Biotechnology company
Awakn Life Sciences Corp. (NEO: AWKN) announced on Thursday that it had signed a binding share exchange agreement to acquire a 100% interest in a ketamine-assisted psychotherapy clinic in Norway called Axonklinikken AS.
As part of the transaction Axon will be renamed Awakn Oslo AS, and Axon's majority shareholder Dr. Lowan Stewart will be appointed as Regional Director for the Nordics and Managing Director Awakn Oslo AS.
This acquisition is intended to help Awakn accelerate its clinic roll out program, with a parallel path for its regional expansion plans in Norway, Sweden, Denmark, Finland and Iceland, as well as the UK, Ireland, and territories with a combined 100 million population and $5trn (USD) GDP.
Via
a news release, Awakn’s Chief Executive Officer, Anthony Tennyson called this move a key element of the company’s goal to become the leading authority in the development and delivery of psychedelic therapeutics to treat addiction.
“Our approach of development and delivery enables Awakn to earn revenue while we also develop a deep IP portfolio with strong commercial potential. This acquisition will enable Awakn to accelerate the first element of our three-pronged revenue generation strategy: clinics in the UK and Europe, licencing partnership beyond the UK and Europe, and therapeutics commercialisation.”
With clinical operations, developing and delivering psychedelic medicine to better treat addiction. Awakn made news this week with its
financial results and business highlights for Q2 2021, which included an $8.3 million financing at $2.50 per share in conjunction with the listing on the Neo Exchange.