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Late last year I wrote an exclusive article for TalkMarkets entitled Awakn Life Sciences: Wake Up To The Huge Potential (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) which, based on my research, was a wakeup call for any investor wanting to get in on the ground floor of the fledging psychedelic drug industry and was looking for a company with exceedingly high potential. 

A lot has happened in the last two months with the company as this article recaps.

• June 7/22: Awakn CEO, Anthony Tennyson announced that Dennis Purcell (see his bio here) had joined Awakn as his Special Advisor to helping the company establish a similar presence and profile in the U.S. as they currently have in the U.K..
• June 2/22: Awakn announced (see details here) that they had initiated a behavioral addiction study investigating ketamine as a treatment for Gambling Disorder which will be in addition to its initial focus on Alcohol Use Disorder (AUD).
• May 26/22: Awakn announced (see details here) the filing of a Patent Cooperation Treaty (PCT) for the treatment of behavioral addictions with ketamine and ketamine-assisted psychotherapy.
• May 19/22: Awakn announced (see details here) that the Company had completed a successful pilot study of Gambling Disorder, Compulsive Sexual Behavior, Internet Gaming Disorder and Binge Eating Disorder behavioral addictions.
• May 17/22: Awakn announced (see his bio here) that Dr. Arun Dhandayudham  was joining the company as its Chief Medical Officer.
• April 28/22: Awakn reported (see details here) its Q4 financial results and business highlights for the three and twelve months ended January 31, 2022.
• April 13/22: Awakn  provided a business update (see details here) on its three fully-operational ketamine-assisted therapy clinics, two in the UK and one in Norway.
• Go here for the company's Corporate Presentation that provides considerable details on its plans, its activities and its progress in achieving its goals.

About Awakn

I have signed up to receive the company’s newsletter and the CEO replied stating that he wanted to share some information about the company so I could get to know a bit more about what they were doing, saying:

• “Awakn Life Sciences (NEO:AWAKN) (OTCQB: AWKNF) (FSE: 954):
  • Is a publicly traded biotechnology company with clinical operations, developing and delivering psychedelic therapeutics (medicines and therapies) to better treat addiction.
• Over 20% of the global adult population, that’s more than 1.3 billion people, suffer from substance addiction, with 5% of the global adult population suffering with Alcohol Use Disorder (AUD) alone:
  • Treatment rates are very low and relapse rates are very high with only 16% of those suffering with AUD seeking treatment and there is a 75% relapse rate within the first 12 months for those that do.
• Despite only treating a minority of those suffering from addiction and delivering ineffective treatments, the global private addiction treatment industry is forecast to increase to US$31.5bn per annum by 2027.
• Our team of world leading chemists, scientists, psychiatrists, and psychologists are tirelessly developing and delivering the next generation of psychedelic therapeutics to help these people.
• You can find more detailed information around the company by visiting our website [or staying tuned at TalkMarkets for reports on their progress].”
• If you have any questions or would like more information, please don’t hesitate to get in touch [go here for contact information and to sign up to their informative newsletter].”

Stock Performance

Despite the major developments in the company that are laying the foundation for major success its stock has not mirrored that progress. The stock has cascaded downwards steadily from its price at the end of December and is now down 58.5% as of June 8 and continues to show further weakness today (June 9th). To me that is surprising because of all the psychedelic compound-based stocks that I follow, Awakn shows the most promise given its focus on developing revenue generating ketamine-based therapy clinics (see details on where and how the clinics operate here)  as opposed to focusing exclusively on clinical-stage product development which generates no revenue on one hand, and requires a great deal of money to fund their R&D expenses on the other.