Cybin Archives - Green Market Report

StaffJune 28, 2021
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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
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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
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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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