Cybin (NEO: CYBN) (NYSE American: CYBN), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, is reporting the price and size of the public offering it announced earlier this week. According to the company, 24,264,706 units of the company will be sold at a price of $0.34 per unit, resulting in an estimated $8.25 million in gross proceeds. The announcement noted that one unit will include one common share in the capital of the company and one common share purchase warrant, with the warrants being exercisable to acquire one common share at $0.40 per common share for 60 months. Closing of the offering is expected approximately Aug. 4, 2023, with the final offering completion being subject to market and other customary conditions and approvals. The company noted that it expects to use the funds from the offering for the progression of CYBN’s CYB003 and CYB004 programs, as well as for general corporate and working capital purposes.
In addition, Cybin announced that dosing in cohort 6 of its phase 2 study evaluating CYB003 has begun. The cohort is the final cohort of the CYB003 study; CYB003 is an investigational deuterated analog of psilocybin for the potential treatment of major depressive disorder (“MDD”). The announcement noted that thus far CYB003 has demonstrated a robust psychedelic response and a favorable safety and tolerability profile at doses up to 12 mg; dosage in the other cohorts ranged from 1 mg to 12 mg. The company anticipates completion of dosing in Q3 2023, with phase 2 topline efficacy data expected later in the third or fourth quarter. “As we begin the final dose escalation cohort in our phase 2 study, we are moving closer than ever towards our goal of determining an optimal dose for CYB003 and assessing CYB003’s potential as a safe and effective therapeutic for people in need of improved treatment options for major depressive disorder,” said Cybin CEO Doug Drysdale in the press release. “We are very pleased with the excellent safety data for CYB003 in participants to date and look forward to reporting phase 2 efficacy topline data later this year and preparing for data submission to the FDA for pivotal studies.”
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About Cybin Inc.
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, 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; the company also has a research pipeline of investigational psychedelic-based compounds. 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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