The firm has made meaningful strides in its early clinical runway as it gears up for government-funded studies.
Toronto-based Awakn Life Sciences Corp. (OTC: AWKNF), a biotech company focused on addiction treatments, reported a heft 534% rise in annual revenue for the fiscal year ended Jan. 31, which they attribute to the strong performance of their clinics.
The company pulled in $1.5 million in annual revenue, a 534% increase year-on-year, with $471,813 in the fourth quarter, a 131% increase sequentially. Net loss for the year was $9.7 million, and improvement versus $16.5 million in 2021.
Awakn had around $550,866 in cash at the end of the period.
“Our clinics delivered strong revenue growth … and looking forward to the current fiscal year, we are targeting a further increase in revenue from our clinics and partnerships,” CEO Anthony Tennyson said in a statement.
Awakn’s main program, AWKN-P001, which aims to treat severe alcohol use disorder (AUD), is moving into phase III. The U.K. government will cover most of the trial costs, leaving Awakn to contribute only $1.25 million.
Additionally, the company is partnering with a European pharmaceutical firm to study the potential of repurposing (S)-ketamine for addiction treatment. Awakn is also working with Catalent on a study of MDMA, using Catalent’s proprietary oral disintegrating tablet technology, which could potentially shorten therapy sessions.
Recently, Awakn received an Innovation Passport – a licensing pathway for pre-clinical ventures – from the U.K. Medicines and Healthcare Products Regulatory Agency for its ketamine-assisted therapy for severe AUD. The company also signed a collaboration agreement with the University of Exeter for an upcoming phase III trial. (Full Story)