TORONTO--(BUSINESS WIRE)--NEO is excited to announce that Cybin Inc. (“Cybin” or the “Company”), a leading Toronto-based biotech and life sciences company focused on psychedelic pharmaceutical therapies, has made its debut on the global public markets today. Cybin is now trading on the NEO Exchange under the symbol NEO:CYBN.
The Company recently closed a CDN$45 million subscription receipt financing in relation to its reverse takeover transaction, which marked the largest subscription receipt financing in the Canadian psychedelic sector. The Company focuses on psychedelic drug development, unique delivery mechanisms, improved novel compounds, and protocols that target psychiatric and neurological conditions.
Supported by a management and advisory team with expertise in the psychedelic, pharmaceutical and nutraceutical sectors, Cybin is working alongside the Canadian Centre For Psychedelic Science to study the safety and efficacy of psilocybin-based microdosing. The Canadian Centre For Psychedelic Science is responsible for some of the first published research on microdosing in Canada.
“Today marks a meaningful milestone for our company, as our shares begin trading on the NEO Exchange under the ticker symbol CYBN,” stated Doug Drysdale, Chief Executive Officer of Cybin. “The NEO Exchange shares our passion for innovation and provides a broad platform for our next stage of growth. Cybin is heading into a very active period with the pending start of a Phase 2 clinical study of sublingual psilocybin for the potential treatment of Major Depressive Disorder. This work will take place in Jamaica with the University of West Indies. Our listing on NEO gives us increased access to capital, enhanced visibility with the investment community and, most importantly, a greater opportunity to bring innovative new treatment options to market.”
“The potential of psychedelic therapies has never been more significant, and we continue to advance these promising potential treatments through clinical development,” continued Drysdale.
Investors can trade shares of NEO:CYBN through their usual investment channels, including discount brokerage platforms and full-service dealers.
“As a leader in a ground-breaking industry, Cybin is a true innovator that brings great hope to our world,” said Jos Schmitt, President and CEO of NEO. “Their values and approach align well with the NEO Exchange as we, too, continue to challenge the status quo and push boundaries to make, in our case, Canadian capital markets better for everyone. We look forward to providing Cybin with greater access to capital to sponsor clinical trials and work towards potential new therapies. The NEO Exchange is honoured to be selected by Cybin as their main board exchange of choice and will continue to deliver tangible and innovative solutions to help them and our other listing partners thrive.”
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About Cybin Inc.
Cybin is a life sciences company advancing psychedelic pharmaceutical treatments for various psychiatric and neurological conditions. Cybin is developing technologies and delivery systems aiming to improve bioavailability to achieve the desired effects of psychedelics at low dosage levels. The new delivery systems are expected to be studied through clinical trials to confirm safety and efficacy.
About NEO Exchange
The NEO Exchange is a progressive stock exchange that brings together investors and capital raisers within a fair, efficient, and service-oriented environment. Fully operational since June 2015, the NEO Exchange puts investors first and provides access to trading all Canadian-listed securities on a level playing field. The NEO Exchange lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
Forward Looking Statements
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the ability to receive all necessary approvals, the bioavailability and potential use of the oral film delivery system, the potential safety and efficacy of psilocybin administered in an orally-dissolving film, research and clinical trial programs, statements regarding Cybin’s future, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only Cybin’s expectations, estimates and projections regarding future events. These statements are not guaranteeing future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this press release are made as of the date of this press release. The Company does not undertake an obligation to update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin or nutraceutical products. The efficacy of such products have not been confirmed by FDA, Health Canada, or other similar regulatory authority approved research. There is no assurance that the use of psilocybin or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.