Psyched: Millions From Institutional Investor And Fed Funding For Research, M&As, Women Veterans And More

Major Investor Commits $30 Million To Psychedelics Funding

Canadian psychedelics biotech Cybin Inc. CYBN entered into a common share purchase agreement with institutional investor Lincoln Park Capital Fund (LPC) for the sale of up to $30 million (CA$41) of its common shares within a 36-month period.

CEO Doug Drysdale says the equity facility will allow Cybin to “further strengthen” its cash position by accessing capital on an as-needed basis, using the best market conditions and providing the company with “additional runway” to advance its drug development programs.

Keep reading HERE.

New Bill Allocates $75 Million For VA Research, NIDA Addictions Grant And Lobbyists’ List

Co-sponsored by numerous lawmakers from both sides of the aisle, newly-introduced HR 3684 would create a $75 million grant program for research into psychedelics’ potential for the treatment of mental health conditions among active duty military members, reported Marijuana Moment.

The “Douglas ‘Mike’ Day Psychedelic Therapy to Save Lives Act of 2023” directs the Defense secretary to create the program funding Phase 2 clinical trials on psilocybin, ibogaine, MDMA and 5-MeO-DMT for PTSD, TBI and chronic traumatic encephalopathy, as well as for the training of practitioners to provide psychedelic-assisted therapy for active duty members, on a yearly $15 million budget spanning FY 2024 to 2028. Keep reading HERE.

Meanwhile, psychedelics reform has gained new lobbyists at the federal level and there is a NIDA research grant for addiction treatment as well as an upcoming $27 million VA program report. 

Learn more HERE.

Healing Psychedelic Retreats For Women Veterans: A Fundraising Dinner In Denver

On June 20th, Denver will host a remarkable event aimed at shedding light on a significant group of heroes: women military veterans. The dinner, set to take place from 7:00 PM to 10:30 PM at the local hotspot, Bang Up To The Elephant, is much more than a gathering, it's a recognition of the valiant women who have served their country and continue to offer service to others in need each day.

Learn more HERE.

The Milestone Round

• Reunion Neuroscience REUN is set to enter an acquisition agreement with MPM BioImpact for a total of $13.1 million.

• Private biotech Terran Biosciences has signed a licensing deal with French Pierre Fabre Medicament and announced further psychedelic discoveries.

• Incannex Healthcare IXHL adds psychedelics experts to its new Australian clinical venture.

• This week’s states reform update includes Nevada, Massachusetts, Rhode Island, Oregon, California, and Kentucky’s $42 million opioid settlement fund’s allocation for psychedelics research.

• Colorado’s ancillary businesses thriving as psychedelics regulations get enacted.

• Ambria Capital’s Cody Shandraw on what to expect of this year’s edition of MAPS’ Psychedelic Science

• The latest research on psychedelics’ safety for older adults.

See Also: Last Week's Edition Of 'Psyched'

Psychedelics ETF Weekly Performance:

AdvisorShares Psychedelics ETF PSIL opened Monday, June 5 at $1.84, following prior Tuesday, May 30 opening at $1.71 and after Friday 2’s closing at $1.79. 

Opening price reveals a consistent upward trend, as shown by prior openings at $1.76, $1.70 and $1.74, respectively. 

The week’s highest was Friday 2’s $1.79, and the lowest was $1.69 on Tuesday, May 30, similar to the former weeks’ lowest at $1.69, $1.71 and $1.72.

For this ETF, the yearly price range is set between $4.35 and $1.65.