Awakn Life Sciences Corp. (NEO: AWKN | OTCQB: AWKNF | FSE: 954), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), today announces that its wholly-owned subsidiary Awakn Oslo AS has entered into a debt financing agreement with TD Veen AS , a family-owned, Norwegian investment company and current shareholder of Awakn.
Given the strong performance and growing demand for Awakn’s treatments in Norway to date and management’s current forecast, Awakn intends to expand its clinics business in Norway. Awakn plans to relocate its existing clinic in Oslo to a larger premises with increased capacity for treating clients and to open a second clinic in Trondheim, Norway and fourth clinic overall. Both Norwegian clinic locations are also expected to provide Awakn with the potential to deliver research and clinical trials on site. Awakn’s Nordic operations, including the planned expansion, will continue to be led by Dr. Lowan Stewart, a key opinion leader and pioneer in ketamine-assisted therapy in Norway.
“We are excited to be pushing into our next phase of growth in the Nordics. We have been very happy with the reaction to Awakn and our offering in Norway and the growing demand backs that sentiment up.”Anthony Tennyson, Awakn CEO
Dr. Lowan Stewart, Awakn’s Regional Director of the Nordics added “Having experienced firsthand how so many continue to suffer despite the standard mental health treatments available in Norway, it gives us such joy to be able to help even more people through some of the toughest times in their life, that’s what drives us every day.”
Pursuant to the Loan Agreement, the Lender has advanced NOK 6,000,000 (approximately CAD$775,000) bearing interest at a rate of 9% per annum and is secured against Awakn Oslo’s assets. The Lender shall also receive royalty payments of 2.5% of Awakn Oslo’s revenues for a five year period and warrants to purchase up to 600,000 common shares of Awakn at an exercise price of $0.68 per share for a period of two years.
About Awakn Life Sciences Corp
Awakn Life Sciences Corp. is a revenue-generating biotechnology company researching, developing, and commercialising therapeutics to treat substance and behavioral addictions. Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 285m people globally for which the current standard of care is inadequate. Our goal is to provide effective therapeutics to addiction sufferers in need and our strategy is focused on commercializing our R&D pipeline across multiple channels.