Cybin Archives - Green Market Report

Dave HodesApril 19, 2022


The year 2021 has not been kind to the psychedelics industry. The stock performances of the 60 publicly traded psychedelics companies on the Psychedelic Stock Index have been trending steadily downward since February 22, 2021, to their lowest point since the index began on June 1, 2020.

The pandemic has definitely affected psychedelic business development. Nevertheless, a few companies are getting closer to offering products and expanding therapy services. So a looming perfect storm of more psychedelic companies laying the groundwork for further development may encourage a business rebound in 2022.

Here are our picks for the five psychedelic companies to watch in 2022:

Atai Life Sciences, Berlin, Germany – listed on NASDAQ (ATAI) since July, 2021 – Market cap $999 million

Atai Life Sciences, a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, is also one of the largest shareholders in Compass Pathways. In December, 2021, Atai Impact, launched in October, 2021 as the philanthropic program of Atai Life Sciences, announced its first major initiative, the establishment of the Atai $2 million Fellowship Fund in Psychedelic Neuroscience in collaboration with Massachusetts General Hospital’s Center for the Neuroscience of Psychedelics. The company also entered into a series of joint ventures and acquisitions in 2021, including with Psyber, a globally based startup focused on the development of brain-computer interface-enabled digital therapeutics for treating mental health issues. What’s coming in 2022: In January, 2022, the U.S. Food and Drug Administration (FDA) gave Atai Investigational New Drug (IND) clearance to conduct a clinical study of ketamine. Atai plans to initiate the study early this year through its platform company Perception Neuroscience.

Compass Pathways, London, England – listed on NASDAQ (CMPS) since September 2020 – Market cap $751 million

Compass Pathways is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Compass has completed a phase IIb clinical trial of psilocybin therapy for treatment resistant depression in 22 sites across Europe and North America, one of the largest randomized, controlled, double-blind psilocybin therapy clinical trial ever conducted. Compass is also running a phase II clinical trial of COMP360 psilocybin therapy for post-traumatic stress disorder (PTSD).  What’s coming in 2022: The company is preparing for a meeting with the FDA in early 2022 to finalize a program using their psilocybin therapy, and anticipates commencing that program late in 2022.


Cybin, Toronto, Ontario, CNlisted on NYSE (CYBN) since August 2021 – Market cap $192 million

Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders. It was the first psychedelics company to trade on the NYSE in August, 2021. The company has raised just over $96 million to date to fund clinical trials, M&A and IP strategies. What’s coming in 2022: In October 26, 2021, the FDA authorized an IND application to proceed with the company’s sponsored feasibility study using Kernel’s Flow technology to measure ketamine’s psychedelic effect on cerebral cortex hemodynamics (brain flow blood). Kernel Flow uses pulsed light instead of continuous wave light to increase measured brain information. Kernel Flow is a wearable device the size and look of a bicycle helmet. In the future, it could be more broadly used for neuroscientific or physiological studies of brain activity during psychedelic use.


Field Trip Health, Toronto, CN – listed on NASDAQ (FTRP) since July 2021 – Market cap $149 million

Field Trip does research and development on novel, psychedelic-inspired regulated medicines, and operates clinics that deliver ketamine-assisted psychotherapy in Canada and the United States. Field Trip currently operates and/or owns nine clinics in Toronto, Ontario; Fredericton, 

New Brunswick; New York, New York; Santa Monica, California; Chicago, Illinois; Atlanta, Georgia; Seattle, Washington; Houston, Texas; and Amsterdam, The Netherlands. What’s coming in 2022: The company is planning to build an additional nine Field Trip Health Centers in Vancouver, British Columbia; San Diego, California; Washington, DC; Stamford, Connecticut; San Carlos, California; Austin, Texas; Scottsdale, Arizona; Dallas, Texas; and Miami, Florida. On January, 2022, Field Trip announced that the U.S. Patent and Trademark Office (USPTO) issued a Notice of Allowance for Field Trip’s patent application for their first novel psychedelic molecule in development. Field Trip expects the patent to be issued in February, 2022.


