Cybin Inc. Announces Pricing of Public Offering to Advance Clinical Programs

LOS ANGELES– Cybin Inc. a company in the psychedelics industry, revealed the pricing of its overnight marketed public offering, aimed at funding the progression of its clinical programs, including CYB003 and CYB004. The company plans to offer an aggregate of 24,264,706 Cybin units, each priced at $0.34, resulting in gross proceeds of $8,250,000.

The offering will consist of one common share and one common share purchase warrant, with the latter providing the option to acquire one common share for $0.40 within 60 months. Cantor Fitzgerald will serve as the exclusive book-running manager, while A.G.P./Alliance Global Partners will act as the lead manager.

The expected closing date for the offering is August 4, 2023, subject to market conditions and other customary requirements, including approval from the Neo Exchange, now operating as Cboe Canada.

Proceeds from the public offering will be utilized to further the development of CYB003 and CYB004’s clinical programs and for general corporate and working capital purposes.

The units will be made available for purchase in all Canadian provinces, except Quebec, and in the U.S., as outlined in the prospectus supplement to Cybin’s short-form base shelf prospectus, dated July 5, 2021. The supplement will be filed with the SEC as part of a registration statement on Form F-10.

In a separate announcement, Cybin disclosed its decision to suspend purchases under the equity facility purchase agreement with Lincoln Park Capital Fund (LPC) effective immediately. The initial agreement, signed in May, allowed Cybin to issue common shares for up to $30 million from treasury to LPC over a period of 36 months. Prior to the suspension, the company had reportedly sold shares worth $465,273 under this agreement.

Although no further shares will be sold to LPC under the existing supplement, Cybin intends to file, pending regulatory approvals, a new supplement for the purchase agreement. This new supplement will be filed under a new base shelf prospectus.

The company’s strategic moves in securing funding and advancing its clinical programs signal Cybin’s commitment to furthering research and development within the psychedelics sector. Investors and stakeholders are closely monitoring the company’s progress as it navigates through the evolving landscape of psychedelic therapeutics.