Cybin Secures $50 Million in Funding to Advance Psychedelic-Based Treatments for Mental Health

Cybin Inc., a clinical-stage neuropsychiatry company, has successfully closed a private placement with High Trail Special Situations LLC, securing $50 million in unsecured convertible debentures. This funding is part of a broader agreement that could total up to $500 million, aimed at advancing Cybin's lead psychedelic-based treatment programs. Among these, CYB003 has shown promising results with a 71% remission rate in Phase 2 trials for major depressive disorder, while CYB004 is currently in Phase 2 trials for generalized anxiety disorder.

The investment not only validates Cybin's clinical progress and intellectual property but also highlights the increasing interest and confidence in psychedelic-based therapies as viable treatments for mental health conditions. The debentures come with a 5.5% prepaid annual interest rate and can be converted into common shares under specific conditions. The net proceeds from this financing will be allocated towards working capital and general corporate purposes, further supporting Cybin's mission to revolutionize mental healthcare through innovative treatment options.

With operations spanning across Canada, the United States, the United Kingdom, the Netherlands, and Ireland, Cybin is at the forefront of developing proprietary psychedelic-based compounds. The company's commitment to addressing the unmet needs in mental health care through safe and effective treatments is backed by a network of world-class partners and internationally recognized scientists. This recent funding milestone marks a significant step forward in the development of next-generation psychedelic-based therapeutics, offering hope to millions suffering from mental health conditions worldwide.