MindMed, New York, NY – listed on NASDAQ (MNMD) since April 2021. Market cap $357 million.

MindMed is a clinical-stage biotech company that seeks to discover, develop and deploy psychedelic-inspired medicines and therapies to address mental health and addiction. What’s coming in 2022: On January 4, 2022, the company announced the completion of its Phase 1 clinical trial of 18-MC, the company’s non-hallucinogenic proprietary derivative of ibogaine, being developed for the treatment of indications linked to opioid use disorder. This phase 1 single and multiple ascending dose trial conducted at a single clinical research site in Perth, Australia, evaluated the safety, tolerability, pharmacokinetics, and effects on the cognitive activity of 18-MC in healthy volunteers. The trial was completed in December 2021 with results expected in early 2022.

Sources: Company SEC filings; Yahoo! Finance; Psychedelic Stock Index; company websites and press releases

Dave HodesMarch 21, 2022


Deepak Chopra is a well-known thought leader in the world, working as the founder, chairman of the board, and director of the Chopra Foundation. His thoughts and actions on matters of mental health care have been courted by world leaders and business developers across the globe for years. 

He is no stranger to the power of psychedelics, recounting his experience in 1965 with LSD as part of a controlled experiment with other medical students in India. He looked at a picture of Mother Teresa and experienced deep compassion. “It changed the course of my life,” he said. “It was the most intense experience of what it means to have compassion, to be connected.”

Chopra’s Never Alone Alliance, a collaboration of businesses, policymakers, mental health professionals, wellness initiatives, scientists, schools, and more, has one profound goal: to build mental health awareness, advance scientific research, work with policymakers and create a global technology platform to democratize access to resources. 

To that end, the foundation announced a partnership on February 15, 2022, with Cybin (NASDAQ: CYBN), a biopharmaceutical company focused on progressing psychedelics to therapeutics. 

According to a press release announcing the partnership, the Chopra Foundation will be working closely with Cybin to support education and awareness about its research to harness the potential of psychedelic therapies in mental health. Cybin is targeting mental health issues such as major depressive disorder, alcohol use disorder, and anxiety disorders.

Doug Drysdale, CEO of Cybin, explained how the partnership came about. “It was an introduction from a mutual friend,” Drysdale told Psychedealia. “One of the board members of the Chopra Foundation is a friend with one of our founders. So there was a sort of natural connection there. And of course, the Chopra Foundation has been working on mental health issues and mental health awareness for a very long time.”

He says that he met Chopra several times. “Deepak is passionate about this,” Drysdale said. “He sees that psychedelics have the potential to help people, but in combination with psychological support. So I think we talked about this, where it’s psychotherapy or some kind of psychological support combined with the molecule itself. And of course, that’s his background, helping people get into the right state of mind. If you combine the right state of mind with medicine, then it leads to better outcomes. So there are so many synergies here across the two organizations.”

Drysdale added that Chopra is a physician who has been practicing medicine for decades. “His foundation, and him and his personality, have an extensive reach,” Drysdale said. “He really has a large following. So we’re looking to full collaboration with other thought leaders, scientists, etc. Because getting the message out there takes a long time. It takes a long time to change people’s minds.”

Cybin and the Chopra Foundation already had one event, where they kicked off the partnership at the Lake Nona Institute Impact Forum in February. “That is a starting point,” Drysdale said. “We’re planning a series of events throughout this year where we can connect and relay some of the messages we’re working on to policymakers and thought leaders and opinion leaders. And we really have an aligned goal, which is raising awareness to mental health.” 

The Chopra Foundation has been working on raising awareness of mental health as well, in addition to trying to overcome some of the stigma around psychedelics. But Drysdale said that they have made a lot of progress around mental health awareness during the pandemic. “In some ways, people are more willing and open to admit that they’re struggling. But we’ve got a long way to go,” he said. “You can imagine that public companies CEOs saying that they were depressed or had depression, someone would immediately question their competence. Right? So it’s still not okay. And that’s what the Chopra Foundation is working on. 

