Cybin (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics(TM), has announced a strategic plan designed to streamline efforts, maximize operating efficiency and focus on critical clinical trials, including near-term, mid-term and long-term milestones. A part of that plan was the release of an estimated 15% of Cybin’s workforce, including those in roles that were identified as not a clinical priority or not directly involved with any clinical trial initiatives. This move alone is expected to generate cost savings by reducing operating expenses. The announcement noted that with the anticipated cost savings from the overall streamlining efforts combined with Cybin’s ongoing and previously announced $35 million At-the-Market (“ATM”) equity program, the company will be better positioned for both near-term and long-term success. The announcement observed that Cybin has evolved from discovery-stage to clinical-stage operations, necessitating a clinical alignment designed to leverage intellectual property generated from its discovery efforts for clinical development and focus on clinical execution.
“The company has made the prudent decision to evaluate every role within its workforce, including whether certain tasks could be performed more efficiently while ensuring that the company’s core clinical activities continue to be robustly supported and resourced,” said Cybin CEO Doug Drysdale in the press release. “We appreciate the significant contributions of our employees and the hard work they performed for the company and understand the impact that this difficult decision has on them. We are committed to maintaining a lean organization and will continue to make clinical trial execution in support of our proprietary molecules our top priority.”
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About Cybin Inc.
Cybin is a leading ethical biopharmaceutical company working with a network of world-class partners and internationally recognized scientists on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. The company is focused on progressing Psychedelics to Therapeutics(TM) by engineering proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens for mental health disorders. For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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