Cybin Inc., a clinical-stage biopharmaceutical company focused on creating innovative psychedelic-based treatments for mental health disorders, recently completed a significant private placement, raising U.S. $150 million. The offering, which involved issuing 348,837,210 common shares at U.S. $0.43 each, witnessed considerable interest and was oversubscribed. Key investors in this private placement included Deep Track Capital, RA Capital Management, and several other institutional investors.
The proceeds from this private placement are primarily earmarked for advancing Phase 3 drug development activities concerning CYB003, a pioneering deuterated psilocybin analog being explored as a potential treatment for Major Depressive Disorder (MDD). If CYB003 secures approval from the U.S. Food and Drug Administration (FDA), it would represent the first adjunctive psychedelic-based therapeutic for MDD treatment.
Doug Drysdale, CEO of Cybin, expressed gratitude for the invested capital, which he believes will significantly further the company’s next-generation psychedelic development programs. He acknowledged the widespread interest and support from the investor community, viewing it as validation of the company’s clinical efforts and its potential to fulfill unmet needs within mental health treatment.
The private placement was conducted in accordance with exemptions from the registration requirements under the United States Securities Act of 1933, as amended. Cybin has committed to taking the necessary steps to ensure the resale of the common shares issued during this private placement to specific non-Canadian purchasers, either through amendments to its existing registration statement on Form F-10 or through another suitable registration statement.
This strategic financial move marks a pivotal step for Cybin Inc. in its quest to innovate within the realm of mental healthcare, specifically targeting major depressive disorder with psychedelic-based solutions.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