“The incidence of these issues is really massively underreported because people don’t talk about it. We know that there are about a billion people globally that are affected by these conditions, whether it’s depression or addiction, or eating disorders. But a billion is a reported number. What’s the unreported number? It’s huge.”

Along with building awareness, there are other challenges with psychedelics in the business subsector that Cybin and other companies are working in. “There’s lots of enthusiasm, and lots of awareness,” Drysdale said. “But we step outside of that bubble and there’s still plenty of people that either is scared of psychedelics because of misinformation in the past, or they have a completely wrong view of them. Or they’re unaware.”

The misinformation that’s come from the War on Drugs has really “done a fair bit of damage to the reputation of psychedelics,” Drysdale said. “They’ve really been lumped in with all drugs like all drugs are bad. We were chatting with a scientist recently who was an advisor to a national regulatory body, which was a body that approves drugs. And the scientist’s first reaction was that psilocybin was toxic and addictive. Of course, it’s the opposite of both of those things. If you’ve got people in influence like that, people in important positions that are misinformed, then we clearly still got a lot of work to do.”

“What we are doing is trying to change mindsets, and that requires investment from the patients,” Drysdale said during a fireside chat on February 23 with Chopra. “We are not good at investing in ourselves. It’s easier to go take a pill from the pharmacy than to spend time in treatment and learn from it. We got some work to do in educating and informing folks about how best to take care of themselves.”

Chopra said that the challenge in using psychedelics is to transport the experiences from the spiritual healing traditions to the totally scientific approach. “Bring the traditions and the science together, and not do away with the context, the ritual,” he said. “Our collaboration (with Cybin) right now is for research and public awareness. All of you listening in the world get involved. There is a lot that the world is unaware of.”

Dave HodesFebruary 23, 2022


The rush to get into the psychedelics industry is becoming a must-have for any bioscience operative, be that the research scientist with a novel therapeutic or the investor with a pile of cash hoping for the big payoff when a novel psychedelic drug becomes the next big thing for treating some of the untreatable or hard to treat human conditions like PTSD or depression. 

Psychedelics as the top-of-the agenda consideration for these operatives began with the promise of drug development using synthesized versions of psilocybin—a development that has ramped up significantly over the last two years with more psilocybin-related clinical trials (53) treating more human wellness conditions (113) than even the most optimistic investor could imagine just a few years ago. 

Every month, as more trials are added and more human health conditions are considered targets for more psychedelics research using a variety of different psychedelics, to an interested investor, the psychedelics industry is looking like a hot gold mine of good deals.

There is a catch, though. A wrench in the works, if you will. The unpredictable variable—and that’s the actual process of a psychedelic drug development.

Most drugs have to finish a Phase III clinical trial for consideration by the FDA, which is the first step to making them profitable. 

Unless a drug gets on an accelerated program at the FDA, such as fast track, breakthrough therapy, or priority review, getting a drug from test tube to market can take 10 months through the FDA review process, which begins after Phase III is complete.

Most companies working on psilocybin or other psychedelics are not that far along yet in their clinical trials—though the psychedelic world was rocked by the completion of a Phase IIb study by Compass Pathways (NASDAQ: CMPS), which promises to be in Phase III by the end of the year. 

It was the largest (233 patients), randomized, controlled, double-blind psilocybin therapy study ever completed.

That Compass Pathways announcement really got investors excited. Investment dollars poured into Compass and other psychedelic companies. Other more risk-averse investors began taking a look at the psychedelics. 

What they were seeing is a life science darling with great potential—but with a lot of back and forth on clinical trials, a flurry of patent applications to lock in their intellectual property (Eighteen psychedelic companies filed psilocybin product patents for formulations or methods of production in 2021; 19 patents were published in 2019 alone), and other basic life science groundwork which hinted at a fantastic earnings future complicated by hard-to-measure risk.

