Cybin Inc.(NYSE American: CYBN), a trailblazing biopharmaceutical organization devoted to reimagining mental health solutions through innovative psychedelic-based therapeutics, announces a substantial $41M CAD share purchase commitment. This development significantly boosts Cybin’s current capital access, propelling it above $70M CAD when paired with its existing at-the-market offering.
Headquartered in Toronto, Canada, Cybin has successfully raised and accessed nearly C$200M since its inception, steadfastly driving forward its clinical pipeline of proprietary psychedelic molecules. This recent agreement with an institutional investor further consolidates Cybin’s position as a pioneer in the field of psychedelic therapeutics.
As per the agreement terms, Cybin maintains the discretion to sell up to CAD$4M worth of the company’s common shares over a 36-month period, with the investor obligated to purchase at prices reflecting the market value at the time of each sale. The respective party has committed to refrain from engaging in any short-selling or hedging activities of any kind with respect to the company’s common shares.
Doug Drysdale, CEO of Cybin, sees this arrangement as a powerful catalyst for the company’s expansion. He states, “Our agreement provides a flexible option to access capital as needed and enables Cybin to strategically raise capital within the current market conditions to boost our drug development programs.”
Cybin’s pioneering approach to mental health care is centered around a strong network of globally acclaimed partners and world-class scientists, propelling forward innovative drug discovery platforms, state-of-the-art drug delivery systems, and unique formulation approaches and treatment regimens. Cybin’s current developments include CYB003, a proprietary deuterated psilocybin analog targeting major depressive disorder, and CYB004, a proprietary deuterated DMT molecule aiming at generalized anxiety disorder. Further, Cybin possesses a robust pipeline of research into other psychedelic-based compounds.
Cybin, established in 2019 and operational across Canada, the United States, the United Kingdom, the Netherlands, and Ireland, is beginning first-in-human evaluation of CYB004 in early Q2 2023. They anticipate that topline data from Phase 1 trials of CYB004 will be available in Q3 2023, followed by CYB003 Phase 1/2a topline data by late Q3 2023. Cybin’s expanding intellectual property portfolio comprises over 50 granted or pending patent applications across 6 patent families, further strengthening their standing in the industry.
With more than 900 million people worldwide affected by a mental health condition, psychedelic therapies represent an innovative approach to mental health care. They aim at treating underlying conditions and enhancing patient experiences and outcomes. The recent shifts in public policy have sparked new research and development in psychedelic medicine and treatment methodologies. Positioned at the vanguard of this transformative shift, Cybin is set to make a considerable impact on the mental health crisis, reshaping the treatment landscape.
Among the company’s research and development priorities are the development of novel second-generation psychedelics with improved bioavailability, optimization of pharmacokinetic profiles, combination of medicinal chemistry and drug delivery for improved dose control, evaluation of Kernel’s Flow® technology’s potential, and implementation of EMBARK, a psychological support model.
As Cybin progresses on its mission to revolutionize mental healthcare, this recent share purchase commitment serves as an important springboard, enabling the company to continue its innovative work, develop novel therapeutics, and affect meaningful change in the mental health landscape.