New York, March 28, 2024 - PRISM MarketView - Psychedelic-based therapeutics company, Cybin, Inc. (NYSE American: CYBN) has achieved an impressive number of key milestones this month, and the investment community is taking note. The company’s share price has risen by 5.75% over the past month, reflecting investor interest in the emerging psychedelics segment, and confidence in the company’s strategy and trajectory to date.
Cybin’s lead product candidate is CYB003, a proprietary deuterated psilocybin analog that the company is developing for the potential treatment of major depressive disorder (MDD). MDD is a debilitating mood disorder characterized by feelings of sadness, anger and anxiety, that impacts appetite, sleep health and cognitive ability.
The National Institute of Mental Health estimates that 21 million adults in the US had at least one major depressive episode in 2021. This represents 8.3% of the U.S. adult population. If approved by the FDA, CYB003 would be the first known adjunctive psychedelic-based therapeutic for the treatment of MDD.
In early March, Cybin closed an oversubscribed private placement with proceeds of $150 million that the company will use to continue its Phase 3 drug development activities for CYB003.
“We are extremely grateful for this infusion of capital, which will enable us to continue advancing our next-generation psychedelic development programs. We are especially encouraged by the level of interest and support from a high-quality syndicate of investors – all of which validates our clinical findings to date and the promise of addressing the unmet need across mental health disorders.”
Doug Drysdale, Chief Executive Officer of Cybin
Last week, intense investor interest saw 13 million Cybin shares change hands in intraday trading, and the stock settle 2.14% higher after the company announced it had completed a positive End-of-Phase 2 meeting with the FDA for CYB003. Just days prior, the company also announced that it had been granted FDA Breakthrough Therapy Designation for CYB003.
Cybin Announces Positive End-of-Phase 2 Meeting with FDA for CYB003 in Major Depressive Disorder and Phase 3 Program Design - Prism MarketView
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Cybin previously reported positive Phase 2 topline results for CYB003, which achieved its primary efficacy endpoint, demonstrating a 79% remission rate from depression in patients after six weeks and just two doses of the compound.
Beyond CYB003 for MDD, the company has a compelling pipeline, including CYB003 for alcohol-use disorder, CYB004 for generalized anxiety disorder, SPL026 for MDD and CYB005 for neuroinflammation. Cybin has 50 patent filings and applications across six patent families and 16 patents covering a range of novel psychedelic compounds.
Cybin’s market cap sits at $326.66 million, and more than three million shares changed hands in intraday trading on Wednesday, with the share price settling up 0.19% to reach $0.43.
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.
Cybin, Inc. (NYSE American: CYBN) is featured on PRISM Psychedelics Index
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