and delisting of its common shares from the Cboe Canada (“Cboe”). However, Awakn continues to receive funds under the terms of the previously announced non-brokered financing, and as such Awakn is pleased to today announce a new non-brokered financing on the CSE for gross proceeds of up to $1,000,000 at a price of CAD$0.46 per unit (the “Offering“). Each unit is comprised of one common share in the capital of the Company (each, a “Common Share“) and three quarters (0.75) of one whole Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.63 per Common Share for a period of five (5) years from the date of issuance.
Proceeds of the offering shall be used for general working capital. Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of CSE Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 (AUD), a condition affecting 40 million people in the US and key international markets and 285m people globally 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.