Program focused on the development and delivery of new treatments for substance abuse and behavioral addictions
Toronto, Ontario – (Newsfile Corp. – July 14, 2021) – Awakn Life Sciences Corp. (NEO: AWKN) (Awakn), a biotechnology company with clinical operations developing and supplying psychedelic drugs to better treat addiction, has announced that it will undertake a clinical research program designed to demonstrate the effectiveness of ketamine-assisted psychotherapy against multiple dependencies.
Awakn estimates that between 15% and 20% of the world’s adult population1, or between 840 million and 1.1 billion people, suffer from addictions such as alcohol, gambling or tobacco. Treatment rates are generally low and relapse rates are generally high. For example, with Alcohol Use Disorder (AUD), which affects 5% of the global adult population, only 16% of people with AUD seek treatment and there is a 70% relapse rate. during the first 12 months for those seeking treatment.2.
Although it only treats a minority of people with drug addiction and with high relapse rates, the global drug treatment industry is currently valued at US $ 17.5 billion per year, and is expected to grow to US $ 31.5 billion per year by 2027.3.
To address this major and growing unmet medical need, one of the most important in medicine, and the significant business opportunities associated with it, Awakn is developing a pipeline of next-generation therapies to treat addiction, with a focus on short term focus on ketamine, a medium term focus on MDMA and a long term focus on drugs developed by Awakn (New Chemical Entities or NCEs).
Awakn’s ketamine research program will initially focus on the treatment of AUD and gambling addiction. The program will include, among other activities, an advanced-stage AUD-focused clinical trial, a mechanistic study. focused on gambling addiction and intellectual property development activities. The program was designed and will be led by Professor Celia Morgan, Professor of Psychopharmacology at the University of Exeter, UK, an internationally renowned expert in the therapeutic use of ketamine and responsible for assisted psychotherapy. ketamine for drug addiction at Awakn.
The results of this research will be used to advance the use of ketamine-assisted psychotherapy as a traditional medical treatment, widely available in the UK, EU and beyond.
Professor Morgan commented, âThe need for new and effective drug treatment approaches is well understood and urgent. Patients and their families are poorly served by existing treatments which are known to have very high associated relapse rates. Ketamine-assisted psychotherapy has the potential to provide a significant improvement over existing treatment strategies, and at Awakn, we aim to prove this through a rigorous set of studies and planned trials. These are designed to help bring ketamine-assisted psychotherapy into mainstream clinical use, and I am delighted to play a leading role at Awakn in advancing this research agenda.
This program will position Awakn globally at the forefront of drug treatment with ketamine-assisted psychotherapy.
About Awakn Life Sciences Corp.
Awakn Life Sciences is a biotechnology company with clinical operations, research, development and supply of psychedelic drugs to better treat addiction. The Awakn team is made up of world-renowned chemists, scientists, psychiatrists and psychologists who develop and advance the next generation of psychedelic drugs, therapies and enabling technologies to treat addiction. Awakn will also provide evidence-based psychedelic therapies for drug addiction at clinics in the UK and Europe and through licensing partnerships globally.
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Although the Company believes that the expectations expressed in these statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those of the statements. Certain factors could cause actual results to differ materially from those of forward-looking information. These include: whether the conditions for registration on NEO will be met; the business plans and strategies of the Company; the ability of the Company to comply with all applicable government regulations in a highly regulated business; risks inherent in investing in target businesses or projects that have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; dependence on management; additional financing needs; competition; inconsistent public opinion and perception regarding the medical use of psychedelic drugs; and regulatory or policy change. Readers are cautioned that the above list of factors is not exhaustive of factors that may affect forward-looking statements. Therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or the date or dates specified in such statements.
Investors are cautioned that these statements are not guarantees of future performance and that 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 consult the public documents filed by the Company 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, except as required by law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities of the Company and of Awakn have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any securities law of a state and may not be offered or sold in the United States or to US Persons, unless they are registered under the US Securities Act and applicable state securities laws or an exemption from a such recording is available.
KCSA strategic communication
Valter Pinto / Tim Regan
Telephone: +1 (212) 896-1254
America and Canada: KCSA Strategic Communications
Rest of the world: ROUTE communications
Paul Jarman / Anna Ramsey
1. Awakn’s estimate is based on the WHO report (Percentage of people aged 15 and over with harmful alcohol use or dependence in the world in 2016), help statistics from the North American Foundation for Gambling Addiction Help and World Cancer Report: Cancer Research for Cancer Prevention.
2. Source: âTreatment rate for alcohol use disorders: a systematic review and meta-analysisâ by Tesfa Mekonen.
3. Source: Reports and Data (reportsanddata.com) – Drug Addiction Treatment Market.
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