Awakn Life Sciences Reports Results for Quarter Ended April 30, 2022

Toronto, Ontario--(Newsfile Corp. - June 14, 2022) - Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) (‘Awakn’), a biotechnology company, researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announced today its financial results and business highlights for the three months ended April 30, 2022. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars (“CAD”), unless otherwise specified.

Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, stated, “Today’s results demonstrate the significant momentum building in our business across both our research and development pipeline and in our therapeutics commercialization business. The addiction treatment market opportunity is, unfortunately, large and growing, and Awakn is uniquely positioned to offer proven therapeutics supported by data to sufferers for whom the current standard of care is inadequate and relapse rates are unacceptably high.

During the quarter we achieved a number of significant milestones, including the completion of the world’s first Ketamine study for a range of behavioural addictions including Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior Disorder. We also received regulatory approval for our flagship London clinic. Q1 was another period in which we made significant progress towards our goal of bringing effective therapeutics to addiction sufferers in desperate need.”

1Q22 & Recent Business Highlights:

• Initiated follow-on behavioral study investigating Ketamine as a treatment for Gambling Disorder. The study will be the first investigation globally to explore this technique to treat Gambling Disorder.

• Filed Patent Cooperation Treaty (PCT) application for the treatment of behavioral addictions with Ketamine and Ketamine-assisted psychotherapy. This followed the successful completion of Awakn’s behavioral addictions study, and the data provided from the study was used in the patent filing.

• Completed the world’s first Ketamine study for a range of behavioral addictions. The behavioral addictions included in the study were Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior Disorder.

• Announced successful completion of hit to lead drug discovery program for new chemical entity (NCE), strengthening Awakn’s pipeline for the treatment of a broad range of both substance and behavioral addictions. This is an essential first step on the pathway of developing new, faster acting, and safer entactogenic therapies for the market.

• Received regulatory approval for flagship clinic in London to begin delivering treatments. The flagship London clinic is Awakn’s third clinic, adding to the Company’s two operating clinics located in Bristol (UK) and Oslo (Norway), which are delivering Ketamine-assisted therapy to treat addiction and several mental health disorders.

• Filed patents for a new class of entactogen-like molecules, which are a class of psychoactive substances that produce distinctive emotional and social effects that Awakn believes has great potential to treat both substance and behavioral addictions

1Q22 & Recent Corporate Highlights:

• Appointed biotech investment veteran Dennis Purcell as a Special Advisor to the CEO. Mr. Purcell brings a wealth of life science and investment experience to Awakn.

• Appointed Dr. Arun Dhandayudham as new CMO of Awakn. Dr. Dhandayudham is an industry leading figure in Addictions Psychiatry

• Announced the closing of private placement, issued 2,031,250 units at a price of $1.60 per unit for gross proceeds of $3,250,000

• Appointed Kevin Lorenz as U.S. Head of Commercial Development. Mr. Lorenz will lead Awakn’s therapeutics commercialization activities in the U.S., starting with the launch of its Licensing Partnership business which is scheduled and expected to generate revenue in the second half of 2022.

1Q22 Financial Highlights:

• Delivered revenue of $253,154 via Awakn’s clinics for the three months ended April 30, 2022, compared to $Nil in the prior year. This represents a 23.9% or $48,834 versus the three months ended January 31, 2022.

• Revenue during the three-month period was primarily driven by the provision of ketamine-assisted therapies at the Oslo clinic in Norway and the Bristol clinic in the UK as the flagship London clinic in the UK only commenced delivering treatments in April 2022

• As of April 30, 2022, the Company had $2,818,998 million in cash

Milestones Anticipated in H2 2022

• Receive regulatory and ethics approval for Phase III clinical trial for Ketamine-Assisted Therapy for the treatment of Alcohol Use Disorder

• Completion of the behavioral study of Ketamine in Gambling addiction
  
• Therapeutics Commercialization through launching licensing partnerships utilizing the company’s intellectual property (IP) Ketamine-Assisted Therapy for Treatment of Alcohol Use Disorder (“KARE”) in the US and Canada

• New Chemical Entity drug development: Initiate lead optimization program

• Open additional Awakn Psychedelic-Assisted Psychotherapy Clinic

• Awakn has applied for several grants, one of which the company expects to receive a response on by end of Q2, and if successful, would cover a substantial amount of the cost of Phase III clinical trial

About Awakn Life Sciences Corp.

Awakn Life Sciences is a biotechnology company, researching, developing, and commercializing combined therapeutics to treat addiction, with a focus on Alcohol Use Disorder. Awakn’s team consists of renowned research experts, world leading chemists, scientists, psychiatrists, and psychologists. Addiction is one of the biggest unmet medical needs of our time, affecting over 20% of the global population and is an industry valued at over $100bn per annum. Awakn is working to disrupt this underperforming industry by advancing the next generation of drugs and therapies to be used in combination, through preclinical research and clinical stage trials.

www.awaknlifesciences.com | Twitter | LinkedIn | Facebook

Notice Regarding Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, including statements relating the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.

Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to:COVID-19; fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s and Awakn’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
anthony.tennyson@awaknlifesciences.com

Media Enquiries:
America and Canada: KCSA Strategic Communications
Anne Donohoe
Adonohoe@KCSA.com

Rest of World: ROAD Communications
Paul Jarman / Nora Popova
Awakn@roadcommunications.co.uk

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127779