Awakn Life Sciences Announces Credit Facility
Awakn Life Sciences (OTCQB: AWKNF) has secured an unsecured credit facility of up to US$535,000 from an arm's length creditor. The facility can be drawn in multiple advances and is evidenced by a grid promissory note. The principal will be due on December 5, 2026, bearing a 10% annual interest rate payable at maturity.
The funds will be used for general working capital purposes while the company advances its research and development projects. Awakn is currently progressing with AWKN-001 in phase 3 trials in the UK and AWKN-002 in phase 2 planning in the US.
Awakn Life Sciences (OTCQB: AWKNF) ha ottenuto una linea di credito non garantita fino a un massimo di 535.000 USD da un creditore indipendente. Questa linea di credito può essere utilizzata in più tranche ed è documentata da una cambiale a griglia. Il capitale principale sarà dovuto il 5 dicembre 2026, con un tasso di interesse annuo del 10% pagabile a scadenza.
I fondi saranno utilizzati per scopi generali di capitale operativo mentre l'azienda avanza i suoi progetti di ricerca e sviluppo. Awakn sta attualmente progredendo con AWKN-001 nella fase 3 degli studi nel Regno Unito e AWKN-002 nella fase 2 di pianificazione negli Stati Uniti.
Awakn Life Sciences (OTCQB: AWKNF) ha asegurado una línea de crédito no asegurada de hasta 535,000 USD de un acreedor independiente. La línea puede ser utilizada en múltiples avances y está respaldada por un pagaré en forma de cuadrícula. El capital principal vencerá el 5 de diciembre de 2026, con una tasa de interés anual del 10% pagadera al vencimiento.
Los fondos se utilizarán para fines generales de capital de trabajo mientras la empresa avanza en sus proyectos de investigación y desarrollo. Awakn está progresando actualmente con AWKN-001 en ensayos de fase 3 en el Reino Unido y AWKN-002 en planificación de fase 2 en los EE. UU.
Awakn Life Sciences (OTCQB: AWKNF)는 독립적인 채권자로부터 최대 535,000 USD 규모의 무담보 신용 시설을 확보했습니다. 이 시설은 여러 차례에 걸쳐 인출할 수 있으며, 그리드 약속어음으로 증명됩니다. 원금은 2026년 12월 5일에 만기가 도래하며, 연 10%의 이자율이 만기 시 지급됩니다.
Awakn Life Sciences (OTCQB: AWKNF) a obtenu une facilité de crédit non sécurisée pouvant atteindre 535 000 USD d'un créancier indépendant. Cette facilité peut être tirée en plusieurs avances et est attestée par une note promissoire en grille. Le principal sera dû le 5 décembre 2026, avec un taux d'intérêt annuel de 10% payable à l'échéance.
Les fonds seront utilisés à des fins de fonds de roulement général pendant que l'entreprise avance dans ses projets de recherche et développement. Awakn progresse actuellement avec AWKN-001 dans les essais de phase 3 au Royaume-Uni et AWKN-002 en phase 2 de planification aux États-Unis.
Awakn Life Sciences (OTCQB: AWKNF) hat eine unbesicherte Kreditfazilität von bis zu 535.000 USD von einem unabhängigen Gläubiger gesichert. Die Fazilität kann in mehreren Tranchen abgerufen werden und wird durch einen Grid-Wechselbrief dokumentiert. Das Kapital ist am 5. Dezember 2026 fällig und trägt einen jährlichen Zinssatz von 10%, der bei Fälligkeit zu zahlen ist.
Die Mittel werden für allgemeine Betriebskapitalzwecke verwendet, während das Unternehmen seine Forschungs- und Entwicklungsprojekte vorantreibt. Awakn schreitet derzeit mit AWKN-001 in Phase-3-Studien im Vereinigten Königreich voran und plant AWKN-002 in Phase 2 in den USA.
- Secured US$535,000 credit facility extending financial runway
- AWKN-001 program advancing in phase 3 trials in UK
- AWKN-002 program progressing to phase 2 planning in US
- High interest rate of 10% on credit facility
- Reliance on debt financing for working capital needs
Toronto, Ontario--(Newsfile Corp. - December 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, is pleased to announce that it has obtained an unsecured credit facility of up to US
The Grid Note contains certain other customary financial and other covenants and any principal drawn will be used for general working capital purposes. The Facility is intended to provide the Company with immediate capital while it continues to advance its research and development projects, and seek out other potential sources of capital.
"We continue to make significant progress on research programs, including our lead program AWKN-001 which is in phase 3 in the UK and AWKN-002 which in in phase 2 planning in the US and this Facility extends our runway as we progress towards new milestones," stated Anthony Tennyson, Awakn CEO.
About Awakn Life Sciences Corp.
Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing therapeutics targeting addiction. Awakn has a near-term focus on Alcohol Use Disorder, a condition affecting approximately 29 million adults in the US and approximately 40 million in the US and key European markets for which the current standard of care is inadequate. Our goal is to provide breakthrough therapeutics to addiction sufferers in desperate need and our strategy is focused on commercializing our R&D pipeline across multiple channels.
www.awaknlifesciences.com | Twitter | LinkedIn
Notice Regarding Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-Looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, including statements relating the business of the Company. All forward-looking statements, including those herein are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, but are not limited to: fluctuations in general macroeconomic conditions; the business plans and strategies of the Company; the ability of the Company to comply with all applicable governmental regulations in a highly regulated business; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal in some jurisdictions; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; fluctuations in securities markets; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; expectations regarding the size of the addiction market; and regulatory or political change. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR at www.sedarplus.ca. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
anthony.tennyson@awaknlifesciences.com
416-270-9566
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234285
FAQ
What are the terms of AWKNF's new credit facility announced in December 2023?
What is the current development stage of Awakn's AWKN-001 program?
What is the status of Awakn's AWKN-002 program?
How will AWKNF use the proceeds from the credit facility?
