Psychedelics therapeutics biotech company Awakn Life Sciences Corp. (OTCQB:AWKNF) has signed what constitutes its first licensing partnership deal in Canada. Its counterpart is the Ontario community-based Wellbeings Pain Management and Dependency Clinic, which will begin using Awakn's ketamine-assisted therapy for patients under treatment for Alcohol Use Disorder (AUD) as a comorbidity for pain.
The terms call for Awakn to provide access to its proprietary therapeutics for AUD and training to Wellbeings practitioners and for Wellbeings to pay Awakn an annual subscription and a revenue share per treatment.
Awakn recently signed its first licensing partnership agreement in the US, under similar terms. The company now holds two partnership agreements in North America, while also generating revenue from its proprietary treatments across the UK and Norway.
Awakn’s treatment was developed and validated in a Phase II a/b trial that showed an 86% abstinence over the six-months post treatment versus 2% pre-trial. Currently available AUD treatments show an approximate 25% abstinence rate over the same timeframe.
A recent study estimated the total cost of alcohol-related harm to Canadians at $14.6 billion. What’s more, the Canadian government found that over 19% of the total population was classified as heavy drinkers before the pandemic started.
Regarding the two succeeding signed agreements, Awakn CEO Anthony Tennyson commented: "Expanding our revenue generation into Canada is another significant milestone for Awakn. Wellbeings share our vision and goal of making new more effective treatment options available to so many people who are suffering and will make another excellent partner as we start to disrupt the incumbent addiction treatment industry in North America."
On her behalf, Wellbeings CEO and president Peggi Shepherd DeGroote added that the COVID-19 pandemic brought about a significant increase in the incidence of Alcohol Use Disorder and is now affecting nearly 8 million people in Canada alone.
“People from all walks of life are suffering from this addiction. The opportunity to offer medical care that is so desperately needed for people to live their ‘best possible life’ is exciting.”
Yet DeGroote believes that addiction care offerings have long produced less than adequate results for patients. That’s where the new proposal comes in. “Awakn's proprietary ketamine-assisted therapy will be a much-needed addition to Wellbeings present offerings to produce outstanding outcomes," DeGroote said. "People need effective and long-lasting treatments and hope that something better is available so that they can overcome their addictions with medical help available. Awakn has a proven effective treatment that will revolutionize and democratize AUD care and outcomes."
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