Licenses Awakn Kare and Certain Healthcare Intellectual Property Assets to New Owners

TORONTO, CANADA, July 5, 2023 – Awakn Life Sciences Corp. (NEO: AWKN, OTCQB: AWKNF, FSE: 954) (“Awakn” or the “Company”) a clinical-stage biotechnology company developing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announces today the sale of Awakn London Limited., Awakn’s subsidiary that owns and operates its healthcare clinic in London, United Kingdom (“UK”) trading as Awakn Clinics London. The subsidiary has been purchased by a joint venture entity, Awakn Via Amitis Ltd., jointly owned by Via (formerly WDP) a leading UK healthcare charity providing addiction and mental health services in the UK, and Amitis Group, a private UK investment company.

Awakn also announces an agreement with Awakn Via Amitis Ltd. for the exclusive license of selected elements of Awakn’s healthcare services intellectual property (“IP”), within the UK, and a non-exclusive license for Awakn Kare, within the UK, in consideration for a share of Awakn London Limited’s revenue being payable to Awakn. The clinic will continue to operate as Awakn Clinics London with Via taking over clinical operations and leading the delivery of all treatments and therapies at the clinic.

Via is a charity that supports people to transform their lives for the better, helping them to manage their health and wellbeing independently. Ithas a drug and alcohol treatment presence in over 14 London boroughs, and several other parts of the UK. Via also provides inpatient detox and rehab services and is setting up the UK’s first women’s only detox provision. Via supports and provides treatment to over 10,000 people each year. Via and the UK’s National Health Service (“NHS”) also work in close partnership together supporting people who are dependent on drugs and alcohol.

In addition to this milestone, Awakn remains committed to its ongoing strategic review of the Norwegian clinic’s business, and is engaged in discussions regarding its potential sale. June was another record month in revenue for the Norwegian business, continuing its upward trajectory in recent months.

Awakn CEO Anthony Tennyson said: "We are very pleased to have completed this transaction, which is an important milestone for Awakn and one which will allow us to focus our resources on our R&D programs. Critically, it also will allow continutiy of care for our clients and workforce in London. We also believe that the consortium is excellently positioned with their experience and close working partnership with the NHS to grow and scale the clinics business, hopefully allowing access to a whole new cohort of patients in desperate need of a new and more effective treatment option. We look forward to working with them as partners and sharing in their future success."

Dr. Arun Dhandayudham, Executive Medical Director at Via and Chief Medical Officer at Awakn said: “Having worked at Awakn for a period of time, I’ve seen the strength of their protocols and methodologies, especially their proprietary Awakn Kare for alcohol relapse prevention. I am very happy to continue my work with the Awakn Clinics London through my role at Via.”

About Awakn Life Sciences Corp.

Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing therapeutics targeting addiction.  Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 285m people globally for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels.  |  Twitter  |  LinkedIn  

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Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences

Media Enquiries:
Gordo Whittaker, CMO, Awakn Life Sciences