Cybin Inc. (NYSE American: CYBN) (Cboe CA: CYBN), a Phase 3 clinical-stage neuropsychiatry company, announced the closing of its registered direct offering, generating gross proceeds of approximately US$175 million. The financing included the sale of 22,277,750 common shares and 4,605,500 pre-funded warrants at a price of US$6.51 per unit, with each unit consisting of one share (or pre-funded warrant) and 0.35 of a warrant. The warrants are exercisable at US$8.14 per share and expire on June 30, 2027, unless earlier redeemed or exercised.
The offering attracted participation from prominent healthcare-focused investors, including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and Adage Capital Partners. Jefferies, TD Cowen, and Cantor served as joint lead placement agents, with Bloom Burton Securities Inc. acting as placement agent.
Cybin is developing next-generation mental health treatments, with its lead candidate CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for major depressive disorder (MDD) as an adjunctive therapy. CYB003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. The company is also advancing CYB004, a deuterated N,N-dimethyltryptamine molecule, in a Phase 2 study for generalized anxiety disorder. Additionally, Cybin has a research pipeline of investigational 5-HT-receptor focused compounds.
The capital raised is expected to support the continued development of these programs, addressing the large unmet need for effective mental health treatments. The closing of this offering marks a significant milestone for Cybin, providing financial resources to advance its clinical trials and potentially bring new therapies to market. For more details, the full press release is available at https://ibn.fm/psED0.
Cybin, founded in 2019, operates in Canada, the United States, the United Kingdom, and Ireland. The company is committed to revolutionizing mental healthcare through innovative treatments. For the latest news, visit the company's newsroom at https://ibn.fm/CYBN.