Intellectual property lawsuits are likely. Clinical trials could show that a certain formulation doesn’t work. A negative FDA review could kill a drug development, causing a psychedelics drug company to lose millions instantly.

What this new and growing wave of investors—Business Insider identified 11 firms investing about $139.8 million in psychedelics startups over the last few years—have found is that there are no promises of success in an industry that promises so much with products that take so long to get to market and become profitable.

They want a sure thing. A Plan B. They are finding it in psychedelics-industry services.

There is whole network of psychedelics startups focused on tech, delivery, and distribution that have risen up to lay the groundwork for what might become a $100 billion market, according to Business Insider.

One example comes from Cybin, sponsoring a study by Kernel Flow into a unique tech product. It’s a wearable helmet system that uses pulsed light instead of continuous wave light to increase measured brain information and help find out what is happening in the brain during a psychedelic experience.

Cybin doubled down on the value of their sponsorship, likely in part to lure investors to stick with them while their psilocybin clinical trial process continues. 

Cybin’s sponsorship agreement allows them to retain an exclusive interest in any innovations that are discovered or developed through its independent analysis of the Kernel Flow study findings. “We believe the results of this study will lead to future studies that will test the effectiveness of psychedelic treatments and will further support our mission to develop psychedelics into therapeutics,” Doug Drysdale, Cybin CEO, said in a press release about the study. 

Another example is Delica, Inc., with their digital health solution app, MyDelica, that charts an interested user’s psychological profile and its dynamics across time, and helps guide someone on a safer psychedelic journey. The objective of MyDelica is to capture the naturalistic use of psychedelics in ‘the wild’ and use that information to further guide scientific discovery. 

Delica, Inc, is a spinoff from the Centre for Psychedelic Research at the Imperial College of London.

And the evolution of the industry has also fired up exclusive help for psychedelics startups, another good sign for investors. Late in 2021, Woven Science formed a partnership with Founders Factory, a company that partners with companies to build, fund and scale startups worldwide, and launched one of the first startup business accelerators focused exclusively on mental wellness solutions that enhance the value of psychedelic treatments. They have identified four key pillars of investment: compounds, clinics, community and technology.

Yet another way that psychedelics companies are presenting themselves as a good investment is by simply expanding their lab services for contract work by other companies, as is the case with Numinus Wellness, Inc., through its research vertical, Numinus Bioscience. The expanded lab services include bioanalytical testing, bioassay and in-vitro studies, and small batch manufacturing, all of which the company hopes will be new revenue drivers. Numinus already provides services to several psychedelics organizations for analytic testing, product development and ancillary services.

Another company is using technology to proactively search for new chemicals to develop. Atai Life Sciences, a clinical-stage biopharmaceutical company, launched TryptageniX, a new platform company that will specialize in the discovery of new chemical entities for the Atai pipeline through bioprospecting (which is the search for natural products from which medicines can be developed), and on biosynthesis of Atai’s naturally derived development candidates. 

This platform is viewed as a good match for Atai, which in November, 2019, launched a joint venture with Cyclica, Inc., makers of an artificial intelligence-augmented end-to-end drug discovery platform that allows researchers to visualize the complete polypharmacological profile of a compound and specially tailor drugs to target specific disease pathways related to mental health. 

Cyclica, Inc., describes its system as a sort of work-around for the trouble that drug developers experience today—and what gives investors cold feet. It’s designed to “revolutionize a system troubled with attrition and costly failures” and “accelerate the drug discovery process” and “develop medicines with greater precision.”

There are also a host of other artificial intelligence companies for life science businesses that are designed to speed up clinical trials and reduce costs, such as Datavant, Cloud Pharmaceuticals, and Denovicon Therapeutics. And that’s just the equation investors like to count on: More certainty plus more predictability plus targeted development equals faster track to market.

