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Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) (‘Awakn’), a biotechnology company, researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD), announced today its financial results and business highlights for the three months ended July 31, 2022. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars (“CAD”), unless otherwise specified.

Anthony Tennyson, Chief Executive Officer of Awakn Life Sciences, stated, “Today’s results and revenue growth demonstrate the continued momentum building in our business and the successful execution of our business plan in both pillars of the business: R&D and Commercialization.

In R&D we have been approved for 66% grant funding for our Phase III clinical trial as part of our lead program, Project Kestrel. We have also made excellent progress in strengthening the IP moats for our ketamine and MDMA programs, including the recently announced feasibility study for a novel formulation and optimized route of administration for MDMA with Catalent.

In Commercialization, our clinics have also delivered excellent growth over this quarter driving a 34% QoQ increase in revenue during the seasonally quietest period of the year for our services. We have also successfully launched our licensing partnership business into the US and Canada, putting us in the unique position of being a biotech with commercial operations in four territories, the U.K., the U.S., Canada and Norway, in only our second full financial year.”

2Q22 & Recent Business Highlights:

2Q22 & Recent Corporate Highlights:

2Q22 & Recent Financial Highlights:

• Delivered revenue of $339,872 via Awakn’s clinics for the three months ended July 31, 2022, compared to $Nil in the prior year. This represents a 34% or $86,718 increase versus the three months ended April 30, 2022.

• Revenue during the period was primarily driven by the provision of ketamine-assisted therapies at the London, Bristol and Oslo Awakn clinics. These clinics were not open during the equivalent period in 2021.

• As of July 31, 2022, the Company had $481,830 in cash.

• Announced the closing of a private placement – issued 1,880,454 units at a price of $0.55 per unit raising gross proceeds of $1,034,250.

Milestones Anticipated in H2 2022

• Receive regulatory and ethics approval for Phase III clinical trial for ketamine-assisted therapy for the treatment of AUD

• Completion of the behavioral study of ketamine in gambling addiction

• Therapeutics commercialization through acquiring more licensing partners utilizing the company’s intellectual property (IP) ketamine-assisted therapy for treatment of AUD (“KARE”) in the US and Canada

Financing

Awakn is pleased to announce a non-brokered private placement financing to raise gross proceeds of up to $3,000,000 (the “Offering“) through the issuance of up to 5,454,546 units (the “Units“) at a price of $0.55 per Unit, and that is has closed the…