LONDON: 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 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 £240,000.