Dave HodesJanuary 27, 2022


Since opening its doors in 2019, Cybin, Inc., (NYSE: CYBN) based in Toronto, Ontario Canada has been on a mission to build a business in novel drug discovery (focusing on psilocybin and DMT), drug delivery systems, and treatment. 

It’s been on a fast track to make good on that mission. 

The company was the first psychedelics companies to be traded on the NYSE; it consistently makes business and stock watcher’s lists as one of the top psychedelics companies to watch; and it has 15 patent filings covering a wide range of novel psychedelic compounds from different classes, including targeted structural modifications to improve the drug pharmacokinetic characteristics and safety profiles without altering receptor binding.  “What we’ve been doing is very multi-dimensional,” Doug Drysdale, CEO of Cybin, told Green Market Report, referring to not only multi-faceted drug development but their Embark psychedelic facilitator training. “It’s not just about bringing a molecule to the clinic. We’ve been working to optimize these classical psychedelic molecules that we know a lot about, which are psilocybin and DMT. And we’ve been engineering them into different analogues and derivatives,” he said. “Ultimately, what we’re trying to do here is optimize the treatment for patients and for providers, because those are the hurdles you have to get through to have a successful product. It’s about optimizing the molecule to overcome some of the limitations, providing tools for therapists and providers, and then, at the same time, generating an IP to protect those investments.”

Drysdale said that there has been steady development work at Cybin to eventually get into human drug trials hopefully later in 2022, which is the next significant step in drug development.

As a pathway to get there, next month Drysdale and his team at Cybin are meeting with the United Kingdom’s Medicines and Healthcare Products Regulatory Agency (MHRA), an executive agency of the Department of Health and Social Care, which regulates medicines, medical devices and blood components for transfusion in the UK. They will also be submitting findings to the FDA in the next quarter. “We are taking a very much pharmaceutical approach, a very robust and sound scientific approach to in these meetings with both the MHRA and FDA,” he said.

There are a number of challenges working with a new substance like psilocybin, the least of which is building a business that requires a lot of capital upfront and months or even years of expensive drug development. Drysdale has seen what has happened to some of the early startups in this space. “I think a lot of those companies that went public were under-capitalized,” he said. “Now that the market has shifted a little bit, I think we’re going to see some companies facing challenges this year, maybe not having access to capital that they need. We’re also going to see, I think, the continued emergence of IP patents being issued, which will create opportunities for some and challenges for others. So there’s no doubt in my mind that we’ll see a lot of consolidation this year, and perhaps, you know, six or 12 months from now, there may not be 50 or 60 psychedelics companies, but maybe 10 to 20.”

Cybin has raised $120 million since 2019; expanded operations into Europe; and entered into exclusive research and development collaboration agreement with TMS NeuroHealth Centers, a company doing transcranial magnetic stimulation operating 129 outpatient mental health service centers in the United States.

Cybin is working now on investigating how to make psilocybin work better for the mental wellness effect it’s targeting, including exploring safer dosing amounts for patients. “We all metabolize differently,” Drysdale said. “So one patient versus another might have quite a different experience. One might have a profound experience, one might have a mild experience, and that creates an awful lot of variability. We’ve addressed that with our psilocybin, analog CYB003, to minimize that variability, with the goal of having more predictable outcomes. We know we’re dealing with psychiatry patients here, so we want to make sure that the responses are more predictable.” 

The other challenge with psilocybin is that it’s slow-acting, and patients may be in the clinic for an entire day. “When we speak to providers, that’s a real challenge in terms of the staffing and infrastructure,” he said. “So we have worked to accelerate the onset of action, and shorten the duration of action of our psilocybin analog so that the patient spends half the time that they would have spent in the clinic.”

Is he tracking the growing acceptance of psychedelics in the U.S. as demonstrated by the uptick in decriminalization efforts? “That wave of decriminalization is more of a criminal justice issue than a pharmaceutical issue,” he said. “But on the pharmaceutical side, both FDA and the MHRA in the UK and the DEA have all made moves in recent months that are positive. I don’t think the regulations and the scheduling are going to be the biggest hurdles to approval at this point. I think the train has left the station. I think we’re definitely past that point. And now it’s all about doing the science, the hard work of making these into pharmaceuticals.”

