
Solvonis Therapeutics eyes completion of Awakn acquisition following transformative 2024
16.4.2025
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10:37
Solvonis Therapeutics PLC CEO Anthony Tennyson talked with Proactive's Stephen Gunnion about the company's transformation and its strategy moving into 2025.
Tennyson explained that the company, formerly known as Graft Polymer, exited its industrial plastics business in 2024 to focus entirely on biotechnology, particularly mental health and addiction treatments. "These are segments which have large addressable markets, poor current standards of care and therefore significant unmet medical needs," he said.
He outlined how the company raised £1.8 million in mid-2024 to support its new growth strategy, which includes partnerships, joint ventures, and acquisitions. A central part of this strategy is the pending acquisition of Awakn Life Sciences, a clinical-stage biotech company focused on alcohol use disorder (AUD) and PTSD.
Solvonis is acquiring Awakn in an all-paper deal valued between £3 million and £5 million. Tennyson said this represented significant value, highlighting that similar assets could command substantially higher valuations. Awakn’s AWKN-001, targeting severe AUD, is in phase 3 trials in the UK and EU. AWKN-002, for the US market, has received FDA support for a faster 505(b)(2) development pathway, allowing the use of Johnson & Johnson’s SPRAVATO® data to accelerate progress.
Tennyson said the top priority for 2025 is closing and integrating the acquisition and executing on the clinical programs. He emphasised plans to file for FDA approval of a phase 2B trial and to continue to work with Awakn's existing UK partners.
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#Solvonis #BiotechNews #MentalHealthTreatment #AddictionRecovery #PTSDResearch #AlcoholUseDisorder #PharmaInvesting #AwaknAcquisition #ClinicalTrials #HealthcareInnovation
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