Cybin Inc. has announced a registered direct offering of 22,277,750 common shares and pre-funded common share purchase warrants priced at $6.51 per share, generating aggregate gross proceeds of $175,009,911.45. The financing includes participation from both new and existing institutional investors, including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and several other prominent healthcare investment firms.
Each share or pre-funded warrant in the offering comes with 0.35 of one common share purchase warrant exercisable at $8.14 per share. These warrants have unique expiration conditions, remaining valid until the earlier of June 30, 2027, 30 days after topline data release for the APPROACH trial of CYB003 in major depressive disorder, or 30 days following an acceleration notice if the NYSE American closing price reaches or exceeds $19.53 for five consecutive trading days.
The substantial capital infusion represents a critical milestone for Cybin's clinical development programs targeting mental health conditions. The company is advancing CYB003, a proprietary deuterated psilocin analog that has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration and is currently in Phase 3 studies for adjunctive treatment of major depressive disorder. Additional details about the company's progress are available at https://ibn.fm/CYBN.
Cybin is also developing CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in Phase 2 studies for generalized anxiety disorder. The company maintains a research pipeline focused on investigational 5-HT-receptor compounds, positioning itself at the forefront of neuropsychiatry innovation. The full press release detailing the offering terms can be accessed at https://ibn.fm/TPxvo.
This financing round demonstrates strong investor confidence in Cybin's approach to addressing the substantial unmet needs in mental healthcare. The company's focus on developing novel treatments that provide effective and durable results for patients comes at a time when mental health conditions affect millions worldwide, with current treatment options often proving inadequate for many individuals. The successful completion of this $175 million offering provides Cybin with the financial resources necessary to advance its late-stage clinical programs and potentially bring new therapeutic options to market.
The participation of multiple established healthcare investment firms in this offering underscores the growing recognition within the investment community of the potential for innovative neuropsychiatry treatments to transform mental healthcare. As Cybin progresses its clinical trials, the mental health treatment landscape may see significant advancements that could benefit patients suffering from conditions that have historically been challenging to treat effectively.
