This article was originally published on Microdose Psychedelic Insights, and appears here with permission.
The life sciences company, Cybin Corp, just announced the closing of a private placement offering for aggregate gross proceeds of CDN $45 million–the largest in the Canadian sector. Through a reverse takeover by Clarmin and a wholly owned subsidiary of Clarmin, Cybin will undergo a reverse takeover (RTO) to go public. The firm will use the investment to advance their robust pipeline of psychedelic-based products through clinical development.
Cybin Corp CEO Doug Drysdale had this to say about the historic undertaking:
“I am very proud of the CYBIN team for closing Canada’s largest go-public financing in the psychedelic sector, raising C$45,000,000. Further, the list of blue-chip US biotech funds that have put their confidence in CYBIN is very humbling. This capital raise provides the resources we need to progress our clinical programs and expand our IP portfolio, moving us closer to helping patients with mental illness.”
Distinguished Healthcare Investors Show Strong Interest in Cybin Corp
The team at Cybin Corp was able to surpass their original capital-raising goals due to the strong interest they have received from distinguished healthcare investors. Stifel GMP and Eight Capital served as co-lead agents on behalf of a syndicate of noteworthy agents, which included Canaccord Genuity Corp., Haywood Securities Inc. and Echelon Wealth Partners Inc. Indeed, the growing body of groundbreaking research surrounding compounds like psilocybin is attracting major players in the healthcare sector.
More About the Innovation Underway at Cybin Corp
While the recent COMPASS Pathways IPO and stock surge are blowing the door open for the magic mushroom market, many investors are excitedly observing Cybin’s progress in the space. The team at Cybin Corp. is, in many ways, the quintessential example of why the psilocybin market is currently exploding. Currently, they are developing intellectual property currently for the world’s first psilocybin-based product approved for targeting Major Depressive Disorder (MDD). The Ontario-based medicinal mushroom life science company is focused on advancing psychedelic and nutraceutical-based products derived from fungi. Their multitiered pharmaceutical and nutraceutical approach places them at a unique advantage and is an early-stage psychedelic play investors should pay close attention to.
Cybin CEO Doug Drysdale also had this word of thanks:
“I would like to thank our advisors – our bankers and attorneys – that stuck with the fundraising process during these difficult times.”
Cybin’s Psilotonin Oral Film Delivery System is a Technological & Scientific Breakthrough
In early July, Cybin Corp secured worldwide exclusive rights to novel oral film technology developed and manufactured by IntelGenx Corp. The innovative team at Cybin is utilizing this technology to develop an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin and other psychedelic molecules. In the race towards novel IP in the psychedelic drug development space, the team at Cybin Corp is making great strides. This is certainly a company the industry at large should watch out for
Read the original Article on Microdose Psychedelic Insights.
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