The psychedelics story has just begun to gain momentum. We’re already seeing a good deal of clinical studies on psilocybin for example, for the treatment of obsessive-compulsive disorder, PTSD, opioid addiction, alcoholism, eating disorders, depression and anxiety. We’re also just beginning to see broader support in the U.S. In fact, over the last few months, Denver, Oakland, and Santa Cruz have legalized the use of psilocybin. Earlier this week, Oregon became the first state to legalize psilocybin in a therapeutic setting. With Measure 109, the psilocybin movement is about overcoming depression, as noted by KATU 2 ABC. In addition, "An estimated 1 in every 5 adults in Oregon is coping with a mental health condition," 20 doctors and other health care workers wrote in the voters’ pamphlet. With excitement gaining momentum, some of the top companies to watch include CYBIN Inc., Mind Medicine Inc. (OTC:MMEDF), COMPASS Pathways (NASDAQ:CMPS), Numinus Wellness Inc. (TSXV:NUMI), and Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF).
CYBIN Inc. BREAKING NEWS: CYBIN Inc. announced it has completed its previously announced reverse takeover of Clarmin Explorations Inc. pursuant to the terms of an amalgamation agreement dated June 26, 2020, as amended on October 21, 2020, among Cybin Corp., Clarmin and 2762898 Ontario Inc., a wholly-owned subsidiary of the Company. The Reverse Takeover was completed by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (Ontario) whereby Cybin Corp. amalgamated with SubCo to form an amalgamated corporation and a wholly owned subsidiary of the Company. The Company now focuses on the business of Cybin Corp., which includes psychedelic drug development, unique delivery mechanisms, improved novel compounds and protocols that target psychiatric and neurological conditions.
Prior to the Reverse Takeover taking effect, the Company (a) continued out of the jurisdiction of the Business Corporations Act (British Columbia) and into the jurisdiction of the Business Corporations Act (Ontario), (b) consolidated its common shares on the basis of 6.672 common shares into one new common share, (c) changed its name to Cybin Inc., and (d) de-listed the Common Shares from the facilities of the TSX Venture Exchange. On closing of the Reverse Takeover, the holders of common shares in the capital of Cybin Corp. received one (post-Consolidation) Common Share for each common share in the capital of Cybin Corp. outstanding immediately prior to completion of the Reverse Takeover. The Continuance, Consolidation and Name Change were approved at the annual and special meeting of the shareholders of the Company held on August 13, 2020. In conjunction with the closing of the Reverse Takeover, the Company’s auditors will be Zeifmans LLP. The Company’s Common Shares (post-Continuance, Consolidation and Name Change) are expected to commence trading on the NEO Exchange at the opening of the markets on or about November 10, 2020, subject to the satisfaction of certain conditions to listing, under the symbol “CYBN.” A further press release will be issued once trading has commenced.
“We are very pleased to have completed the Reverse Takeover and to have received conditional approval to list CYBIN’s shares on the NEO Exchange. We anticipate it will help us to enhance our visibility within the investment community and broaden our investor base, with the goal of building long-term shareholder value. It also represents an important step forward in advancing our development plans,” said Doug Drysdale, CYBIN’s Chief Executive Officer. “We believe in the application of psychedelic therapies and look forward to advancing them and our other product candidates.”
As previously announced, on October 19, 2020, Cybin Corp. and the Company announced the closing of a private placement offering of an aggregate of 60,000,000 subscription receipts of Cybin Corp. at a price of CDN$0.75 per Subscription Receipt for aggregate gross proceeds of CDN$45 million. Stifel GMP and Eight Capital (served as co-lead agents on behalf of a syndicate of agents, which included Canaccord Genuity Corp., Haywood Securities Inc. and Echelon Wealth Partners Inc. Upon satisfaction of certain escrow release conditions and immediately prior to the completion of the Reverse Takeover, each Subscription Receipt converted into one Cybin Share without payment of any additional consideration or further action on the part of the holder thereof. At the effective time of the Reverse Takeover, each Cybin Share was exchanged for one Common Share (on a post-Consolidation basis) and the escrowed proceeds, net the remaining 50% of the fees due to the Agents and certain expenses of the subscription receipt agent, were released to Cybin Corp. The Company expects to use the net proceeds of the Offering to progress the Company’s psychedelic therapies and nutraceutical products, as well as for working capital and general corporate purposes.