StaffNovember 23, 2021


Psychedelic therapy company Cybin Inc. (NEO:CYBN) (NYSE: CYBN) has been awarded a grant for the first psychedelic treatment clinic at Lenox Hill Hospital, part of Northwell Health, to serve marginalized and underserved communities on the Upper East Side of Manhattan, New York.  The program has hopes to become one of the first hospital-based clinical sites to offer psychedelic medicine in the United States.

“Lenox Hill Hospital is excited by the potential of these modalities for the treatment of previously intractable conditions such as severe depression, chronic PTSD, and OCD,” said David Roane, MD, Chairman of Psychiatry at Lenox Hill Hospital.  “With this grant from Cybin, Lenox Hill Hospital aims to become one of the first hospital-based clinical sites offering psychedelic medicine in the country and is dedicated to addressing health inequities by prioritizing care for marginalized and underserved populations. In particular, people of color are greatly underrepresented in psychedelic research studies and our team is committed to inclusive recruitment of patients.”

The company said in a statement that clinicians will also receive training in EMBARK, a transdiagnostic psychedelic psychotherapy model that can be adapted to address a range of clinical indications and populations.  EMBARK is Cybin’s psychotherapy model created by Dr. Alex Belser, Cybin’s Chief Clinical Officer and Bill Brennan, Ph.D. (cand.).

“It’s time for psychedelic medicine to climb down from the ivory tower and into the community.  We are honored to support this program at Lenox Hill Hospital to start a low-cost/no-cost psychedelic-clinic for marginalized and underserved communities in New York,” said Dr. Alex Belser, Chief Clinical Officer of Cybin.

Lenox Hill Hospital is a 450-bed, acute care facility on Manhattan’s Upper East Side and the flagship Manhattan hospital of privately owned Northwell Health – the largest healthcare system in New York State.  Highlights of the program include:

  • Founded by Kimia Pourrezaei, DO, and Gregory Mendoza, LCSW-R, of the Lenox Hill Hospital Outpatient Center for Mental Health, the clinical program is dedicated to addressing health inequities by prioritizing care for marginalized and underserved populations;
  • The program will increase accessibility by offering treatment with no out of pocket cost for individuals who would otherwise be unable to afford this service;
  • The clinic plans to also provide psychedelic treatments to frontline healthcare workers affected by COVID-19;
  • Clinicians will receive training in MDMA-, ketamine-, and tryptamine-assisted psychotherapy.

StaffJune 28, 2021


Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) released financial and business highlights for its financial year ended March 31, 2021. The company noted that it had a net loss of  $32.2 million for the year ended March 31, 2021 of which non-cash expenses totaled $13.1 million and cash-based operating expenses totaled $19,120,000.

Cybin also reported that it had cash and cash equivalents of $64 million as of March 31, 2021. The company had closed an upsized bought deal financing for gross proceeds of $30 million, with a total of approximately $90 million raised since 2019 through private and public financings.

“It has been an incredibly busy and successful year for the Cybin team, expanding both our product development capabilities and our drug development programs,” stated Doug Drysdale, CEO of Cybin. “The enormous progress that we have made serves to strengthen the foundation of our organization, upon which we plan to build further in the coming 12 months as we continue our clinical research activities.”

Adelia Therapeutics Positive Results

Cybin’s wholly-owned subsidiary Adelia Therapeutics Inc. has achieved certain earn-out milestones for the period beginning January 1, 2021. Adelia’s primary focus is on the development of treatment regimens consisting of proprietary psychedelic molecules and related clinical protocols. Positive pre-clinical results determined that proprietary deuteration modifications in multiple lead new chemical entity candidates did not alter pharmacodynamic properties and did not alter safety as assessed in in-vitro toxicity tests as compared to non-deuterated analogs. Cybin said it believes that these initial results add value to Cybin’s pipeline of proprietary novel psychedelic compounds by demonstrating these molecules perform similarly to the naturally occurring molecules in certain important metrics. The development of these compounds differentiates Cybin from companies focused on naturally occurring psychedelic compounds.

