Cybin (NYSE American: CYBN) (NEO: CYBN)
, a biotechnology company focused on psychedelic pharmaceutical therapies, has announced that Adelia Therapeutics Inc., a wholly-controlled subsidiary of Cybin, has achieved the milestones identified as “Year 2 Q1 (i)-(iii).” According to the update, the milestones were contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin US Holdings Inc. (the “acquiror”), a wholly controlled subsidiary of Cybin, and all previous shareholders of Adelia. Per the terms of the agreement, Class B common shares in the capital of the acquiror shall be issued to Adelia shareholders, in satisfaction of the $706,586.69 (approximately US$560,181.93) due to them on meeting a portion of the relevant milestones, at an effective issue price determined in accordance with the transaction agreement and applicable securities law. The Class B shares issued by the acquiror to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on a 10-1 Cybin shares-Class B share basis, at the option of the holder thereof, subject to customary adjustments. No Class B shares are exchangeable prior to Dec. 14, 2021, and not more than: (i) 33 1/3% of the Class B shares will be exchangeable prior to Dec. 14, 2022; (ii) 66 2/3% of the Class B shares will be exchangeable prior to Dec. 14, 2023; and (iii) thereafter, 100% of the Class B shares will be exchangeable.
To view the full press release, visit https://ibn.fm/2aBsj
About Cybin Inc.
Cybin is a leading biotechnology company focused on researching and progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and potential treatment regimens for psychiatric disorders. For more information, visit the company’s website at www.Cybin.com
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The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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