FAQ: Cybin Inc.'s US$175M Registered Direct Offering and Corporate Overview
Summary
Cybin Inc. announced a US$175 million registered direct offering of common shares and warrants to fund its development of novel neuropsychiatry treatments. This financing involves prominent institutional investors and supports the company's late-stage clinical trials for mental health conditions.
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 US$6.51 per share, generating aggregate gross proceeds of approximately US$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 US$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 US$19.53 for five consecutive trading days.
What is Cybin’s primary business focus?
Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options for people suffering from mental health conditions.
What are Cybin’s key drug development programs?
Cybin is developing CYB003, a proprietary deuterated psilocin analog in Phase 3 studies for adjunctive treatment of major depressive disorder (with FDA Breakthrough Therapy Designation), and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in Phase 2 study for generalized anxiety disorder.
Where does Cybin operate geographically?
Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom and Ireland.
Why is this financing significant for Cybin?
This US$175 million financing provides substantial capital to support Cybin’s late-stage clinical development programs and advance their novel neuropsychiatry treatments through clinical trials.
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.
What is the APPROACH trial mentioned in the warrant terms?
The APPROACH trial is the Phase 3 clinical trial for CYB003 in major depressive disorder, and the warrant exercise period includes a trigger based on the release of topline data from this trial.
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