Awakn Life Sciences Corp. Announces Increase in Financing and Closing of Fourth Tranche
Introduction
Toronto, Ontario–(Newsfile Corp. – September 18, 2024) – Awakn Life Sciences Corp. (CSE: AWKN) (OTCQB: AWKNF) (FSE: 954) (“Awakn” or the “Company”) a clinical-stage biotechnology company developing therapeutics for substance use and mental health disorders, with a near-term focus on Alcohol Use Disorder (“AUD”), is pleased to announce that, further to its press releases dated April 3, 2024, April 17, 2024, June 4, 2024 and July 31, 2024, it has determined to increase the size of its previously announced non-brokered private placement financing (the “Offering”) from up to $1,000,000 to up to $2,000,000. Additionally, Awakn is pleased to announce the closing of a fourth tranche of the Offering through the issuance of an additional 857,143 units (the “Units”) at a price of $0.46 per Unit for additional gross proceeds of $394,286 for a combined total of $1,117,142.
Expansion of Financing
With the decision to increase the size of the Offering from $1,000,000 to $2,000,000, Awakn is demonstrating confidence in its ability to attract investment and advance its research and development efforts in the field of substance use and mental health disorders. This additional funding will provide the company with the resources needed to accelerate the development of its therapeutics and bring them to market more quickly.
Closing of Fourth Tranche
The closing of the fourth tranche of the Offering, which resulted in the issuance of 857,143 Units at a price of $0.46 per Unit, marks a significant milestone for Awakn. The additional gross proceeds of $394,286 will further strengthen the company’s financial position and support ongoing operations as it continues to pursue its mission of developing innovative treatments for Alcohol Use Disorder and other mental health conditions.
Impact on Individuals
As a potential investor, the increase in financing and successful closing of the fourth tranche by Awakn Life Sciences Corp. signals a growing interest and confidence in the company’s work. This development may present an opportunity for individuals looking to participate in the biotechnology sector and support advancements in treatments for substance use and mental health disorders.
Impact on the World
On a larger scale, Awakn’s expansion of financing and continued progress in developing therapeutics for Alcohol Use Disorder and other mental health disorders have the potential to make a significant impact on the world. By providing new and effective treatment options, the company is contributing to the advancement of healthcare and addressing critical issues related to addiction and mental health on a global scale.
Conclusion
Awakn Life Sciences Corp.’s decision to increase its financing and close the fourth tranche of the Offering represents a significant step forward in the company’s mission to develop innovative therapeutics for substance use and mental health disorders. With additional funding and ongoing progress, Awakn is well-positioned to make a meaningful impact on individuals seeking treatment for Alcohol Use Disorder and other mental health conditions, as well as contribute to the advancement of healthcare worldwide.
