Psych Capital PLC Awakn Phase III Trial receives CA$2.5m funding (3317T)

TIDMPSY

RNS Number : 3317T

Psych Capital PLC

21 July 2022

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 UK government agency, has approved grant funding for 66% of the costs of Awakn's Phase III clinical trial exploring the use of ketamine-assisted therapy for the treatment of Alcohol Use Disorder ("AUD").

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 Exeter (UoE) and the UK's National Health Service (NHS) to deliver the landmark trial. It is planned to be conducted across seven sites in the UK, with the treatment being administered within the NHS infrastructure. The trial is currently designed to include 280 patients and they will be followed up over the course of six to 12 months. The trial will also pilot bespoke ongoing peer support groups post-treatment.

Professor Celia Morgan, Awakn's Head of Ketamine-Assisted Therapy and Professor of Psychopharmacology at the University of Exeter commented: "It is a true honour to lead the team that will deliver this research. The trial represents a huge leap forward in the treatment of AUD. I know this will be a great source of hope for the patients we work with, their families and friends.

"The financial commitment by the UK Government emphasises the promise of this treatment and the scientific rigour behind the trial. This, coupled with running the trial in the NHS settings and working closely with regulators throughout, means that the probability of quick adoption is very high, should the results of this trial fulfil their early promise."

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 GBP240,000.

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 UK State Covering 66% of Trial's Costs (awaknlifesciences.com)

The Directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

 
 Psych Capital Plc 
 Stephen Murphy, Executive 
  Director 
 William Potts, Chief Investment   [e-mail] or via Walbrook 
  Officer                           PR Ltd [e-mail] 
 
 AQSE Growth Market Corporate 
  Adviser 
 Peterhouse Capital Limited        Tel: [phone] 
 Guy Miller / Mark Anwyl 
 
 Walbrook PR Ltd (Media &          Tel: [phone] or [e-mail] 
  Investor Relations) 
 Nick Rome / Tom Cooper            Mob: [phone] / +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 deliver s these proven therapeutics through its specialised clinics in the UK and Europe. The clinics will generate real world data and evidence that supports our R&D activities. It will establish licensing partnerships to deliver these therapeutics globally, starting with the US and Canada in 2022.

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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July 21, 2022 07:47 ET (11:47 GMT)