Cybin Inc (OTCMKTS:CLXPF) has released financial results and business updates for its third quarter. The biotechnology company specializes in the development of progressing psychedelic therapeutics. The company announced a successful offering from which it raised $34.3M. The new round of funding brought Cybin’s total funding to around $90M.
Cybin says it will use the money to fund its new molecule drugs and technologies and clinical trials to support patient care. The money will also be used as working capital to finance general expenses.
The company also grew its patent portfolio to 10 ranging from delivery technologies, new psychedelic compounds, discovery of new drugs and modified tryptamines and phenethylamines.
Acquisition of Adelia Therapeutics Inc
At the end of 2020, Cybin Inc announced Adelia Therapeutics Inc’s acquisition in a move aimed at strengthening its expertise in developing preclinical drugs, IP strategy, and increasing its locations in the United States and its team of scientists. The deal also involves the takeover of novel psychedelic molecules, which further strengthens the company’s portfolio.
Adelia Therapeutics recently announced an important milestone after it successfully produced several tryptamine derivatives in large quantities to start in vitro “proof of principle.”
During the quarter, Cybin Inc also entered into partnership with HI, LLC dba Kernel, to leverage a breakthrough neuroimaging technology called Kernel Flow to study psychedelic therapeutics. The company is banking on this new technology to quantify brain activity in real-time during psychedelic experiences.
The company is developing two deuterated tryptamine candidates (CYB003 and CYB004) currently in preclinical development stage. The two candidates are being developed for the treatment of psychiatric disorders and other forms of addiction.
Cybin Inc also became the first psychedelic ETF after being listed in the Horizons Psychedelic Stock Index Exchange Traded Fund, which currently trades on the NEO Exchange. In a statement, Cybin’s Chief Executive Officer Doug Drysdale said, “The past few months have been exciting and productive for Cybin. In a very short time, we have raised nearly $90 million, giving us an ample runway to support our investigative and clinical work, as well as to pursue strategic opportunities as they arise. The support and validation from our top-tier investors is very gratifying.”