Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a biotechnology company developing and delivering psychedelic therapeutics (medicines and therapies) to treat addiction, announced today the success of phase one of its new chemical entity (NCE) development program to strengthen Awakn's pipeline for the treatment of a broad range of both substance and behavioral addictions. Novel MDMA-like NCE chemical series have been identified with drug-like properties, which was the aim of phase one of the process. Four leading compounds have been selected to be taken into in vivo efficacy analysis. The data generated will be used to support patent applications and to facilitate the development of additional lead compounds for clinical development. The Company has also announced the progression of its programme into lead optimisation working with Evotec.

Awakn is building on its position and experience as a clinical phase biotechnology company to develop a significant portfolio of innovative and targeted novel candidates to treat poorly addressed substance and behavioral addictions. Awakn will focus on addictions where the consequences for the patient, their family and society are at present both poorly met and severe in outcomes. This announcement builds on Awakn's March 2021 acquisition of a significant body of proprietary research from Prof. David Nutt's Equasy Enterprises, including details of newly discovered actions of MDMA; and the selection of Evotec as NCE research partner.

Dr. Shaun McNulty, Awakn's CSO, commented, "The success of our NCE project has exceeded expectations, delivering robust data and clear steps forward in a short time period. The positive data we obtained will drive the identification and characterization of clinical candidates to develop the next generation of psychedelic medicines to treat addiction. Our strong development pipeline now positions Awakn at the vanguard of the psychedelic biotechnology industry."

"Our ambition is to fully integrate effective psychedelic-based treatment into mainstream healthcare to better treat addiction,'' said Prof David Nutt, Awakn's Chief Research Officer. "Our preclinical and clinical development programs are moving forward rapidly, and we have a world-class R&D team with unparalleled experience. Entering lead optimisation is a significant step towards delivering NCE with improved capabilities over existing options."

About Awakn Life Sciences Corp.

Awakn Life Sciences is a biotechnology company with clinical operations, developing and delivering psychedelic therapeutics (medicines and therapies) to better treat addiction. Awakn's team consists of world leading chemists, scientists, psychiatrists, and psychologists who are developing and advancing the next generation of psychedelic drugs, therapies, and enabling technologies to treat addiction. Awakn will deliver these evidence backed psychedelic therapies in clinics in the UK and Europe and through licensing partnerships globally.

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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 to the proposed NEO listing, and 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: whether new chemical series' are novel; 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; inconsistent public opinion and perception regarding the medical-use of psychedelic drugs; 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.sedar.com. 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.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company's and Awakn's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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