Cybin (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics(TM), has announced an at-the-market equity program allowing the company to issue and sell up to $35 million of common shares. According to the announcement, the shares can be sold “from time to time” through the Neo Exchange, the NYSE American LLC or any other “marketplace” upon which the shares are listed, quoted or traded, at the prevailing market price at the time of sale. The company anticipates using any proceeds from the sales of these shares for growth opportunities and working capital initiatives. In addition, Cybin reported corporate highlights and unaudited financial results for its first quarter ended June 30, 2022. The report noted that the company has initiated enrollment for its first-in-human Phase 1/2a trial of CYB003 in major depressive disorder and has completed the acquisition of a Phase 1 DMT study from Entheon Biomedical Corp. In addition, Cybin continues to build its intellectual property portfolio, with one patent issued and nineteen patents pending across six patent families; the company has also completed more than 200 preclinical studies to date. Financial highlights include cash and cash equivalents of C$42.5 million, with cash-based operating expenses reaching C$11.2 million for the quarter and cash flows used in operating activities totaling C$11.1 million. “Looking back at the last 12 months, we have made positive progress toward our goal of advancing psychedelics to therapeutics,” said Cybin CEO Doug Drysdale in the press release. “In that time, we have moved from the lab to the clinic where we now have two major development programs underway. Our lead candidate CYB003 is the first novel psilocybin analog to be evaluated in a Phase 1/2a trial for the treatment of major depressive disorder. Enrollment has commenced and interim pharmacokinetic and safety data is expected at the end of the year. Our Phase 1 CYB004-E study to evaluate the safety, pharmacokinetics and pharmacodynamics of a target-controlled intravenous infusion of DMT in healthy tobacco smokers is also underway. This is the largest Phase 1 DMT study to date and has the potential to yield important information as we look to potentially create improved treatment options for anxiety disorders.”
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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.
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