Cybin (NYSE: CYBN), a biotech company in the psychedelics space, began listing its stock on the New York Stock Exchange on Thursday.
The company is the first in the sector to enter the NYSE, following a trend of five psychedelics companies to debut on the Nasdaq since the beginning of the year.
This validation by the NYSE is incredibly humbling, said CEO Doug Drysdale in an exclusive interview with Benzinga. He added that the listing provides a real opportunity for increased awareness as well as for growing the companys shareholder base, especially among retail investors.
Cybin is developing a pipeline of novel psychedelic molecules for the treatment of diverse mental health indications, including a proprietary formulation of psilocybin (the active ingredient in so-called magic mushrooms), currently in phase 2 clinical trials.
Always Nice To Be First
While the Nasdaq has so far been the only major U.S. exchange to receive companies from the psychedelics sector, Drysdale said the NYSE felt like a more natural fit for his company, as many of its partners are already listed there.
It's always nice to be first doing something, but that's not really the reason we chose the New York Stock Exchange, he said.
The CEO added that the exchange is eager to welcome more drug development and technology companies among its lists.
Cybin will continue to offer its shares in Canada through the NEO Exchange, and uplist its U.S. OTC shares (currently under the symbol 'OTCQB: CLXPF') to the NYSE American.
Cybins Flagship Program At A Glance
Cybin is laser-focused on drug development, leaving other lines of business within the psychedelics ecosystem to other players in the space.
We have several programs underway, and a lot of milestones coming up, Drysdale said
The companys flagship program is a proprietary delivery method for psilocybin, in the form of a sublingual film called CYB001, which is targeting major depressive disorder.
Story continues
In May, Cybin received approval to launch a phase 2a clinical trial that will test the company's formulation against a 25mg psilocybin capsule on 40 patients.
The concept behind the film is that it's loaded with [psilocybin] and is placed under the tongue, where it's in touch with the sublingual membranes above and below. The goal with this is to deliver psilocybin very quickly, right into the bloodstream and quickly to the site of action without having to go through the guts, without having to go through the liver, Drysdale explained.
If successful, the research will continue in a Phase 2b trial on 120 patients, where the safety and efficacy of the product will be assessed.
With the sublingual film, the company is hoping to see a rapid onset of action and possibly a shorter duration because bypassing the liver means using far less active substances to achieve the same effects.
This thesis will be tested in the Phase 2a trial, which should output its result by the end of the year.
Cybin is not the first nor the only company in the psychedelics space to launch clinical development on psilocybin for depression. Both Compass Pathways (NASDAQ: CMPS) and nonprofit Usona Institute have ongoing phase 2 trials testing psilocybin for this indication, though theyre using an orally administered version.
If Cybin can prove that its formulation offers improved benefits against orally administered capsules, the product could gain a competitive edge against other psilocybin options even though it is lacking the first-mover advantage.
These are large markets that we're working in. Depression, anxiety and alcohol use disorder, theyre very large markets with huge unmet needs. Maybe seven or eight hundred million people globally are impacted by these, says Drysdale.
Novel Psychedelics For Alcohol-Use Disorder And Anxiety
The company also has other molecules in the works, which are currently in late-stage preclinical trials. CYB003 and CYB004 are proprietary psychedelic molecules aimed at alcohol-use disorder and anxiety disorders, respectively.
The molecules are currently being studied in large animal models.
With these molecules, the company was able to take existing serotonergic psychedelics, and alter their duration of action without modifying either receptor binding or toxicology profiles.
We've modified them through dueteration. So we've switched out some of the hydrogen atoms for deuterium. And the reason we've done that, is weve taken really, really short-acting tryptamines that last maybe 10 or 15 minutes, we've made them a little bit more tolerable, forty five minutes to an hour.
While the chemistry of these molecules has not been released, based on their description, we can speculate that the initial molecules used in the development of these novel compounds were either DMT or 5-MeO-DMT.
The company hopes to see something that fits in with a regular clinic treatment paradigm, longer than DMT, but shorter than orally administered psilocybin.
The CEO expects CYB003 to begin clinical trials for alcohol use disorder around the first quarter of next year, and CYB004 in the second quarter.
Cybins Financials
On Tuesday, the company closed an overnight public offering of approximately 10 million shares, which raised CA$34 million ($27 million). To date, Cybin has raised over $95 million and has a market cap of $477 million.
On its last earnings call, Cybin announced cash and cash equivalents totaling CA$64 million ($51 million) as of March 31, 2021. While the current cash position is not available, it is estimated that the company holds south of $78 million minus operational spendings since late March.
The CEO said the company is very well capitalized for many years into the future.
While Cybin already held a strong balance sheet before the last offering, Drysdale said that drug development takes a long time and its expensive, thus the need to be well-capitalized and hold a strong balance sheet becomes obvious.
I've learned from my past that you take capital when you're able to and not wait until the last minute when you need it. So, we certainly didn't need capital at this time, but we knew we would need more at some point.
Although the last raise meant issuing more stock, Drysdale said it was well-received by existing shareholders, who saw share prices double from $1.43 on June 1 to $3.02 at market close on Wednesday.
