(Alliance News) - Psych Capital PLC on Tuesday announced that Awakn Life Sciences Corp will expand its commercial operations into the US.
Psych Capital is a London-based incubation and investment firm focused on the emerging psychedelic science and healthcare industry.
Awakn Life Sciences, is a psychedelics research and clinical firm based in Toronto, Canada, in which Psych Capital owns 426,000 common shares, approximately a GBP240,000 stake.
Awakn will expand its operations into the US addition treatment and relapse prevention market, through a licencing partnership agreement with Revitalist Lifestyle & Wellness Ltd. The agreement will enable Revitalist to treat patients with alcoholism with Awakn's ketamine-assisted therapy.
Revitalist Lifestyle & Wellness is said to be one of the largest publicly listed US-based ketamine wellness-clinic chains.
Revitalist will pay an annual fee for Awakn to train Revitalist practitioners and provide access to its therapeutics. In addition, Revitalist will pay a revenue share per treatment.
Anthony Tennyson, Awakn chief executive officer, said: "Our partnership agreement with Revitalist adds an additional revenue stream for Awakn in our licensing partnerships' business, and importantly brings us into a new, and key territory - the United States. This puts Awakn in the relatively unique position of being a biotech with commercialization activity across both multiple revenue streams and geographic territories. We look forward to on-boarding more partners in the coming months, and to providing hope to addiction sufferers for whom current treatments are just not working."
"We are delighted that Awakn has secured this agreement. Not only does it represent a new territory for Awakn, but the endorsement from Revitalist highlights the strength of Awakn's proposition," added William Potts, Psych Capital co-founder & chief investment officer.
Shares in Psych Capital were untraded in London on Tuesday, last quoted at 4.0 pence.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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