Life sciences company focusing on psychedelic drug development to advance treatments of psychiatric and neurological conditions Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) announced having been granted a schedule I manufacturing license by the United States Drug Enforcement Agency (DEA).
This license is a federal requirement for any researchers who are seeking to study, produce and analyze work with schedule I controlled substances. This DEA license is for the company’s laboratory in Boston area.
Following this license, the company can now expand its internal research and development (R&D) capacity to support innovative drug discovery and delivery touching on schedule I compounds.
The company’s chief executive officer, Doug Drysdale, says this license indeed will propel the company to become a global hub for innovation and drug discovery.
“We are pleased with the progression of our clinical and regulatory efforts since the Company’s formation. This new license further positions the Company as a truly integrated biopharmaceutical company that can continue to work towards progressing Psychedelics to Therapeutics,” said the CEO.