Awakn Life Sciences Corp (NEO:AWKN) announced that it has signed a global licensing agreement with private pharmaceutical technology firm LTS Lohmann Therapie-Systeme AG for its proprietary S-ketamine formulation.
The biotechnology company said it would have exclusive use of LTS’ proprietary S-ketamine formulation, administered sublingually via an oral thin film, for use in the treatment of addiction, anxiety and eating disorders.
Awakn will also gain access to data from LTS’ Phase 1 trial data and patents filed in the United States and key international markets China, Canada, Europe and Japan.
The financial aspects of the deal were not immediately disclosed, but Awakn said it included terms related to milestone payments, royalties, and commercial manufacturing of the drug product by LTS.
"This exclusive global licensing agreement represents a significant milestone in our mission to provide innovative and effective treatments for addiction, while also providing scope for other mental health disorders,” Awakn CEO Anthony Tennyson said in a press release.
“We are confident that LTS' pioneering sublingual S-ketamine formulation will be a game-changer for those suffering from these conditions.”
Awakn shares traded lower following the announcement, down 5.7% at US$0.10.