Can Psychedelics Cure Addiction? | Awakn Life Sciences $AWKN $AWKNF
Awakn Life Sciences Corp (NEO:AWKN, OTCMKTS:AWKNF) is a biotechnology company developing new psychedelic therapeutics to better treat addiction. Awakn also operates clinics delivering treatments in the UK and Europe which provides free cash flow to reinvest back into the biotech side of the business.
Awakn is currently utilizing ketamine, MDMA, and novel chemical entities to allow people suffering from addiction to finally escape from their repetitive, addictive behaviours and thoughts. Specifically, Awakn has acquired the exclusive rights to the world’s only phase IIb clinical trial for Ketamine-Assisted Psychotherapy and the world’s only phase IIa clinical trial for MDMA-Assisted Psychotherapy to treat Alcohol Use Disorder.
“We are a biotechnology company, so absolutely the future value of the company is in the biotech side. It’s around the development of those therapeutics packages. Therapies and drugs to be used in combination. However, the psychedelics industry is different from any model that has gone before in healthcare or addiction and 4 things need to be delivered together for psychedelics to be as effective as they can be; and that is the compound, the therapy, the therapist and the clinical environment. And that is why we are a biotech company but we have a limited amount of clinics. Those clinics are there so we can test and validate in the real world the therapies we have developed in our clinical research.” – Awakn Life Sciences CEO Anthony Tennyson
Awakn clinics will deliver ketamine-assisted psychotherapy in the near term and will utilize MDMA when Awakn secures marketing authorization. Some Awakn clinics will also be sites for Awakn research’s clinical trials.
Each clinic will generate GBP£4 million in revenue per year on average. Awakn is targeting to have 20 clinics operational by the end of 2023. That would provide the company with a GBP£80 million run rate. This free cash flow will allow for reinvestment back into the biotech side of the business in a non-dilutive manner to shareholders.
Awakn recently signed an MOU with the National Healthcare Service (NHS) in the UK with a view of increasing access to psychedelic-assisted psychotherapy.
“We are probably looking in about 5 years time to hopefully have on-label use for a select number of psychedelics to treat a limited number of conditions in an on-label fashion in the UK. This can be democratized and available and people don’t have to pay for it out of their own picket that it’s paid for by the public healthcare system” – Awakn Life Sciences CEO Anthony Tennyson
Watch the full interview to learn about Awakn’s developments this year, its unique business model, and the company’s timeline to democratize psychedelics treatments for addiction.
00:00 – Awakn Life Sciences CEO Anthony Tennyson
01:10 – Awakn recent developments
04:32 – Patient acquisition
06:32 – Business model
09:03 – Regulatory barriers in the UK
10:21 – MOU with UK national healthcare services (NHS)