Awakn Life Sciences

Canada-based Awakn Life Sciences is building an ecosystem for psychedelic-based treatments and integrating them into the mental healthcare practice. The company has three divisions: 1) helping psychedelic pharmaceutical companies to design clinical trials, 2) administering psychedelic therapies, and 3) providing clinical training to psychiatrists and psychologists on psychedelic-assisted psychotherapies. 

The company’s main focus is on the UK and EU markets. It opened its first ketamine-assisted clinic in Bristol in March 2021. Awakn plans on opening a chain of similar clinics in cities across the UK. It also intends to run clinical research trials on psilocybin and MDMA. 

Funding and Financials

The company went public on the NEO Exchange under the ticker symbol “AWKN” in June 2021 via a reverse take-over (RTO) and up-listed to the over-the-counter (OTCQB) markets in August 2021 under the ticker symbol “AWKNF”. In November 2022 , the company raised USD 1.9 million in a final tranche of a private placement consisting of 3.4 million units priced at USD 0.55 per unit. The new funds were used towards advancing its Phase 3 clinical studies for ketamine-assisted therapy for alcohol use disorder, a feasibility study for 4-Methylenedioxymethamphetamine (MDMA), and for working capital and general expenses.