FAQ: Cybin Inc.'s $175M Registered Direct Offering and Corporate Overview
Summary
Cybin Inc. announced a $175 million registered direct offering of common shares and warrants priced at $6.51 per share, with participation from prominent healthcare investors. This funding supports the company's late-stage development of novel neuropsychiatry treatments, including CYB003 for major depressive disorder which has received FDA Breakthrough Therapy Designation.
What is the main announcement in this content?
Cybin Inc. announced a registered direct offering of 22,277,750 common shares and pre-funded warrants priced at $6.51 per share, generating aggregate gross proceeds of approximately $175 million.
Who are the investors participating in this offering?
The offering includes both new and existing investors such as Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, Spruce Street Capital, Squadron Capital Management, Adage Capital Partners LP, Boxer Capital Management, ADAR1 Capital Management, Stonepine Capital Management, Pivotal Bioventure Partners and Ally Bridge Group.
What are the terms of the warrants included in this offering?
Each share or pre-funded warrant is accompanied by 0.35 of one common share purchase warrant exercisable at $8.14 per share until the earlier of June 30, 2027, 30 days after topline data is released for the APPROACH trial of CYB003 in major depressive disorder, or 30 days after an acceleration notice if the NYSE American closing price equals or exceeds $19.53 for five consecutive trading days.
What is Cybin Inc. and what does the company do?
Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions.
What are Cybin’s main drug development programs?
Cybin is developing CYB003, a proprietary deuterated psilocin analog in Phase 3 studies for adjunctive treatment of major depressive disorder, and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder, plus a research pipeline of 5-HT-receptor focused compounds.
What regulatory milestone has Cybin achieved for its lead program?
CYB003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for the treatment of major depressive disorder.
Where is Cybin operational?
Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom and Ireland.
Where can investors find more information about Cybin?
The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN, and the full press release for this offering can be viewed at https://ibn.fm/TPxvo.
Why is this funding significant for Cybin’s operations?
This $175 million funding provides substantial capital to support Cybin’s late-stage clinical development programs, particularly the Phase 3 studies for CYB003 in major depressive disorder and Phase 2 studies for CYB004 in generalized anxiety disorder, advancing their mission to develop innovative mental health treatments.
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