Psychedelic Medicine Treating Addiction | Awakn Life Sciences (AWKN)
Awakn Life Sciences Corp (NEO:AWKN) is a biotechnology company with clinical operations developing and delivering the next generation of psychedelic medicines to treat addiction.
According to a World Drug Report in 2019, 35 million people worldwide suffer from drug use disorders while only 1 in 7 people receive treatment. This number has likely increased during the tough times of 2020. Awakn’s team led the world’s only clinic trial using MDMA for alcohol use disorder showing 20% of its patients relapse after 9 months. This is far superior to the 70% relapse rate after a 12-month period standard in alcohol use disorder.
Awakn will soon publish phase 2 trial results showing ketamine could also be a more effective medicine when treating alcohol disorders.
Awakn is the only company in the world providing evidence-backed ketamine-assisted psychotherapy for alcohol use addiction (AUD). In March, Awakn opened a clinic to become the UK’s first provider of psychedelic-assisted psychotherapy available to the public. The company will have three of these clinics open in the UK this year, will look to have six open in the UK and Ireland next year, and will focus on opening twenty clinics in continental Europe the year after that.
Each of Awaken’s clinics is capable of producing CAD$3-6 million in revenue per year.
Looking to the future, Awakn has applied for marketing authorization in the UK and EU to deliver MDMA in its clinics. The company is also developing its own molecules and medicines to treat addictions to alcohol, opioids, tobacco, and behavioural addictions such as gambling.
Watch the full interview to learn about Awakn’s business model, partnerships, revenue potential, and how the company is helping those suffering from addiction.
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