Cybin Inc., a biopharmaceutical company specializing in psychedelic-based mental health treatments, has secured $150 million in funding to advance its clinical-stage programs, CYB003 and CYB004.
CYB003, a deuterated psilocybin analog, has received Breakthrough Therapy Designation (BTD) from the FDA for the adjunctive treatment of Major Depressive Disorder (MDD). This designation recognizes CYB003’s potential to significantly improve treatment outcomes based on preliminary findings. A Phase 3 MDD study is expected to commence mid-2024.
CYB004, a deuterated DMT program, is being developed for Generalized Anxiety Disorder (GAD). Results from a Phase 2 study are anticipated in Q4 2024 and will assess the drug’s efficacy, onset time, and durability of effects.
Cybin’s pipeline also includes programs targeting treatment-resistant depression and obsessive-compulsive disorder. The company holds a substantial intellectual property portfolio, including over 50 granted and pending patents.
Cybin’s CEO, Doug Drysdale, emphasized the growing need for improved mental health treatments and the company’s commitment to addressing the mental health crisis. He highlighted the recent BTD for CYB003 and the initiation of the Phase 2 study for CYB004 as key milestones.
The funding round provides financial support for Cybin’s ongoing clinical programs and further development efforts. The company anticipates a transformative year ahead, with the initiation of the CYB003 Phase 3 trial and the release of CYB004 Phase 2 topline data. Cybin remains focused on developing innovative psychedelic-based therapies to revolutionize the treatment of mental health disorders.
