Cybin Inc., a Phase 3 clinical-stage neuropsychiatry company pioneering next-generation mental health therapeutics, has closed a registered direct offering generating approximately $175 million in gross proceeds. The financing involved the sale of 22,277,750 common shares and 4,605,500 pre-funded warrants, each priced at $6.51, with participation from prominent healthcare investment firms including Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, and Adage Capital Partners.
The substantial capital infusion represents a significant vote of confidence from sophisticated healthcare investors in Cybin's approach to developing novel mental health treatments. Each investment unit included 0.35 of a warrant exercisable at $8.14 per share before June 30, 2027, or earlier under specified conditions. The offering was managed by joint lead placement agents Jefferies, TD Cowen, and Cantor, with Bloom Burton Securities Inc. serving as placement agent.
This funding comes at a critical juncture for Cybin as the company advances its lead programs through late-stage clinical development. The company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder. This investigational treatment has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, recognizing its potential to address significant unmet medical needs in mental healthcare.
Additionally, Cybin is progressing CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule, through Phase 2 studies for generalized anxiety disorder. The company maintains a research pipeline of investigational compounds focused on 5-HT receptors, positioning it at the forefront of neuropsychiatry innovation. The latest news and updates relating to CYBN are available in the company's newsroom at https://ibn.fm/CYBN.
The $175 million financing represents one of the larger capital raises in the neuropsychiatry sector this year and signals growing institutional interest in novel approaches to mental health treatment. With mental health disorders affecting hundreds of millions globally and current treatments often providing inadequate relief, Cybin's work addresses a substantial market need. The participation of established healthcare investors like Venrock and OrbiMed suggests confidence in both the scientific approach and commercial potential of Cybin's pipeline.
This funding provides Cybin with substantial runway to advance its clinical programs through key milestones, potentially accelerating the development timeline for treatments that could transform mental healthcare. The capital will support ongoing Phase 3 trials for CYB003 in major depressive disorder and Phase 2 studies for CYB004 in generalized anxiety disorder, moving these innovative treatments closer to potential regulatory approval and patient access.
