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 info@PSYCH.capital or via Walbrook
Officer PR Ltd psych@walbrookpr.com
AQSE Growth Market Corporate
Adviser
Peterhouse Capital Limited Tel: +44 (0) 207 469 0930
Guy Miller / Mark Anwyl
Walbrook PR Ltd (Media & Tel: +44 (0)20 7933 8780 or psych@walbrookpr.com
Investor Relations)
Nick Rome / Tom Cooper 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 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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