Mentioned:
North America is closer than ever to embracing psychedelic medicines. Which is exactly why Cybin is securing new capital to fund their clinical trials.
What’s happening:
- Cybin (NYSE: CYBN) has entered into a new securities purchase agreement with High Trail Special Situations for up to $500M USD to fund their clinical trials and novel drug development
By the numbers:
- High Trail Special Situations has initially provided Cybin with $50M USD through unsecured convertible debentures
- The remaining $450M USD will be drawn upon when mutually agreed upon
Why it matters:
- Cybin is one of the most advanced publicly listed psychedelic biotechnology companies in North America and is currently dosing patients in a Phase III clinical trial for their novel therapeutic CYB003 for the treatment of major depressive disorder
Going deeper:
- Cybin has been aggressively making moves to prepare for future regulatory changes around psychedelic assisted therapies in the United States, including previously forming a partnership with clinical technology company Osmond
The intrigue:
- Psychedelics have also been on the rise in American politics lately, with the United States Department of Health and Human Services officially appointing long time psychedelic medicine advocate Matt Zorn as Deputy General Counsel
