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: [email protected]

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 | LinkedIn | X (formerly Twitter) 

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