Biotechnology company running clinical operations to research, develop and deliver psychedelic therapies for mental conditions Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) announced having entered into an agreement to fully acquire Axonklinikken AS (Axon), a Norway based ketamine-assisted psychotherapy clinic.
According to the agreement, Axon will be renamed ‘Awakn Oslo AS’ and the clinic’s majority shareholder, Dr. Lowan Stewart will assume the position of the managing director of the merged company after the deal has been closed.
Awakn Life Sciences says this acquisition deal will enable it speed its clinic roll out program to be at par with its regional expansion plans in UK, Ireland, Sweden, Norway, Iceland, Finland and Denmark.
Awakn Oslo will serve as the regional hub for the company to expand its operations across Europe. The company is expecting to set up two additional clinics in London and Bristol before the year wraps up.
“This is a key element of our goal for Awakn to become the leading authority in the development and delivery of psychedelic therapeutics to treat addiction. Our approach of development and delivery enables Awakn to earn revenue while we also develop a deep IP portfolio with strong commercial potential. This acquisition will enable Awakn to accelerate the first element of our three-pronged revenue generation strategy: clinics in the UK and Europe, licencing partnership beyond the UK and Europe, and therapeutics commercialization,” said Awakn’s CEO, Anthony Tennyson.