It’s been a busy week for psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) who reported its financial results for the quarter ending July 31, 2021, and announced an acquisition. On Wednesday, Awakn reported its earnings, but the relatively new company has no revenues to speak of. Instead, the company reported that it had a net loss of $9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue.

However, it has been able to raise money and currently has $8.7 million in cash. The company completed a $8.3 million financing at $2.50 per share in conjunction with its listing on the Neo Exchange. CEO Anthony Tennyson said, “We have also made significant strides in the development and delivery of psychedelic therapeutics to treat Addiction and continued to progress the opening of our first clinics. We remain steadfast in our mission to fully integrate effective psychedelic-based treatments into mainstream healthcare to better treat Addiction.”

Following the earnings announcement, Awakn said it has signed a binding share exchange agreement to acquire a 100% interest in Axonklinikken AS (“Axon”), a leading ketamine-assisted psychotherapy clinic in Norway. As part of the transaction Axon will be renamed ‘Awakn Oslo AS’, and Axon’s majority shareholder Dr. Lowan Stewart will be appointed as Regional Director for the Nordics and Managing Director Awakn Oslo AS. Awakn said the acquisition will help it to speed up its clinic roll out program, as Awakn will now parallel path its regional expansion plans in both the Nordics (Norway, Sweden, Denmark, Finland and Iceland) and U.K. & Ireland.

“This is a key element of our goal for Awakn to become the leading authority in the development and delivery of psychedelic therapeutics to treat addiction,” said Anthony Tennyson, Awakn’s CEO. “Our approach of development and delivery enables Awakn to earn revenue while we also develop a deep IP portfolio with strong commercial potential. This acquisition will enable Awakn to accelerate the first element of our three-pronged revenue generation strategy: clinics in the UK and Europe, licensing partnership beyond the UK and Europe, and therapeutics commercialization.”