Cybin Releases Corporate Update

No word on the release of fourth quarter earnings.

Cybin Inc. (NEO:CYBN) (NYSE: CYBN) provided a corporate update outlining access to capital and upcoming clinical milestones. Cybin stated that it had a potential funding of C$70 million funding through a combination of the previously announced common share purchase agreement and current “at-the-market” equity program. Cybin announced at the end of May that it had signed a purchase agreement with Lincoln Park Capital Fund to purchase up to $30 million of the company’s shares over a 36 month period. Cybin is currently a going concern according to the auditors.

“The second half of 2023 will be pivotal for Cybin as we expect topline clinical data readouts from both our Phase 1/2a trial of CYB003, our deuterated psilocybin analog, and from our Phase 1 trial of CYB004, our deuterated DMT molecule. Through a combination of the company’s recently announced common share purchase agreement from Lincoln Park Capital Fund and the ongoing at-the-market offering, the company has done an admirable job of securing access to capital in light of current market conditions. The potential access to capital should provide Cybin with the cash runway needed to complete these value-driving clinical milestones and enable us to continue focusing on clinical execution with the ultimate goal of bringing improved therapeutic options to patients in need,” said Doug Drysdale, Chief Executive Officer of Cybin.

In February, Cybin reported its third quarter earnings for the period that ended in December 2022. At that time, the company had burned through quite a bit of cash as it reported C$22 million in cash at the of the year versus C$53 million at the end of March 2022. The company has not announced when it will release its fourth quarter earnings.

Timeline

Cybin outlined its upcoming milestones as follows:

  • Completion of CYB003 dosing in MDD cohorts expected in Q3 2023
  • Topline efficacy data readout from CYB003 Phase 1/2a clinical trial expected in late Q3 2023
  • U.S. Food and Drug Administration (“FDA”) submission of CYB003 Phase 1/2a data for pivotal studies expected in Q4 2023

CYB003

Cybin noted that its interim findings from the ongoing Phase 1/2a clinical trial evaluating CYB003 demonstrated positive observations, including a rapid and short-acting psychedelic response in participants. The company’s statement read, “Participants received single oral doses of CYB003 at 1 milligram (“mg”), 3mg, 8mg, and 10mg, respectively, and all doses were well-tolerated with no serious adverse events reported. Most notably, participants reported meaningful and robust psychedelic effects at the 8mg and 10mg doses, confirming a complete mystical experience was achieved. These interim findings demonstrate that CYB003 was rapid and short acting, and reached a psychedelic effect at low doses, while maintaining a safe and well-tolerated therapeutic profile.”

CYB003 was created to address the challenges and limitations of oral psilocybin. CYB003’s therapeutic profile as a potentially differentiated treatment for MDD is expected to provide consistent and predictable dosing.

CBY004

CYB004 is the company’s DMT compound that is being evaluated as a potential treatment for Generalized Anxiety Disorder. CYB004 is secured by a U.S. composition of matter patent with protection through 2041. The company said it expects announcing topline data from the Phase 1 study of CYB004 in late Q3 2023.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.