The completion of these milestones has contributed to the advancement of Cybin’s portfolio of differentiated psychedelic-based therapeutics for a variety of mental health opportunities. The company’s current indications currently include major depressive disorder (CYB001), alcohol use disorder (CYB003) and anxiety disorders (CYB004). In addition, two programs in the research phase (CYB005 and CYB006) involved synthesis and testing of more than 50 novel compounds coupled with extensive in-vitro and in-vivo pharmacokinetic, receptor binding, behavioral and safety evaluations.

Company Highlights

Other company highlights during the earnings announcement included the following items:

  • Received Institutional Review Board approval to initiate phase II clinical trials on CYB001 which is targeting Major Depressive Disorder.
  • Announced indication selection for 3 out of 4 active drug programs targeting Major Depressive Disorder (CYB001), Alcohol Use Disorder (CYB003), Anxiety Disorders (CYB004) and therapy-resistant psychiatric disorders (CYB005).
  • Expanded patent portfolio to 12 patent filings which cover, amongst other things, novel psychedelic compounds, integration of delivery platforms, methods of use in psychiatric indications, drug discovery pipeline of modified and novel ergolines, tryptamines and phenethylamines.

Debra BorchardtNovember 6, 2020


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.

StaffSeptember 29, 2020


Big Pharma’s migration to the nascent psychedelic sector is currently underway. Cybin Corporation, a mushroom-based life-sciences company, named pharma industry veteran Doug Drysdale CEO and former Eli Lilly executive Jukka Karjalanien as Chief Medical Officer.  

Drysdale’s three-decade career in pharma gained serious momentum when he became head of mergers and acquisitions at Actavis in 2004. Drysdale served for four years at Activis, leading 15 corporate acquisitions across three continents and assisting in the raise of approximately $3 billion of capital.

After that, Drysdale worked as CEO of Pernix Therapeutics. Under his leadership, Pernix grew its valuation from around $80 million to roughly $800 million, raising over $465 million of capital.

“I am happy to be able to bring my pharmaceutical experience to Cybin and help the team develop psychedelic molecules into meaningful treatments for patients,” said Mr. Drysdale to GMR.

Drysdale explains that Cybin’s primary focus is to optimize the patients’ treatment experience. The company’s product development is based on improving how psychedelics work in the body, potentially reducing hallucinogenic effects and providing digital tools to support the patients’ treatment journey.

“My experience building R&D teams and bringing FDA approved products to market will help Cybin transform these psychedelic molecules into approved medications for patients with mental illness,” added Drysdale.

Former Eli Lilly veteran and Cybin’s Chief Medical Officer Dr. Jukka Karjalanien expects that clinical trials will determine the precise, minimal dosage for maximum treatment effects. “I suspect that three-milligrams will be an efficacious dose,” he said. 

If Dr. Karjalanien’s hypothesis is proven correct, three milligrams of psilocybin in a sublingual film delivery mechanism will pass from under the tongue, directly into the bloodstream and on to the brain, proving a formidable alternative to a typical tablet. 

When orally consumed, a pill is ingested and travels through the gastrointestinal system, explained Dr. Karjalainen. It is difficult to tell precisely how much of the dose is then processed by the liver. However, individuals might lose approximately 50-60% of that 25mg dose, he explains. The percentage that is absorbed is the bioavailable dose.

“With the buccal film dosing, bioavailability is 100%,” said Dr. Karjalainen. “The consumed dose is the available dose, to the clinical effect.” 

These two gentlemen bring a combined 80 years of pharmaceutical expertise to the table. Their knowledge and experience should prove to be a formidable asset when applied toward the company’s goal of manufacturing magic mushrooms to improve mental health. 

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