Cybin Inc. Secures $30 Million in Funding, Strengthening Pathway for Psychedelic-Based Mental Health Treatments

LOS ANGELES— Cybin Inc., a prominent clinical-stage biopharmaceutical company, has successfully closed its substantial underwritten offering, amassing US$30 million to propel its mission of transforming mental healthcare with next-generation psychedelic treatments. The company issued 66,666,667 units at US$0.45 each, fortifying its financial position and accelerating its groundbreaking research in psychedelic therapeutics.

Each unit comprises one common share and one warrant, with the latter exercisable at US$0.51 per common share from six months post-issuance until May 14, 2029. This strategic financing maneuver was spearheaded by one of Cybin’s largest institutional shareholders, marking a significant vote of confidence in the company’s vision and scientific approach.

Doug Drysdale, CEO of Cybin, underscored the importance of this financial milestone, “Q4 of 2023 and 2024 are pivotal for Cybin as we anticipate crucial clinical data from our CYB003 and CYB004 trials. This capital infusion, complemented by our existing resources, equips us with over US$100 million, ensuring our capacity to reach critical clinical milestones and maintain our focus on clinical execution. Our ultimate goal remains to provide enhanced therapeutic options for patients in need.”

The net proceeds from the offering are earmarked for advancing Cybin’s flagship programs — CYB003, a deuterated psilocybin analog for major depressive disorder, and CYB004, a deuterated DMT molecule for generalized anxiety disorder. These funds will also support general corporate and working capital needs.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering, a testament to Cybin’s solid standing in the biopharmaceutical sector. The offering was conducted in accordance with a prospectus supplement to Cybin’s short form base shelf prospectus filed with both the Ontario Securities Commission and the United States Securities and Exchange Commission.

Cybin’s commitment to pioneering new mental health treatments is reinforced by this successful funding round. With a focus on developing CYB003 and CYB004, the company is at the forefront of harnessing the potential of psychedelic compounds to address the pressing need for innovative mental health therapies. As Cybin continues to navigate the complex landscape of biopharmaceutical research, its trajectory is closely watched by industry experts and stakeholders, eager to witness the impact of psychedelic-based treatments in transforming mental healthcare.