The Offering included participation from several new investors, namely RA Capital Management, Janus Henderson Investors, Kearny Venture Partners, LifeSci Venture Partners, and Bail Capital, and other undisclosed institutional investors. Existing Cybin Corp. investors include Grey House Partners, and JLS Fund, Subversive Capital, among others.
Following the Reverse Takeover, the leadership team of the Company is as follows:
- Doug Drysdale — Chief Executive Officer
- Paul Glavine — Director and Chief Operating Officer
- Eric So — Director and President
- John Kanakis — SVP Business Development
- Greg Cavers — Chief Financial Officer
- Jukka Karjalainen Ph.D., M.D. — Chief Medical Officer
- Jacqueline Poriadjian — Chief Marketing Officer
- Eric Hoskins — Director
- Mark Lawson — Director
- Grant Froese — Director
Other related developments from around the markets include:
Mind Medicine Inc. (OTC:MMEDF), the leading psychedelic medicine biotech company in partnership with University Hospital Basel's Liechti Lab announces the completion and publication of a Phase 1 study on the acute dose dependent effects of LSD. The completed Phase 1 study will help MindMed in dose-finding and the planning of future Phase 2 clinical trials of LSD in patients with anxiety disorders and other medical conditions. Specifically, the Phase 1 study measured LSD dose-dependently induced subjective responses starting at microdoses (25 ug) up to experiential doses (200 ug). Maximal good drug effects were reached at a 100 ug dose. However, an experiential dose of 200 ug LSD was shown to induce greater ego dissolution than a lesser 100 ug dose. Ego-dissolution is thought to be one of the key therapeutic potentials of the psychedelic experience and psychedelic assisted therapy process.
COMPASS Pathways (NASDAQ:CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced the closing of its previously announced initial public offering of 8,625,000 American Depositary Shares representing 8,625,000 ordinary shares at an initial public offering price of $17.00 per ADS, which includes 1,125,000 additional ADSs issued upon the exercise in full by the underwriters of their option to purchase additional ADSs. The total gross proceeds to COMPASS from the offering were $146.6 million. All ADSs sold in the offering were offered by COMPASS. The ADSs began trading on the Nasdaq Global Select Market on September 18, 2020 under the ticker symbol “CMPS.” Cowen, Evercore ISI and Berenberg are acting as joint book-running managers for the offering. Canaccord Genuity is acting as lead manager and H.C. Wainwright & Co. is acting as co-manager for the offering.
Numinus Wellness Inc. (TSXV:NUMI), a company creating an ecosystem of health solutions centred on developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, has harvested the first legal flush of Psilocybe mushrooms in Canada by a public company under its Health Canada-issued Controlled Drugs and Substances Dealer's Licence. This news coincides with other recent developments by Numinus Bioscience, the Company's 7,000 square foot analytics and research laboratory, which is focused on handling various psychedelic substances and developing analytical methods and formulations for the evolving psychedelics space. "The first harvest of legally grown Psilocybe mushrooms is a significant milestone for the whole industry" said Michael Tan, Chief Operating Officer. "Now, we can progress with research and development of standardized cultivation, extraction, and testing methods and exploring product formulations to support safe, evidence-based, accessible psychedelic-assisted psychotherapy, as well as build a sequenced spore library."
Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), one of the leaders in the development and delivery of psychedelic therapies, announced that it is in advanced stages of identifying potential sites for Field Trip Health centers to treat people in Oregon with psilocybin therapies following the passage of Measure 109. Measure 109, which was approved by voters in Oregon on November 3, 2020, requires the Oregon Health Authority to create a licensing system that will create a regulated program for the cultivation of psilocybin-producing mushrooms and the provision of supervised psilocybin therapy, effectively creating the first legal market for psilocybin therapies in North America. Field Trip, which has been cultivating twenty-five species and strains of psilocybin-producing mushrooms at its research facility at the University of West Indies (Mona) in Jamaica since January, also announced its intention to seek licenses for cultivation in the State of Oregon when regulations following from Measure 109 are established.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for CYBIN Inc. by a third party. We own ZERO shares of CYBIN Inc. Please click here for full disclaimer.
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