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FAQ: Cybin Inc.'s $175 Million Registered Direct Offering and Clinical Development
TL;DR
Cybin secured $175 million from top investors, providing financial advantage to advance its breakthrough mental health treatments ahead of competitors.
Cybin raised capital through a registered direct offering of shares and warrants priced at $6.51 each, with Jefferies and TD Cowen as lead placement agents.
This funding accelerates Cybin's development of novel mental health treatments that could provide effective, lasting relief for millions suffering from depression and anxiety.
Cybin is pioneering deuterated psychedelic compounds with FDA Breakthrough Therapy Designation, representing a cutting-edge approach to mental healthcare innovation.
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Cybin Inc. has closed a registered direct offering that raised approximately $175 million in gross proceeds through the sale of common shares and pre-funded warrants.
This substantial funding provides capital to advance Cybin's late-stage clinical development programs for novel mental health treatments, including CYB003 for major depressive disorder and CYB004 for generalized anxiety disorder.
The financing included participation from leading healthcare investors including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and Adage Capital Partners.
The offering included 22,277,750 common shares and 4,605,500 pre-funded warrants priced at $6.51 each, with each unit including 0.35 of a warrant exercisable at $8.14 per share before June 30, 2027.
Cybin is a late-stage neuropsychiatry company developing next-generation mental health therapeutics to address unmet needs in mental healthcare, with promising clinical data and novel drug candidates.
Cybin is developing CYB003 (a deuterated psilocin analog) in Phase 3 studies for major depressive disorder, and CYB004 (a deuterated DMT molecule) in Phase 2 studies for generalized anxiety disorder.
CYB003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, recognizing its potential to address serious conditions where current therapies are inadequate.
Founded in 2019, Cybin operates in Canada, the United States, the United Kingdom, and Ireland.
Jefferies, TD Cowen, and Cantor acted as joint lead placement agents, with Bloom Burton Securities Inc. serving as placement agent.
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 can be viewed at https://ibn.fm/psED0.
Curated from InvestorBrandNetwork (IBN)
