REG - Solvonis Therapeutic - Result of General Meeting

Solvonis TherapeuticsAnnouncement

Mon 11:30

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RNS Number : 4509G  Solvonis Therapeutics PLC  28 April 2025

28 April 2025

 

Solvonis Therapeutics plc

("Solvonis" or the "Company")

 

Result of General Meeting and update on the Proposed Acquisition

 

Solvonis Therapeutics plc (LSE: SVNS), an innovative biotechnology company
co-developing therapeutics for mental health disorders, is pleased to announce
that all the resolutions, which relate to the proposed acquisition of Awakn
Life Sciences Corp. ("Awakn") (the "Proposed Acquisition"), were duly passed
by way of a poll at the General Meeting ("GM") held earlier today.

 

Resolution 1 was passed as an ordinary resolution by 99.92% in favour and
0.08% against, with 818,975,059 votes for, 662,618 votes against and 564,523
votes withheld*. Resolution 2 was passed as a special resolution by 99.92% in
favour and 0.08% against, with 818,975,059 votes for, 662,618 votes against,
and 564,523 votes withheld*.

 

Strategic and commercial rationale

The Proposed Acquisition represents a major step for Solvonis and underscores
the Company's strategy to address significant unmet needs in the treatment of
mental health and addiction. The Proposed Acquisition includes two
clinical-stage assets, AWKN-001 and AWKN-002, targeting Alcohol Use Disorder
("AUD"), a condition that the Company estimates affects 40 million individuals
across the U.S. and key European markets, and for which existing treatment
options are deemed inadequate.

·    AWKN-001 is a Phase 3 novel investigational combination therapy for
severe AUD with targeted regulatory pathways in the UK and EU that may confer
up to 10 years of regulatory data and market protection.

 

·    AWKN-002 is a proprietary Phase 2b planning sublingual/buccal
esketamine formulation under development for moderate to severe AUD for the US
market.

According to a market analysis by PharmaVentures, which was announced by the
Company on 4 April 2025, comparable late and mid-stage assets to AWKN-001 and
AWKN-002 have achieved aggregate deal values of more than £200 million,
including upfront and commercial milestone payments, plus additional future
material royalties on net sales.

Anthoy Tennyson, the CEO of Solvonis, commented, "Today's approval by our
shareholders marks an exciting and important milestone in Solvonis' evolution.
The proposed acquisition of Awakn Life Sciences represents an opportunity to
expand our pipeline with two highly innovative, late-stage assets targeting
the significant unmet needs in AUD. We believe AWKN-001 and AWKN-002 will
significantly enhance our ability to deliver on our mission to improve
outcomes for individuals suffering from mental health and addiction disorders.
We look forward to completing the Proposed Acquisition and integrating Awakn's
team and expertise as we advance these promising therapies toward regulatory
approval and commercialisation."

 

Conditions and timeline

Completion of the Proposed Acquisition remains subject to the satisfaction (or
waiver) of various conditions, including: i) the receipt by Solvonis of all
necessary regulatory consents and approvals; ii) final approval of the Plan of
Arrangement by the Supreme Court of British Columbia (at a hearing scheduled
for 28 April 2025); iii) necessary approvals from the Canadian Securities
Exchange; iv) consent of the stock option holders in Awakn to cancel their
options to acquire Awakn common shares; v) completion of an equity fundraising
by Solvonis to ensure that the enlarged group has sufficient working capital;
vi) Financial Conduct Authority (the "FCA") regulatory approval of and
publication of a prospectus for the issue of the shares being issued as
consideration for the Proposed Acquisition and the shares to be issued
pursuant to an equity fundraising to provide the enlarged group with working
and development capital (together the "New Shares"); and viii) admission of
the New Shares to trading on the Main Market of the London Stock Exchange and
listing on the equity shares (transition) category of the FCA's Official List.

Assuming all conditions are satisfied or waived, the proposed Acquisition is
anticipated to complete before the end of May 2025.

* Notes:

·      A "vote withheld" is not a vote in law and is therefore not
counted towards the calculation of the proportion of votes "for" or "against"
the resolutions.

·      As at the date of the GM, the Company's issued share capital
comprised 2,295,930,633 ordinary shares of £0.001 each.

 

Enquiries:

Solvonis Therapeutics plc, Anthony Tennyson, CEO & Executive Director,
Email: anthony@solvonis.com

 

Allenby Capital Limited (Financial Adviser and Broker) +44 (0) 20 3328 5656

 

Nick Naylor / Nick Athanas / Ashur Joseph (Corporate Finance) | Guy McDougall
(Sales)

 

 

About Solvonis Therapeutics plc

Solvonis Therapeutics plc is an innovative biotechnology company focused on
developing intellectual property related to the treatment of mental health and
substance use disorders, and co-developing therapeutics for mental health
disorders. Solvonis' mission is to improve outcomes for individuals suffering
from mental health disorders, with an initial focus on trauma-related mental
health conditions, such as PTSD. PTSD affected approximately 13 million adults
in the U.S. in 2020, with the Company estimating a current affected population
of 20 million across the U.S., UK, and key EU markets.

www.solvonis.com (http://www.solvonis.com/)  | LinkedIn
(http://www.linkedin.com/company/solvonis)  | X (formerly Twitter)
(https://x.com/SolvonisTx)

 

 

About Awakn Life Sciences Corp.

Awakn Life Sciences Corp. is a clinical-stage biotechnology company developing
therapeutics targeting addiction. Awakn has a near-term focus on Alcohol Use
Disorder, a condition affecting 40 million people in the US and key
international markets and 285m people globally for which the current standard
of care is inadequate. Our goal is to provide breakthrough therapeutics to
addiction sufferers in desperate need and our strategy is focused on
commercializing our R&D pipeline across multiple channels.

www.awaknlifesciences.com (https://awaknlifesciences.com/)

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