Awakn Life Sciences Expands into U.S. with Oklahoma Licensing Agreement

LOS ANGELES- Awakn Life Sciences Corp., a biotechnology company specializing in the development of medication-assisted treatments for addiction, particularly focusing on Alcohol Use Disorder (AUD), announced a significant expansion of its operations into the United States through a new Licensing Partnership agreement. This agreement with Rivus Wellness and Research Institute, based in Oklahoma City, marks Awakn’s inaugural Licensing Partnership in the southern United States, broadening access to Awakn Kare treatment to a new demographic and geographical area.

Awakn Kare, Awakn’s proprietary treatment protocol, has been validated through a phase II a/b trial, showcasing a remarkable 86% abstinence rate over six months post-treatment compared to a 2% pre-trial rate. This outcome significantly surpasses the current standard of care for AUD, which typically sees a 25% abstinence rate over a similar period.

Under the agreement, signed on May 18, 2023, and launched in April 2024, Rivus Wellness and Research Institute will receive access to Awakn’s proprietary therapeutics and practitioner training. In exchange, Rivus will pay an annual fee and a revenue share per treatment to Awakn. This collaboration aims to enhance the performance and effectiveness of addiction treatment options available, addressing the direct medical costs associated with alcohol and substance addiction treatment in the U.S., which stands at approximately $30 billion annually.

Anthony Tennyson, CEO of Awakn, expressed enthusiasm for the partnership, highlighting the shared vision and ethos between Awakn and Rivus. This collaboration is seen as a vital step towards providing a more effective treatment option for those in need in Oklahoma. Dr. Lane Peyton of Rivus underscored the partnership’s potential to significantly benefit patients, reinforcing Rivus’s commitment to leading the mental health industry with innovative treatments and care.

In addition to this strategic partnership, Awakn has also pursued financial initiatives to support its operations and expansion efforts. These include a non-brokered private placement financing, initially announced on April 26, 2023, and subsequently upsized, culminating in significant funding for the company. Following its transition from the Cboe Canada to listing on the Canadian Securities Exchange (CSE) in February 2024, Awakn continues to seek financial support through new financing rounds, demonstrating the company’s ongoing commitment to growth and innovation in the treatment of addiction.

This expansion into the U.S. market, coupled with Awakn’s continued financial and operational developments, represents a promising advancement in the field of addiction treatment, offering hope to those battling AUD and other substance use disorders.