Cybin Closes $150M Private Placement; New Capital to Support Phase 3 Drug Development

Next-generation psychedelics company, Cybin, Inc (NYSE American: CYBN) has closed an oversubscribed private placement of 348,837,210 common shares at a price of $0.43 per share, reaching a total value of $150 million.

The net proceeds of the private placement are expected to be used primarily for Phase 3 drug development of CYB003, a proprietary deuterated psilocybin analog in development for the potential treatment of Major Depressive Disorder. If approved by the FDA, CYB003 would be the first known adjunctive psychedelic-based therapeutic for the treatment of MDD.

Cybin’s Chief Executive Officer, Doug Drysdale, said, “We are extremely grateful for this infusion of capital, which will enable us to continue advancing our next-generation psychedelic development programs. We are especially encouraged by the level of interest and support from a high-quality syndicate of investors – all of which validates our clinical findings to date and the promise of addressing the unmet need across mental health disorders.”

About Cybin

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions.

Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The Company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder and has a research pipeline of investigational psychedelic-based compounds.

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Cybin Closes $150M Private Placement; New Capital to Support Phase 3 Drug Development

Catie Corcoran

Biotech Editor