Psychedelic Medicine Sector

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>>> Cybin Inc. Announces 2021 First Quarter Financial Results and Business Highlights


Yahoo Finance

August 13, 2021


https://finance.yahoo.com/news/cybin-inc-announces-2021-first-230000145.html


-- Boosts current cash position to C$82.5M to progress clinical pipeline and business initiatives --


TORONTO, August 13, 2021--(BUSINESS WIRE)--Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN) ("Cybin" or the "Company"), a biotechnology company focused on progressing psychedelic therapeutics, announces the unaudited financial results for the three-month period ended June 30, 2021. A copy of the Company’s unaudited interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards and the related management’s discussion and analysis for the three month period ended June 30, 2021, can be found under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

Recent Business Highlights:

Became the first psychedelic company to list on the NYSE American LLC stock exchange on August 5, 2021 under the symbol "CYBN";

Raised over C$120M with the inclusion of the Company’s latest equity financing round in August 2021, which successfully raised over C$34M;

Announced achievement of certain milestones by Adelia Therapeutics Inc., a wholly-controlled subsidiary of Cybin, for Year 1 Q3 (i)-(iii), and Year 1 Q4 (i) and (iii), as contemplated by the terms of a contribution agreement dated December 4, 2020;

Initiated the next phase of the Company’s digital therapeutics platform which is expected to better enable the evaluation of patient outcomes through a highly secure, patient-centered data analytics platform for pre- and post-psychedelic treatments;

Commenced scale up of the Company’s European operations and research activities with various academic and clinical research organizations, including the transfer of its intellectual property assets to its recently formed wholly-owned Ireland subsidiary;

Expanded patent portfolio to 13 patent filings which cover, amongst other things, novel psychedelic compounds, integration of delivery platforms, methods of use in psychiatric indications, drug discovery pipeline of modified and novel ergolines, tryptamines and phenethylamines;

Entered into an exclusive research and development collaboration agreement with TMS NeuroHealth Centers Inc. (the "Collaboration Agreement"), a wholly-owned subsidiary of Greenbrook TMS Inc. (TSX:GTMS) (NASDAQ:GBNH) ("Greenbrook"). Greenbrook operates 129 outpatient mental health service centers in the United States. Under the Collaboration Agreement, Cybin and Greenbrook will work together to establish Mental Health Centers of Excellence for the purpose of facilitating research and development of innovative psychedelic compound-based therapeutics for patients suffering from depression.

Doug Drysdale, CEO of Cybin stated, "During the past several months, Cybin has garnered a great deal of attention as an emerging leader in the psychedelic therapeutics space. We believe the molecules we have under development may have the potential to transform the treatment landscape and fill current unmet treatment needs for various psychiatric and neurological conditions. We look forward to sharing updates as we advance our pre-clinical and clinical programs and continue the scientific exploration that we believe will ultimately provide safer and more effective treatments for those suffering with mental illness and addiction issues."

Q1 Financial Highlights

Cash and cash equivalents totaled C$55.1 million as of June 30, 2021; and

Net loss was C$14.7 million for the quarter ended June 30, 2021 of which non-cash expenses totaled C$5.6 million and cash-based operating expenses totaled C$9.1 million.

About Cybin

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

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