Cybin (NEO: CYBN) (OTCQB: CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, today released financial and business highlights for its financial year ended March 31, 2021. “It has been an incredibly busy and successful year for the Cybin team, expanding both our product development capabilities and our drug development programs,” said Doug Drysdale, CEO of Cybin. “The enormous progress that we have made serves to strengthen the foundation of our organization, upon which we plan to build further in the coming 12 months as we continue our clinical research activities. I want to thank the entire Cybin team, our board of directors and our investors for supporting the important work we are doing to revolutionize the future of mental health care.”
In addition, Cybin announced that its wholly controlled subsidiary, Adelia Therapeutics Inc., has achieved certain earn-out milestones for the period commencing Jan. 1, 2021. The achievements 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 of the previous shareholders of Adelia (the “Adelia shareholders”). “These positive catalysts continue to provide the necessary data required to demonstrate that Cybin’s proprietary deuterated psychedelic molecules potentially carry the same pharmacodynamic properties, safety profiles, potency and receptor targeting as their parent molecules,” said Drysdale in the press release. “While the profiles are similar to parent molecules, early research has shown that these proprietary molecules also carry certain characteristics that may lead them to potentially become commercially viable because of their improved stability, bioavailability, controlled psychedelic duration and overall enhanced chemical make-up.”
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About Cybin Inc.
Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches, and treatment regimens for psychiatric disorders. For more information, visit the company’s website at www.Cybin.com.
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