Cybin (NEO: CYBN) (NYSE American: CYBN)
- Q1 2021 report notes distinction of becoming first psychedelic company to list on the NYSE American LLC stock exchange
- Cybin has garnered “a great deal of attention as an emerging leader in the psychedelic therapeutics space,” says CEO
- Several of the quarter’s highlights tied into the company’s active development of its psychedelic pipeline
is wrapping up a highly successful first quarter with the release of its Q1 2021 operational and financial report, for the period ended June 30, 2021 (https://ibn.fm/V9xNp
). The biotech company, which is focused on progressing psychedelic therapeutics, hit some milestones this quarter, including becoming the first psychedelic company to list on the NYSE American LLC stock exchange and raising more than C$120 million, including the C$34 million raised during the company’s latest equity financing round.
“During the past several months, Cybin has garnered a great deal of attention as an emerging leader in the psychedelic therapeutics space,” said Cybin CEO Doug Drysdale. “We believe the molecules we have under development may have the potential to transform the treatment landscape and fill current unmet treatment needs for various psychiatric and neurological conditions. We look forward to sharing updates as we advance our pre-clinical and clinical programs and continue the scientific exploration that we believe will ultimately provide safer and more effective treatments for those suffering with mental illness and addiction issues.”
Several of the quarter’s highlights tied into the company’s active development of its psychedelic pipeline. The company has started the next phase of its digital therapeutics platform designed to better enable the evaluation of patient outcomes through a highly secure, patient-centered data analytics platform for both pre- and postpsychedelic treatments.
Cybin also signed an exclusive R&D collaboration agreement with TMS NeuroHealth Centers Inc., a wholly owned subsidiary of Greenbrook TMS Inc. (TSX: GTMS) (NASDAQ: GBNH)
, which runs 129 outpatient mental health service centers in the United States. Based on the agreement, Cybin and Greenbrook will establish Mental Health Centers of Excellence that will focus on facilitating research and development of innovative psychedelic compound-based therapeutics for patients suffering from depression.
Finally, Cybin announced that is has begun scaling up its European operations and research activities with several academic and clinical research organizations; the company is also working to transfer its intellectual property assets to its recently formed, wholly owned Ireland subsidiary. The volume of Cybin’s IP is growing as well, with the company’s patent portfolio now numbering 13 filings. Those filings cover novel psychedelic compounds, integration of delivery platforms, methods of use in psychiatric indications, and drug-discovery pipeline of modified and novel ergolines, tryptamines and phenethylamines.
In addition to these key operational highlights, Cybin also posted cash and cash equivalents reaching C$55.1 million for the quarter, boosting the company’s current cash position to C$82.5 million. Those funds are an invaluable resource for the company as it works to progress its clinical pipeline and achieve vital business initiatives. The company is dedicated to revolutionizing mental health care through the use of psychedelic therapeutics and proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens.
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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