Cybin Closes Short-Lasting Overnight Public Offering With Top Issuance For $8.25M

Psychedelics biotech Cybin Inc. CYBN closed its recently announced overnight marketed public offering with an aggregate of 24,264,706 units issued at a price of $0.34 each, for total aggregate gross proceeds of $8,250,000.

Each of these units equate one common share and one common share purchase warrant, the latter being exercisable to acquire one of the former for $0.40 during 60 months.

Units were offered in all Canadian provinces except Quebec and in the U.S., pursuant to a prospectus supplement to Cybin’s short-form base shelf prospectus dated July 5, 2021. The supplement will be filed with the SEC as part of a registration statement on Form F-10. 

Cantor Fitzgerald acted as the sole book-running manager, and A.G.P./Alliance Global Partners as its lead manager. In consideration for their services, the company paid a cash commission of $378,778 to the underwriters.

Following the offering, Cybin notified LPC fund of its intention to suspend common share purchases [top issuance set at $30 million worth] under its May-dated agreement effective immediately. The company reportedly sold an equivalent of $465,273 under the agreement prior to the suspension of sales. 

Cybin is set to use the net proceeds for corporate and working capital but mainly to progress CYB003 and CYB004’s pathways forward. 

See Also: COMPASS Pathways Q2 2023: $148.2M Cash Position, Steady Quarter And 'Strong Progress Across The Business'

These clinical programs (see more in depth HERE) consist of using novel psilocybin and DMT deuterated analogs to target the treatment of Major Depressive Disorder (MDD) and anxiety disorder, respectively. 

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Photo: Benzinga edit with photo by PublicDomainPictures and sergeitokmakov on Pixabay.