Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) (FSE: 954) ('Awakn'), a revenue-generating biotechnology company researching, developing, and commercializing therapeutics to treat addiction with a near-term focus on Alcohol Use Disorder (AUD) is today providing a business and corporate update.

• Awakn launches 'Beta' phase of its Licensing and Partnerships business in North America. Awakn has signed Memorandum of Understanding (MOU) documents with multiple well-established Clinics in North America. Once full agreements are signed, the clinics will be given access to Awakn's proprietary ketamine-assisted therapy for the treatment of Alcohol Use Disorder (AUD). Awakn's treatment is backed by the successful Phase II b trial which resulted in 86% abstinence at 6-months post treatment. The 'Beta' phase will precede the full launch which is targeted for early 2023. Awakn will work with its license partners to fine tune the roll out of the treatment in advance of the full launch.

• Awakn has initiated its Innovative Licensing and Access Pathway (ILAP) application for its lead program Project Kestrel. The ILAP is a UK government run initiative that supports innovative approaches to the safe, timely and efficient development of medicines. Awakn aims to accelerate the time to market for its ketamine-assisted therapy for AUD, eventually facilitating patient access to this treatment on the National Health Service (NHS).

• Awakn CFO, Kate Butler, is leaving the Company, effective July 31, 2022, to pursue other opportunities. Awakn has commenced the search for a permanent CFO and for the interim period Jonathan Held, Chief Business Officer, Co-founder and previous CFO has been appointed as interim CFO.

• Awakn has filed a Patent Cooperation Treaty (PCT) for MDMA-assisted therapy for the treatment of AUD. This patent allows Awakn the freedom to operate and pursue its promising research and results from its Phase II a trial.

• In 2021, Awakn signed a Letter of Intent (LOI) with the psychedelic company Mindcure. It was intended that Mindcure would provide their therapeutic software application (iSTRYM) as a digital system to be used in Awakn's Licensing Partnerships. Mindcure have recently announced following a strategic review they have ceased all research projects. As a result of this development, Awakn will not be pursuing an agreement with Mindcure.

Awakn CEO, Anthony Tennyson, commented, "We are delighted to see our Licensing Partnerships business move into its 'Beta' phase as we execute on our strategy of commercializing our therapeutics. I would also like to thank Kate Butler for all her work with Awakn and wish her the very best in her next venture."

About Awakn Life Sciences Corp.

Awakn Life Sciences Corp. is a revenue-generating biotechnology company researching, developing, and commercialising therapeutics to treat substance and behavioral addictions. Awakn has a near-term focus on Alcohol Use Disorder (AUD), a condition affecting 400m people globally for which the current standard of care is inadequate. Our goal is to provide effective 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 | Facebook | www.AwaknClinics.com

About Project Kestrel

Project Kestrel is the lead clinical development program of Awakn Life Sciences. Project Kestrel is supported by Awakn's Phase II a/b 'KARE' clinical trial which examined ketamine-assisted therapy for the treatment of Alcohol Use Disorder (AUD). The trial resulted in patients experiencing on average 86% abstinence at 6 months post treatment versus 2% before the trial which means that study participants went from being sober on average 7 days a year to being sober on average 314 days a year. Awakn is planning to initiate a Phase III trial in the UK in 2022 and plans to seek regulatory approval in the UK and the US in due course.

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:COVID-19; 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.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.

Investor Enquiries:
Anthony Tennyson, CEO, Awakn Life Sciences
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Media Enquiries:
America and Canada: KCSA Strategic Communications
Anne Donohoe
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Rest of World: Eat More Fruit Communications
Paul Jarman / Nora Popova
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