Mr. Gabriel Fahel reports

SMALL PHARMA REPORTS POSITIVE TOP-LINE DATA FROM SPL026 (DMT)-SSRI DRUG INTERACTION STUDY IN PATIENTS WITH MAJOR DEPRESSIVE DISORDER

Cybin Inc. has commended Small Pharma Inc., a biotechnology company focused on short-duration psychedelic-assisted therapies for mental health conditions, on its positive safety, tolerability and efficacy data from its phase Ib study exploring the interaction between selective serotonin reuptake inhibitors (SSRIs) and SPL026, native N,N-dimethyltryptamine (DMT), in patients with major depressive disorder (MDD).

Doug Drysdale, chief executive officer of Cybin, said: "With our upcoming acquisition of Small Pharma, we are excited to share its announcement of new data demonstrating that a DMT therapeutic is safe and enhances antidepressant efficacy in patients on SSRIs. This is impressive especially when combined with previously reported Phase IIa SPL026 efficacy data in MDD showing a rapid antidepressant effect and sustained remission to six months. Together, these results provide strong proof-of-concept and give us further reason to believe in the synergistic power of our combined programs, upon the closing of the transaction expected in the fourth quarter of 2023."

The purpose of the Small Pharma study was to build upon the previously reported Phase I/IIa safety and efficacy profile of SPL026 with support therapy, to assess whether SPL026 can be safely administered with or without SSRIs - the current standard of care for MDD. In the Phase I/IIa SPL026 study, patients were required to be withdrawn from SSRIs, which can be a disruptive experience. Through the SPL026-SSRI drug interaction study, Small Pharma aimed to address this requirement, which could enable broader patient recruitment on future large-scale studies, and potentially accelerate the clinical development pathway. Additionally, removing the requirement to be withdrawn from SSRIs may facilitate patient access to SPL026 earlier in the MDD treatment journey, if approved.

This open-label study investigated the safety, tolerability, pharmacokinetics, pharmacodynamics and exploratory efficacy of a single 27.5 mg intravenous infusion of SPL026, alone or in combination with SSRIs, in 171 patients, together with support therapy. The test cohort (N=12) (the "SSRI Cohort") consisted of patients currently on a stable treatment course of SSRIs, which have been ineffective in fully relieving their depression symptoms. The control cohort (N=5) (the "Non-SSRI Cohort") consisted of patients not currently using any pharmacological treatment to treat their depression symptoms. Patients were recruited with moderate-severe MDD as defined by a Hamilton Depression Rating Scale (HAM-D) score of >=14. Efficacy was assessed using the Montgomery-Asberg Depression Rating scale (MADRS) to measure any change in patients' depression symptoms from baseline. Additional exploratory endpoints include the Beck Depression Inventory (BDI) to assess patients' self-reported depression.

Key Results

Safety & Tolerability

SPL026 was well-tolerated by all patients in both the SSRI Cohort and Non-SSRI Cohort, with no apparent differences between cohorts

No drug-related serious adverse events reported

A small number of drug-related adverse events ("AEs") reported

8 in SSRI Cohort

3 in Non-SSRI Cohort

All deemed to be mild or moderate in severity

Majority of drug-related AEs were resolved during the dosing visit

Exploratory Efficacy

The results reaffirmed the efficacy initially demonstrated in the Phase IIa SPL026 study. However, a marked improvement was observed between the antidepressant effect of SPL026 treatment in the SSRI Cohort compared to the Non-SSRI Cohort. While the efficacy observed in the Non-SSRI Cohort was comparable to the efficacy data previously observed in Small Pharma's SPL026 Phase IIa clinical trial, the antidepressant effects observed in the SSRI Cohort were of a greater magnitude, suggesting a potentially enhanced efficacy effect when SPL026 is administered in combination with SSRIs.

The following chart outlines the efficacy results in both cohorts at baseline and at Week 4 following the dose of SPL026 with support therapy:

 Baseline                                    Week 4                   
             SSRI cohort  (n=12) Non-SSRI cohort  (n=5) SSRI cohort  (n=12) Non-SSRI cohort  (n=5)
Mean MADRS          28.8                  35.4                  3.0                  16.0         
Response* %           -                    -                   100%                  80%          
Remission* %          -                    -                    92%                  20%          
Mean BDI            30.0                  36.0                  3.1                  14.8         
*Response: >=50% reduction in MADRS from baseline; Remission: MADRS score <=10                     

Dr. Carol Routledge, Chief Medical and Scientific Officer of Small Pharma, said: "Our primary goal in conducting this Phase Ib study was to understand if SPL026 could be safely administered in conjunction with SSRIs to assess whether patients would need to be withdrawn from their SSRI medication in future trials. While we were very pleased that the study demonstrated that patients may not need to be withdrawn, we were not expecting to see such a marked difference in efficacy when administering SPL026 in combination with SSRIs compared to SPL026 alone. The potentially enhanced efficacy effect of a DMT-based treatment when administered with SSRIs could lead to greater therapeutic benefit for patients, and a compelling argument for positioning it earlier in the treatment pathway. This was a small study, but the findings are both interesting and encouraging and warrant further exploration."

George Tziras, Chief Executive Officer of Small Pharma, said: "These positive safety and tolerability results further support the patient access strategy for our DMT programs. There may be potential in the future to safely deliver a DMT-based treatment to patients on SSRIs that do not adequately relieve their depression symptoms. Moreover, the marked antidepressant effect seen in the SSRI patient cohort indicates the potential for a combination treatment. We look forward to exploring these findings further as part of the integrated DMT program with Cybin, subject to completion of the proposed arrangement transaction."

About Cybin

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions.

Cybin's goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The Company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder and has a research pipeline of investigational psychedelic-based compounds.

Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For company updates and to learn more about Cybin, visit www.cybin.com or follow the team on X, LinkedIn, YouTube and Instagram.

About Small Pharma

Small Pharma is a biotechnology company progressing a pipeline of short-duration psychedelic-assisted therapies for the treatment of mental health conditions. Small Pharma has a portfolio of clinical-stage DMT-based assets, SPL026 and SPL028. The Company was granted an Innovation Passport designation for SPL026 from the U.K. Medicines and Healthcare products Regulatory Agency (the "MHRA") and has a pipeline of proprietary preclinical assets.

We seek Safe Harbor.