11:24:51 EDT Sun 23 Jun 2024
Enter Symbol
or Name

Cybin Inc
Symbol CYBN
Shares Issued 410,855,285
Close 2024-03-12 C$ 0.58
Market Cap C$ 238,296,065
Recent Sedar Documents

Cybin arranges $150-million (U.S.) private placement

2024-03-13 09:16 ET - News Release

Mr. Gabriel Fahel reports


Cybin Inc. has arranged a proposed private placement of 348,837,210 common shares in the capital of the company at a price of 43 U.S. cents per common share, representing a premium of approximately 17 per cent to the 10-day volume-weighted average trading price on the NYSE American exchange. Aggregate gross proceeds from the private placement are expected to be $150-million (U.S.) before deducting fees and expenses of the offering.

The oversubscribed private placement is being led by Deep Track Capital and includes participation from RA Capital Management, Avidity Partners, Acorn Bioventures, Altium Capital, Logos Capital, Octagon Capital, Rosalind Advisors, Sphera Healthcare and other institutional investors.

The net proceeds of the private placement are expected to be used for certain phase 3 drug development activities for CYB003, for working capital and for general corporate purposes. CYB003 is a proprietary deuterated psilocybin analogue in development for the potential treatment of major depressive disorder (MDD). If approved by the U.S. Food and Drug Administration, CYB003 would be the first known adjunctive psychedelic-based therapeutic for the treatment of MDD.

Bloom Burton Securities Inc. is acting as the lead agent for the private placement, which also includes Haywood Securities Inc. The private placement is expected to close on or about March 19, 2024, subject to all necessary regulatory and stock exchange approvals, including the approval of Cboe Canada and NYSE American LLC.

In the United States, the common shares will be offered on a private placement basis pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. The company has agreed to use commercially reasonable efforts to either: (a) subject to the issuance of a receipt in Canada for an amendment to the corporation's short form base shelf prospectus dated Aug. 17, 2023, as amended on Dec. 22, 2023; and (i) prepare, file with and have declared effective by the U.S. Securities and Exchange Commission (SEC) an amendment to its registration statement on Form F-10 (file No. 333-276333) containing the foregoing amendment to the base shelf prospectus; and (ii) file a prospectus supplement to the base shelf prospectus with the Ontario Securities Commission and with the SEC pursuant to General Instruction II.L of Form F-10; or (b) file a registration statement on such other form as may be available to the company, in either case qualifying the resale of the common shares issued in the private placement by certain purchasers resident in the United States.

About Cybin Inc.

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 health care 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 analogue for the treatment of major depressive disorder, and CYB004, a proprietary deuterated DMT (N,N-dimethyltryptamine) 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.

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