Awakn Life Sciences Secures $535,000 Credit Facility to Advance Addiction Treatment Programs

LOS ANGELES – Awakn Life Sciences Corp. a clinical-stage biotechnology company focusing on treatments for substance use and mental health disorders, has secured an unsecured credit facility of up to US$535,000 from an arm’s length creditor. This facility allows the company to draw funds in multiple advances, with the principal due on December 5, 2026, and bearing an annual interest rate of 10%, payable at maturity.

The company plans to utilize the funds for general working capital purposes as it advances its research and development projects. Awakn’s lead program, AWKN-001, is currently in Phase 3 trials in the UK, and another program, AWKN-002, is in Phase 2 planning stages in the US. CEO Anthony Tennyson stated that the credit facility extends the company’s financial runway as it progresses toward new milestones.

This financial development underscores Awakn’s commitment to advancing its therapeutic programs targeting addiction and mental health disorders.