Cybin Inc. (NYSE American:CYBN) (NEO:CYBN), a clinical-stage biopharmaceutical company developing new and innovative psychedelic-based treatment options, acquired Small Pharma Inc. (TSXV:DMT) (OTCQB:DMTTF), a U.K.-based biotechnology company focused on short-duration psychedelic therapies for mental health conditions.
It is currently expected that the transaction will close in late October 2023.
The combined company will remain headquartered in Toronto, with operations in Canada, the U.S., the U.K., the Netherlands, and Ireland, and will continue to trade on the NYSE American and the Cboe Canada under the ticker “CYBN”. The combined entity will hold an IP portfolio in the psychedelic drug development sector, with a combined 158 pending patent applications, including two allowed applications, and 28 granted patents protecting the combined companies’ clinical and preclinical molecules. This IP portfolio creates an opportunity for the combined company to develop next-generation novel compounds for a number of mental health disorders that may be amenable to treatment with psychedelic therapies.
The combined company will be led by Cybin’s Chief Executive Officer, Doug Drysdale, who brings over 30 years of experience in the healthcare sector. Small Pharma senior management and staff will be integrated with the existing Cybin team to create an experienced and skilled team that is positioned to deliver on the development and clinical execution of the combined pipeline.
Led by George Tziras, Chief Executive Officer, Small Pharma is a leader in the development of short-duration psychedelic therapies for mental health conditions, having raised a total of $63m in capital since 2021, and demonstrating the first placebo-controlled efficacy results for N,N-dimethyltryptamine (“DMT”) in treating Major Depressive Disorder (“MDD”). In the past years, the company has progressed two clinical-stage DMT-based programs, a pipeline of preclinical assets, and developed a highly robust intellectual property (“IP”) portfolio to protect them.
Cybin is a clinical-stage biopharmaceutical company 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 and has a research pipeline of investigational psychedelic-based compounds. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland.
FinSMEs
28/08/2023