Cybin announced a registered direct offering of 22,277,750 common shares and pre-funded common share purchase warrants at US$6.51 per share, generating aggregate gross proceeds of US$175,009,911.45. Each share or pre-funded warrant includes 0.35 of one common share purchase warrant exercisable at US$8.14 per share until the earlier of June 30, 2027, 30 days after topline data is released for the APPROACH trial of CYB003 in major depressive disorder, or 30 days after an acceleration notice if the NYSE American closing price equals or exceeds US$19.53 for five consecutive trading days.
The funding round attracted participation from both new and existing investors including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, Spruce Street Capital, Squadron Capital Management, Adage Capital Partners LP, Boxer Capital Management, ADAR1 Capital Management, Stonepine Capital Management, Pivotal Bioventure Partners and Ally Bridge Group. The full press release details are available at https://ibn.fm/TPxvo.
Cybin is a late-stage breakthrough neuropsychiatry company focused on revolutionizing mental healthcare through development of next-generation treatment options for mental health conditions. The company's current pipeline includes CYB003, a proprietary deuterated psilocin analog in Phase 3 studies for adjunctive treatment of major depressive disorder that has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. Additionally, the company is developing CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder.
The substantial capital infusion represents significant investor confidence in psychedelic-based mental health treatments and could accelerate the timeline for bringing these novel therapies to market. With major depressive disorder affecting approximately 280 million people globally and anxiety disorders impacting over 300 million people worldwide, successful development of these treatments could address substantial unmet medical needs. The funding enables Cybin to advance its clinical programs through critical regulatory milestones and potentially bring new treatment options to patients who have not responded adequately to existing therapies.
Investors and stakeholders can access the latest news and updates relating to CYBN through the company's newsroom at https://ibn.fm/CYBN. The successful completion of this funding round positions Cybin to continue its leadership in the emerging psychedelic medicine sector while advancing treatments that could fundamentally change how mental health conditions are managed globally.
