Cybin Inc. Releases Financial Highlights and Provides Business Update

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Cybin Inc. (NEO:CYBN) (“Cybin” or the “Company”), a biotechnology company focused on progressing psychedelic therapeutics, today released financial highlights from its fiscal third quarter.

Recent Business Highlights(1)(2)

  • Successfully completed upsized bought deal offering, raising aggregate gross proceeds of $34.3 million, bringing the Company’s total capital raised to date to nearly $90 million. The Company intends to use the capital to advance its clinical trials, novel molecule programs and technologies supporting patient care, and for working capital and general corporate purposes.
  • Expanded its portfolio of patent filings to 10, covering novel psychedelic compounds, delivery mechanisms, and drug discovery pipeline of modified and novel tryptamines and phenethylamines.
  • Acquired Adelia Therapeutics Inc. (“Adelia Therapeutics”) in December 2020, strengthening its IP strategy, pre-clinical drug development expertise, presence in the United States, and scientific team. The acquisition included novel psychedelic molecules that diversify the Company’s development portfolio.
    • In January 2021, Adelia Therapeutics achieved its first earn-out milestone, with the successful synthesis of multiple tryptamine derivatives in sufficient quantities to initiate in vitro “proof of principle”.
  • Partnered with HI, LLC dba Kernel (“Kernel”) to leverage Kernel Flow, a breakthrough neuroimaging technology for the study of psychedelic therapeutics. This innovative technology is expected to allow Cybin to potentially quantify brain activity in real time during psychedelic experiences.
  • Selected two deuterated tryptamine preclinical development candidates (CYB003 and CYB004) with plans to file first IND in 2021, potentially targeting treatment-resistant psychiatric disorders and certain forms of addiction.
  • Included in the Horizons Psychedelic Stock Index Exchange Traded Fund (the “Fund”), the first psychedelic ETF. The Fund is currently trading on the NEO Exchange under the ticker symbol PSYK.

“The past few months have been exciting and productive for Cybin. In a very short time, we have raised nearly $90 million, giving us an ample runway to support our investigative and clinical work, as well as to pursue strategic opportunities as they arise. The support and validation from our top-tier investors is very gratifying,” stated Doug Drysdale, Cybin’s Chief Executive Officer.

“Our focus remains on addressing the mental health crisis by seeking to potentially transform the treatment landscape. To do that, we are leveraging technology and our scientific expertise to develop novel psychedelic molecules and pair them with controllable drug delivery systems, with a goal of improving overall patient outcomes. Our recent acquisition of Adelia Therapeutics and partnership with Kernel are key to achieving our goals. We are very pleased with the strong foundation we have built to date and look forward to updating our investors as we advance our programs,” concluded Drysdale.

Leadership Update

As part of the ongoing Adelia Therapeutics team integration, the Company is pleased to announce the following team member appointments. Effective immediately, Lori Challenger who was the former Director of Operations and Compliance of Cybin has been promoted to Chief of Staff. Within the Company’s scientific and compliance teams, the Company is announcing the following integrations of titles including: Michael Palfreyman (Chief Research Officer), Alex Nivorozhkin (Chief Science Officer), Brett Greene (Chief Innovation Officer) and Aaron Bartlone (Senior Vice President of Quality Assurance and Regulatory Affairs). The Company also announces that Jukka Karjalainen, Chief Medical Officer, and Jacqueline Poriadjian, Chief Marketing Officer, have ceased to be officers of the Company effective immediately. Mr. Drysdale stated, “The Company is thankful to Jukka and Jackie for their service to the Company and we wish them well in their future endeavours.”

Financial Highlights

  • research and development expenses were $643,744 for the three months ended December 31, 2020;
  • general and administrative expenses were $264,278 for the three months ended December 31, 2020;
  • net loss was $11,418,721 for the three months ended December 31, 2020;
  • cash and cash equivalents totaled $40,027,894 as of December 31, 2020; and
  • in January 2021, the Company successfully completed an upsized bought deal offering, raising aggregate gross proceeds of $34.3 million, bringing the total capital raised to date to nearly $90 million.

For further information, please refer to the Company’s financial statements and related management’s discussion and analysis for the period, which are available under the Company’s profile on SEDAR at www.sedar.com.

Conference Call

Date     Wednesday, February 17, 2021
Time     10:00AM EST
Toll Free (U.S.)     (877) 407-0789
International     (201) 689-8562
Conference ID     13716476

Webcast (Live and Replay) www.cybin.com under the ‘News/Investors’ section.

A replay of the conference call will be available for two weeks after the call’s completion by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International). The conference ID for the replay is 13716476. The archived webcast will be available for 30 days on: www.cybin.com/investor-relations.

About Cybin

Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.


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