Awakn Life Sciences Sells London Clinics Business, Hopes To Divest Norwegian Unit Next

Author: Lara Goldstein | July 05, 2023 01:53pm

Psychedelics biotech Awakn Life Sciences Corp. (OTCQB:AWKNF) sold its London subsidiary and healthcare clinic. The deal comes on the heels of a recently announced business strategy change.

What Happened: The clinic’s new proprietor, a joint venture named Awakn Via Amitis Ltd., is co-owned by UK mental healthcare charity Via (formerly WDP) and private UK investment company Amitis Group.

The London clinic will continue working under its original name, with Via taking over clinical operations and leading the delivery of treatments and therapies on site.

Awakn Via Amitis also licensed a list of the healthcare service's IP within the U.K., as well as a non-exclusive license for the company’s alcohol addiction treatment protocol “Kare."

The non-profit currently has a drug and alcohol treatment presence in over 14 London boroughs and other parts of the country, providing inpatient detox and rehab services, and is now setting up what would become the UK’s first women’s-only detox provision.

What's Next: Awkan is also undergoing a strategic review of its Norwegian clinic’s business, which reportedly sustained its monthly revenue growth and is currently engaged in discussions about a potential sale.

Awakn CEO Anthony Tennyson called the transaction “an important milestone for Awakn and one which will allow us to focus our resources on our R&D programs.”

“We also believe that the consortium is excellently positioned with their experience and close working partnership with the NHS to grow and scale the clinics business, hopefully allowing access to a whole new cohort of patients in desperate need of a new and more effective treatment option," he added.

Awakn CMO Arun Dhandayudham, also Via’s executive medical director, praised "the strength" of the company's protocols and methodologies, including the proprietary Awakn Kare for alcohol relapse prevention.

"I am very happy to continue my work with the Awakn Clinics London through my role at Via,” he added.

Photo: Benzinga edit with photo by woraatep suppavas by Shutterstock and Doc James by Wikimedia Commons.

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