Cybin Inc. Secures $30 Million in Funding to Advance Psychedelic Treatment Research

NEW YORK- Toronto-based Cybin Inc., a clinical-stage biopharmaceutical company, has successfully completed a significant funding round, bolstering its commitment to revolutionize mental healthcare through the development of innovative psychedelic treatments. The company announced the closure of its underwritten offering, raising a total of US$30 million. This financial milestone reflects Cybin’s growing prominence in the field of psychedelic research and mental health treatment.

The offering involved the issuance of 66,666,667 units at a price of US$0.45 per unit. Each unit comprises one common share and one warrant to purchase an additional common share at US$0.51, exercisable six months post-issuance until May 14, 2029. This strategic financial maneuver is designed to strengthen Cybin’s capital structure and provide flexibility for future growth.

Cybin’s CEO, Doug Drysdale, expressed optimism about the company’s trajectory, highlighting the pivotal role of the fourth quarters of 2023 and 2024. These periods are expected to bring significant clinical data from Phase 1/2a trials of CYB003, Cybin’s deuterated psilocybin analog, and from the Phase 1 trial of CYB004 and SPL028, its deuterated DMT programs. The successful funding round, led by one of Cybin’s largest institutional shareholders, in conjunction with existing cash reserves and assuming full exercise of the newly issued warrants, positions the company with over US$100 million in accessible capital. This funding is anticipated to enable Cybin to reach critical clinical milestones, furthering its mission to develop advanced therapeutic options for patients.

A.G.P./Alliance Global Partners served as the sole book-running manager for the offering, signifying confidence in Cybin’s strategic direction and potential for growth.

Cybin plans to allocate the net proceeds from this offering towards advancing its CYB003 and deuterated DMT programs, alongside meeting general corporate and working capital needs. The company’s commitment to clinical execution and research in psychedelic-derived treatments underscores its role as a key player in the burgeoning field of mental health therapeutics. This latest financial achievement marks a significant step in Cybin’s journey towards developing groundbreaking treatments for mental health disorders, reflecting a growing interest in the therapeutic potential of psychedelics.