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Cybin Secures CAD$41M Share Purchase Commitment, A Stepping Stone for Psychedelic Mental Healthcare Therapies

Cybin Secures CAD$41M Share Purchase Commitment, A Stepping Stone for Psychedelic Mental Healthcare Therapies
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Significant strides are being made in mental health treatment methodologies, and Cybin Inc. is on the frontline, shaping these changes. This clinical-stage biopharmaceutical company has recently announced a noteworthy share purchase commitment of CAD$41M. 

Cybin (NYSE American: CYBN) has now attained over C$138M in direct equity investments and over C$70M through its combined active ATM and recent share purchase agreement to push forward its pioneering research into proprietary psychedelic molecules. As a leader in the psychedelic-based treatment industry, the recent capital reinforcement validates the progressive approach the company has adopted.

As per the terms of the agreement, Cybin can sell, and the relevant party is bound to buy up to CAD$41M of Cybin’s common shares over a 36-month period. These transactions are based on the market price at the time of each sale. The sale of shares under this agreement is entirely under Cybin’s control, providing it with the flexibility to decide the timing and volume of all sales. The institution, in turn, has concurred not to partake in any short selling or hedging of the company’s shares.

Doug Drysdale, the CEO of Cybin, acknowledged the significance of this commitment, stating, “This agreement furnishes us with the flexibility to access capital as necessary. It empowers us to optimally leverage the current market conditions to support our drug development programs.”

Cybin’s core objective is to revolutionize mental healthcare. To achieve this, the company has established collaborations with an extensive network of renowned partners and recognized scientists. Their combined efforts are directed towards progressing proprietary drug discovery platforms, innovative drug delivery systems, and advanced formulation approaches. One of their notable developments includes CYB003, a proprietary deuterated psilocybin analog designed for major depressive disorder, and CYB004, a deuterated DMT molecule for generalized anxiety disorder.

Cybin, established in 2019, and having operational bases in Canada, the United States, the United Kingdom, the Netherlands, and Ireland, is poised to commence first-in-human evaluation of CYB004 in early Q2 2023. The company anticipates CYB004 Phase 1 topline data by Q3 2023 and CYB003 Phase 1/2a topline data by late Q3 2023. Additionally, the company holds a substantial IP portfolio, with more than 50 granted or pending patents across 6 patent families.

Mental health conditions affect over 900 million people globally. Psychedelic therapies, with their focus on treating the underlying conditions and improving patient experience, present an innovative approach to mental healthcare. Cybin is at the forefront of this shift, offering key solutions to address the pressing mental health crisis.

Among its primary research and development focus areas are novel second-generation psychedelics, optimization of pharmacokinetic profiles, the integration of medicinal chemistry and drug delivery, assessment of Kernel’s Flow® technology, and implementation of the EMBARK model for consistent psychological support.

The recent share purchase commitment signifies an important milestone for Cybin. It propels the company further in its mission to revolutionize mental healthcare and continues to push the boundaries in the development of effective, innovative therapies.

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