InvestorNewsBreaks – Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) Enters Common Stock Purchase Agreement Totaling $30M
Cybin (NEO: CYBN) (NYSE American: CYBN), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, has inked a common share purchase agreement with an institutional investor: Lincoln Park Capital Fund, LLC (“LPC”). According to the announcement, the agreement strengthens Cybin’s position to deliver on clinical milestones. The agreement notes that Cybin has the right to sell, and LPC is obligated to purchase, up to $30 million common shares over a 36-month period; the shares will be sold based on market price at the time of each sale. Cybin will control the timing and amount of all sales, and there are no warrants, derivatives or other share classes included in the agreement. The company can also terminate the agreement at any time at no cost or penalty. “This committed equity facility by LPC provides us with access to capital on an as-needed basis and is expected to allow Cybin to best utilize market conditions to raise capital in support of our drug development programs,” said Cybin CEO Doug Drysdale in the press release. “The ability to further strengthen our cash position through sales of common shares to LPC under this facility provides additional runway for our success moving forward.”
To view the full press release, visit https://ibn.fm/pXH7P
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 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; the company also has a research pipeline of investigational psychedelic-based compounds. For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
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