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Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF), FSE: 954), a biotechnology company, researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), has reported its financial results and business highlights for the three months ended April 30, 2022.

Q1 Financial Highlights

All results are reported in Canadian dollars and are in comparison to the previous quarter.

• Revenue: +23.9% to $253,154 driven by the provision of ketamine-assisted therapies at the Oslo clinic in Norway and the Bristol clinic in the UK.
• Cash on Hand: +75.0% to $2.8M as the result of a private placement for gross proceeds of $3.25 million.

Q1 Operational Results:

• Appointed biotech investment veteran Dennis Purcell as a Special Advisor to the CEO.
• Appointed Dr. Arun Dhandayudham as new CMO of Awakn. 
• Appointed Kevin Lorenz as U.S. Head of Commercial Development.

Q1 Business Highlights:

• Filed a Patent Cooperation Treaty application for the treatment of behavioral addictions with Ketamine and Ketamine-assisted psychotherapy.
• Completed the world’s first Ketamine study for Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior Disorder. 
• Received regulatory approval for its flagship clinic in London to begin delivering treatments which will be the company's third clinic, adding to the Company's two operating clinics located in Bristol (UK) and Oslo (Norway).
• 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

Milestones Anticipated in H2 2022

• To receive regulatory and ethics approval for the Phase III clinical trial for Ketamine-Assisted Therapy for the treatment of Alcohol Use Disorder.
• To complete the behavioral study of Ketamine in Gambling addiction.
• To commence launching licensing partnerships for the utilizing of the company’s Ketamine-Assisted Therapy for Treatment of Alcohol Use Disorder intellectual property in the U.S. and Canada.
• To initiate a new chemical entity drug development and optimization program.
• To open an additional Awakn Psychedelic-Assisted Psychotherapy Clinic.

Management Commentary 

Anthony Tennyson, Chief Executive Officer, 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...in our goal of bringing effective therapeutics to addiction sufferers in desperate need...for whom the current standard of care is inadequate and relapse rates are unacceptably high."

For additional information on Awakn please refer to an article I wrote for TalkMarkets late last year entitled Awakn Life Sciences: Wake Up To The Huge Potential and followed up last week with an article entitled Awakn Life Sciences: A Recap Of Its Impressive Progress.