Psych Capital PLC - Awakn Phase III Trial receives CA$2.5m funding
Announcement provided by
Psych Capital Plc · PSY21/07/2022 12:47
Psych Capital Plc
("Psych Capital" or the "Company")
Awakn Phase III Trial receives CA$2.5m funding
Highlights
· First Psychedelic Phase III Trial Ever to Receive Government Funding
· Expected to be the largest ketamine-assisted therapy clinical trial to date
Psych Capital Plc, the psychedelic healthcare incubation and investment company, that operates the leading industry data, insights, and networking platform, PSYCH, announces that its portfolio company Awakn Life Sciences ("Awakn") has announced that the National Institute for Health and Care Research (NIHR), a
The trial is currently forecast to cost approximately CA$3.75 million in total, with Awakn funding approximately CA$1.25 million of that.
The Phase III trial is expected to be the largest ketamine-assisted therapy clinical trial to date and the only Phase III psychedelic clinical trial to receive government funding. Awakn will partner with the University of
Professor Celia Morgan, Awakn's Head of Ketamine-Assisted Therapy and Professor of Psychopharmacology at the University of
"The financial commitment by the
William Potts, Chief Investment Officer and Co-Founder of Psych Capital, commented: "We are delighted that Awakn has secured this funding. As well as providing strong endorsement for their research but it also provides the necessary investment to progress towards a new treatment for AUD."
The Company owns 426,000 common shares in Awakn, and at the current price, values the Company's stake in Awakn at approximately
The full text of the announcement from Awakn can be found here: Awakn's Phase III Trial Approved for ~CA$2.5 Million Funding From
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
Psych Capital Plc |
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Stephen Murphy, Executive Director |
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William Potts, Chief Investment Officer
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info@PSYCH.capital or via Walbrook PR Ltd psych@walbrookpr.com |
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AQSE Growth Market Corporate Adviser |
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Peterhouse Capital Limited |
Tel: +44 (0) 207 469 0930 |
Guy Miller / Mark Anwyl |
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Walbrook PR Ltd (Media & Investor Relations) |
Tel: +44 (0)20 7933 8780 or psych@walbrookpr.com |
Nick |
Mob: +44 (0) 7748 325 236 / +44 (0) 7971 221 972 |
About Psych Capital Plc
Psych Capital Plc identifies, funds and aims to support the building of British and European companies across three core pillars: therapeutic treatments, drug development, and data/AI. Its mission is to support a new wave of innovators who are well positioned to challenge the status-quo and revolutionise how society deals with mental health conditions.
Through a network of analysts with deep industry knowledge and capital markets expertise, Psych Capital is focussed on developing a rigorously selected portfolio of industry leading companies at the intersection of psychedelic medicine and technology.
The Psych Platform is a business-to-business media and content platform for the psychedelic science and healthcare industry, and it operates the website, https://psych.global/. The Psych Platform is a global B2B resource for networking, intelligence and insights, servicing the industry through publications, newsletters and engaging events. The Psych Platform has amassed a significant global B2B audience, with over 20,000 subscribers to the platform.
As a business-to-business media and content platform, the Psych Platform also produces the PSYCH Symposium, a premium Live Event series.
About Awakn
Awakn's Research & Development arm is engaged in pre-clinical and clinical research to develop therapeutics to treat addiction. It has drug discovery and clinical research programmes active across substance and behavioural additions.
Its delivery arm delivers these proven therapeutics through its specialised clinics in the
Revenue generated from the clinics and licensing partnerships will fund its ongoing research. Awakn is unique in the biotechnology industry in that it has both a deep commercialisable IP portfolio, and near-term scalable revenue streams.
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