- Cybin’s latest offering generated exceptional demand; announces upsize of “bought deal” offering
- Burgeoning psychedelic sector attracts investors’ attention as compound may prove effective in mental health treatments.
- Cybin appears set for rapid growth as research accelerates, public acceptance grows.
Cybin (NEO: CYBN) (OTCQB: CLXPF), a biotech company focused on psychedelic therapeutics for various psychiatric and neurological conditions, has announced that it has upsized the terms of its “bought deal” offering due to strong demand. The deal size, previously announced at CDN$20,025,000, has increased to aggregate gross proceeds of CDN$30,015,000 as the underwriters have agreed to purchase 13,340,000 units of the company at CDN$2.25 per unit. Cybin intends to use the net proceeds to further develop its clinical trials, novel molecule programs and technologies enhancing the patient experience as well as for working capital and general corporate purposes.
The announced upsize comes against the backdrop of a growing demand for psychedelic companies. The burgeoning sector is attracting increasing attention from investors with more companies going public and rapidly increased research sparking greater public acceptance and potential decriminalization (https://ibn.fm/RS6Y1). The stigma around the compound has started to wane as recent studies point towards the potential use of psilocybin, which is found in “magic” mushrooms, for treating patients suffering from mental health diseases such as depression, anxiety and PTSD.
More and more academic institutions, including those with a world-class reputation such as Johns Hopkins and Imperial College London, are establishing specialized programs to further investigate the role psilocybin could play in the mental health space, especially in alleviating symptoms of major depression. In the past, criminalization and the stigma attached to the compound have hindered researchers from exploring the medical benefits of psilocybin and other psychedelics. More recently, however, the push to remove the barriers to research has been gaining momentum.
Cybin is committed to developing novel therapeutics, delivery methods and treatment regimens based on psychedelic compounds such as psilocybin, DMT, MDMA and other analogues to potentially treat neurological disorders. The company is working to become the first company to bring a psilocybin drug to market targeting major depressive disorder addressing a vast potential market with an estimated 17 million people in the United States and 300 million people worldwide experience depression (https://ibn.fm/Tn0bb). As a company developing psychedelic therapeutics for psychiatric and neurological conditions and with a strong executive medical and research team that boasts extensive experience in the field, Cybin appears well-positioned within the thriving sector that is set for rapid growth as research accelerates and public acceptance grows.
For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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