source: Patrick Trocchio 07/15/2022
Drug-assisted therapy has shown in a clinical trial that it can help patients with alcohol use disorder (AUD) or alcohol dependence. One company hopes to bring its treatments to clinics across Europe and become an essential standard of care for AUD patients.
Patrick Trocchio, an analyst at HC Wainwright & Associates, started the coverage on Awakn Life Sciences Corp. (AWKN: NEO; AWKNF: OTCQB)a biotech company that is developing methylenedioxymethamphetamine (MDMA)-assisted therapy for alcohol use disorder (AUD) in Europe.
“We estimate[that MDMA-assisted therapy]could have tremendous pharmacological potential based on the significant unmet medical need and the evidence generated to date indicating the potential for MDMA-assisted therapy in a variety of mood disorders,” Trucchio stated.
“Moreover, Awakn’s MDMA-assisted treatment has produced promising data for stage 2A in AUD, which follows validation of approaches in PTSD in the late-stage program operated by MAPS, a nonprofit organization based in the United States,” added Trucchio.
Awakn’s research and development efforts focus on ongoing research related to ketamine-assisted psychotherapy and MDMA, at least initially.
“We appreciate[that MDMA-assisted therapy]could have tremendous pharmacological potential based on a significant unmet medical need.”
— Patrick Trochio, HC Analyst Wainwright & Associates
In March 2021, Awakn received an exclusive license for a phase II trial – the Ketamine Alcohol Relapse Reduction Study (KARE) – from the University of Exeter in the UK
KARE treatment is offered at Awakn Clinics in the UK. Awakn has signed a Memorandum of Understanding with the National Healthcare Service (NHS), the UK healthcare regulator, and the University of Exeter, to evaluate options for introducing KARE into the Phase 3 programme.
Separately, Trucchio notes that in March 2021, “Awakn’s five years of experience and research data from Equasy Enterprises, led by longtime psychedelic researcher David Nutt, (the data) provided Awakn with access to potentially recent details. Discover the modes of action of MDMA as well as details of the potential fastest-acting intactogen-like compounds.”
Six months later, Awakn obtained the exclusive rights to MDMA-assisted therapies from Imperial College London which conducted a “successful Phase 2A. Trial evaluating MDMA-assisted therapy in AUD.”
MDMA, also known as “MDMA” and classified as a Schedule I drug (meaning illegal in the United States) since 1985, is a phenethylamine that raises levels of monoamine neurotransmitters in the brain.
Trochio noted, “MDMA elevates mood, increases social contact and feelings of closeness to others, and can facilitate imagination and memory. Evidence from neuroimaging studies shows decreased amygdala/hippocampal activity and a relationship between decreased amygdala activity and improved ability to process Negative memories. Together with changes in social cognition, closeness, and interpersonal communication, these data support the suggestion that MDMA could be useful as an adjunct psychotherapeutic treatment for alcoholism and co-morbid psychiatric disorders.”
In MDMA-assisted therapy studies in PTSD, on average, participants drank 130.6 units of alcohol per week in the month prior to detoxification, there were no units at the detox point, and 18.7 units per week in nine months, Which implies a decrease of about 86% in nine months compared to the average consumption a month before the detox.
Awakn is building a network of clinics capable of providing evidence-backed treatments and drug assistance for addiction and other mental health conditions in clinics in the UK and other European countries. As part of this build, Awakn is also seeking partnerships to license addiction treatments outside of the UK and Europe.
HC Wainwright & Co. has Buy rating and target stock price of $10 CAD on Awakn. The current share price is about C$0.78.
1) Brian Sylvester wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. They or their family members own the securities of the following companies mentioned in the article: None. Their salaries or their family members are paid by the following companies mentioned in this article: None.
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Disclosures for HC Wainwright & Co. , Awakn Life Sciences Corp. February 1, 2022
Neither the research analysts nor the research analyst family has a financial interest in the securities of AWAKN Life Sciences Corp, Atai Life Sciences NV, and Field Trip Health Ltd. and Mind Medicine (MindMed) Inc. (including, without limitation, any option, right, guarantee, future, long or short). As of January 31, 2022, neither the Company nor its subsidiaries beneficially own 1% or more of any class of common stock of AWAKN Life Sciences Corp., Atai Life Sciences NV, Field Trip Health Ltd, MindMed Inc.. The research analyst does not know Neither the company nor the company had reason to know of any other material conflict of interest at the time this research report was published.
I, Patrick R. Trochio, a Chartered Financial Analyst, certifies that 1) all opinions expressed in this report accurately reflect my personal opinions on any and all securities or issuers under discussion; and 2) no part of my salary was or would be directly or indirectly related to the specific recommendation or opinions expressed in this research report; 3) Neither I nor any of my family members is an official, director, or member of the advisory board of these companies.
The research analyst primarily responsible for preparing the report does not receive compensation based on any specific investment banking services or transactions, but is compensated based on factors including total revenue and the company’s profitability, a large part of which is derived from investment banking services. The company or its subsidiaries have received compensation from Atai Life Sciences NV, Field Trip Health Ltd, and Mind Medicine (MindMed) Inc. For non-investment banking services in the past 12 months.
Neither the company nor its subsidiaries received compensation from AWAKN Life Sciences Corp, Atai Life Sciences NV, Field Trip Health Ltd, MindMed) Inc. for investment banking within 12 months prior to this, but will seek compensation from the companies mentioned in this report for investment banking within three months after publication of the research report. The company does not create a market in AWAKN Life Sciences Corp, Atai Life Sciences NV, Field Trip Health Ltd, and MindMed) Inc. As of the date of this research report.
Past performance is not a guarantee of future results. This report is provided for informational purposes only, and does not constitute an offer or a solicitation to buy or sell any securities discussed herein in any jurisdiction where this is prohibited. This research report is not intended to provide tax advice or be used to provide tax advice to anyone.
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