Psychedelic newcomer Cybin Inc. has completed its reverse takeover (RTO) of Clarmin Explorations Inc. and plans to begin trading on November 10 on the Canadian Neo Exchange using the symbol CYBN. The reverse takeover will result in the original shares being delisted from the TSX Venture Exchange and the shares will be consolidated from 6.672 shares to one new Cybin common share.
“We are very pleased to have completed the Reverse Takeover and to have received conditional approval to list CYBIN’s shares on the NEO Exchange. We anticipate it will help us to enhance our visibility within the investment community and broaden our investor base, with the goal of building long-term shareholder value. It also represents an important step forward in advancing our development plans,” said Doug Drysdale, CYBIN’s Chief Executive Officer. “We believe in the application of psychedelic therapies and look forward to advancing them and our other product candidates.”
The RTO was previously announced, on October 19, 2020, with a private placement offering of an aggregate of 60,000,000 subscription receipts of Cybin Corp. at a price of C$0.75 per Subscription Receipt for aggregate gross proceeds of C$45 million. Stifel GMP and Eight Capital served as co-lead agents on behalf of a syndicate of agents, which included Canaccord Genuity Corp., Haywood Securities Inc. and Echelon Wealth Partners Inc. The company said it expects to use the net proceeds of the offering to make progress on its psychedelic therapies and nutraceutical products, as well as for working capital and general corporate purposes.
The timing is fortuitous as this week, Washington D.C. decriminalized psychedelic medicines and Oregon legalized them. Cybin is pursuing psychedelic therapies for the treatment of mental health disorders and is including another component into its clinical trials: a new drug delivery method. The company is conducting trials with fast-acting, orally-dissolvable film similar to a Listerine strip. The company said it hopes to obtain regulatory approval for one of the world’s first approved psilocybin products targeting Major Depressive Disorder (MDD) – application filed for Phase 2a & Phase 2b clinical trial. The company also entered a feasibility agreement with IntelGenx Corp. (OTCQB:IGXT; TSX-V:IGX) for the development and production of the orally-dissolving film.
In addition to those efforts, Cybin has filed for a patent application for delivery mechanisms covering all psychedelic molecules delivered through oral films, transdermal patches, effervescent and oral dissolvable. Cybin is also working alongside the Canadian Centre For Psychedelic Science to determine the safety and efficacy of psilocybin-based microdosing – which could lead to a Cybin owned and funded clinical trial targeting anxiety, ADHD and overall cognitive flexibility.
Following the Reverse Takeover, the leadership team of the Company is as follows:
- Doug Drysdale — Chief Executive Officer
- Paul Glavine — Director and Chief Operating Officer
- Eric So — Director and President
- John Kanakis — SVP Business Development
- Greg Cavers — Chief Financial Officer
- Jukka Karjalainen Ph.D., M.D. — Chief Medical Officer
- Jacqueline Poriadjian — Chief Marketing Officer
- Eric Hoskins — Director
- Mark Lawson — Director
- Grant Froese — Director
The Offering included participation from several new investors, namely RA Capital Management, Janus Henderson Investors, Kearny Venture Partners, LifeSci Venture Partners, and Bail Capital, and other undisclosed institutional investors. Existing Cybin Corp. investors include Grey House Partners, and JLS Fund, Subversive Capital, among others.