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Unprecedented developments are being made in the realm of mental healthcare, and Cybin Inc.(NYSE American: CYBN), a clinical-stage biopharmaceutical company, is a crucial player leading this transformation. Recently, Cybin has secured a share purchase commitment of CAD$41M. This funding considerably amplifies Cybin’s current capital resources when amalgamated with its existing at-the-market offering.
This share purchase commitment is a significant addition to Cybin’s resources, which has now accessed over C$200M since its inception through direct equity investments and other financial instruments, underscoring its vigorous pursuit of clinical research into proprietary psychedelic molecules. A key figure in the psychedelic treatment industry, Cybin’s novel approach to mental healthcare has earned them this additional backing.
According to the agreement, Cybin retains the right to sell, and the relevant party holds an obligation to purchase, up to CAD$41M of Cybin’s common shares over a 36-month period. The share transactions will align with the market price at the time of each sale. Cybin enjoys full control over the timing and amount of all sales under this agreement, providing it the flexibility necessary in a fast-paced market environment.
Doug Drysdale, CEO of Cybin, acknowledges the opportunity this commitment brings, “Our agreement provides a flexible option to access capital on an as-needed basis. This enables us to capitalize on the current market conditions to bolster our drug development programs.”
A steadfast commitment to revolutionizing mental healthcare underpins Cybin’s endeavors. To ensure the achievement of its goals, Cybin collaborates with a robust network of world-class partners and internationally recognized scientists. Their collective efforts focus on advancing proprietary drug discovery platforms, pioneering drug delivery systems, and developing novel formulation approaches and treatment regimens. Notable among these are CYB003, a proprietary deuterated psilocybin analog for treating major depressive disorder, and CYB004, a proprietary deuterated DMT molecule designed for generalized anxiety disorder.
Cybin, founded in 2019 and headquartered in Canada, has global operations in Canada, the United States, the United Kingdom, the Netherlands, and Ireland. The company is all set to initiate a first-in-human evaluation of CYB004 in early Q2 2023, with top-line data for CYB004 Phase 1 and CYB003 Phase 1/2a expected by Q3 2023. A growing IP portfolio with over 50 granted or pending patent applications across six patent families further strengthens Cybin’s position.
With over 900 million people globally affected by mental health conditions, psychedelic therapies are emerging as a novel approach to mental healthcare. Cybin is at the vanguard of this paradigm shift, developing key solutions to address the worldwide mental health crisis.
Key areas of focus for Cybin’s research and development initiatives include novel second-generation psychedelics, optimization of pharmacokinetic profiles, a synergistic approach of medicinal chemistry and drug delivery, assessment of Kernel’s Flow® technology, and deployment of the EMBARK model for consistent therapeutic support.
Currently, Cybin is operating three active drug programs targeting Major Depressive Disorder (CYB003), Alcohol Use Disorder (CYB003), Generalized Anxiety Disorder (CYB004), and Neuroinflammation (CYB005). The company has completed over 250 pre-clinical studies and is progressing its lead programs towards FDA IND filings. With more than 50 granted or pending patent applications filed across six patent families, the company has secured its position at the forefront of the sector.
This fresh share purchase agreement marks a crucial milestone for Cybin, fuelling its mission to revolutionize mental healthcare. It is another significant step towards creating a world where effective, innovative therapies are a standard part of mental health treatment.
