Awakn Life Sciences’ Revenue up 534% in 2022, AUD Treatment Advances

April 30, 2023 · Green Market Report

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)

In categories:International State Bills
Tags:
Next Post

Organigram takes Canadian government to court over cannabis lozenge dispute

Canadian marijuana operator Organigram Holdings is asking a federal court to quash a Health Canada decision that the company’s popular ingestible cannabis lozenges should be classified and regulated as edibles instead of extracts. The legal challenge could have broader implications for Canada’s…
Read
Previous Post

Louisiana House Committee Kills Cannabis Legalization Bill

Louisiana lawmakers on Tuesday killed a bill to legalize adult-use cannabis in the state, the Lafayette Daily Advertiser reports. The House Criminal Justice Committee voted down the proposal 9-4.  The measure was opposed by the state’s sheriffs, district attorneys, and police chiefs…
Read
Random Post

Australia’s medical cannabis sales might surpass Canada’s in near future

Australia’s medical cannabis industry continues to experience brisk growth in patients and sales, and experts say the market could even surpass Canada’s medical sector this year. Australian patients generally access medical cannabis via two government-regulated programs: the so-called Special Access…
Read
Random Post

Ben & Jerry’s Co-Founder Launches Nonprofit Cannabis Brand

Ben & Jerry’s Ice Cream co-founder Ben Cohen has launched a cannabis brand called Ben’s Best Blnz, or B3, and the company’s profits will be used for social benefit, according to a Fast Company report. The product line includes low-THC products including…
Read
Random Post

Report: Colorado Cannabis Sales on the Decline

Combined adult use and medical cannabis sales in Colorado were $124 million in February, a decline of 14.2% from the same month in 2022, according to state Department of Revenue data outlined by KDVR. In all, adult-use cannabis sales in Colorado have…
Read
Random Post

Adult-Use Marijuana Initiative Expected to Reach Ohio Voters This Fall

A recent poll showed than 60% of Ohioans support recreational cannabis. A campaign to legalize marijuana for Ohioans age 21 and older is ready to collect additional signatures in order to qualify for this November’s ballot. The recreational marijuana law,…
Read