Partnering To Improve Research
Cybin boasts several strategic partnerships meant to improve its drug discovery process.
Though Drysdale says the company has no plans to build brick-and-mortar psychedelics-therapy clinics, he recognizes the need for a clinical infrastructure to advance psychedelic drug research.
When I look at the pathway to market, and not just commercial distribution in the future, but all the steps along the way that we have to take to develop these drugs through phase 2 and phase 3 studies, that requires a pretty significant clinical infrastructure. It requires investigators and therapists and physicians and locations that are all experienced and knowledgeable of psychedelics.
With an exclusive research and development agreement with Greenbrook TMS Inc. (TSX: GTMS) (NASDAQ: GBNH), a company that operates 129 outpatient mental health service centers in the United States, Cybin has the potential to access an extensive patient base to advance clinical research on its compounds while facilitating the recruitment of participants for upcoming trials.
The goal with Greenbrook initially is to create a few centers of excellence where we can tap into their vast knowledge of delivery of care in depression. We can bring in our 'Embark'
psychotherapy program with trained therapists, and then we can set up these pilot clinics that are models for future studies and future distribution.
A partnership with Kernel, a brain imaging company, will allow Cybin to gain a better understanding of the brain under the influence of psychedelics.
Kernel has developed a wearable device called Kernel Flow, which offers a non-invasive brain interface.
This is really the first time that anyone's been able to miniaturize this kind of neuroimaging technology. And our hope is that we can be able to see real-time brain activity during this psychedelic treatment session. And maybe from that, we can learn about how to better target these molecules in the future.
Cybin is also co-sponsoring a clinical trial, in partnership with the University of Washington in Seattle, that will test the benefits of psilocybin treatment in health workers experiencing COVID-related distress.
Photo: Chokniti Khongchum from Pexels
See more from Benzinga
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Go here to read the rest:
- Review: Tripping on Utopia Complicates the History of Psychedelics - AOL - March 16th, 2024 [March 16th, 2024]
- Psychedelics Are Going Mainstream. Investing in Them Hasn't. - The Wall Street Journal - January 7th, 2024 [January 7th, 2024]
- Another Study Shows African Psychedelic Plant Ibogaine Treats Traumatic Brain Injury in Vets With 'Dramatic' Results - Good News Network - January 7th, 2024 [January 7th, 2024]
- Massachusetts Lawmakers Will Be Forced To Consider Psychedelics Legalization Measure That Activists Petitioned ... - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- VA to begin researching psychedelics as treatment option for veterans - Government Executive - January 5th, 2024 [January 5th, 2024]
- VA Is Funding New Research On Psychedelics' Benefits For Veterans With PTSD And Depression - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- VA ramps up study of psychedelic to treat PTSD - The American Legion - January 5th, 2024 [January 5th, 2024]
- Scientists predict DMT trip from cardiac activity - Big Think - January 5th, 2024 [January 5th, 2024]
- If psychedelics heal, how do they do it? | Proceedings of the National Academy of Sciences - pnas.org - January 5th, 2024 [January 5th, 2024]
- Psychedelics for acquired brain injury: a review of molecular mechanisms and therapeutic potential | Molecular ... - Nature.com - January 5th, 2024 [January 5th, 2024]
- U.S. Rep. Correa supports using psychedelics to treat veterans with PTSD - New Santa Ana - January 5th, 2024 [January 5th, 2024]
- DEA Confirms That Psychedelic Mushroom Spores Are Federally Legal Prior To Germination - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- Psychedelics for Psych Conditions Made Their Mark in 2023 - Medpage Today - January 5th, 2024 [January 5th, 2024]
- 2023: A Good Trip Around the Sun for Psychedelics - The National Law Review - January 5th, 2024 [January 5th, 2024]
- Understanding the Role of the FDA in Advancing Psychedelic Therapy - Medriva - January 5th, 2024 [January 5th, 2024]
- MAPS PBC Closes $100m Series A, Rebrands to Lykos Therapeutics - Psychedelic Alpha - January 5th, 2024 [January 5th, 2024]
- Closing the innovation gap: Advancing psychedelic therapy and medicines in EU mental health care - Open Access Government - January 5th, 2024 [January 5th, 2024]
- The Austin Chronic: SXSW Is High on Psychedelics, as Cannabis Programming Wanes - Austin Chronicle - January 5th, 2024 [January 5th, 2024]
- This Forgotten Psychedelic Could Revolutionize Traumatic Brain Injury Treatment - Inverse - January 5th, 2024 [January 5th, 2024]
- A 'milestone' for psychedelics: Pentagon directed to study alternative treatments for veterans - Washington Times - January 5th, 2024 [January 5th, 2024]
- Psychedelic Drugs Are Rushing Towards Approval for Therapy. Here's What's Next - Singularity Hub - January 5th, 2024 [January 5th, 2024]
- The top 8 psychedelic books you need to read | GreenState - GreenState - January 5th, 2024 [January 5th, 2024]
- Lykos Therapeutics Secures $100M in Series A Funding, Rebrands from MAPS PBC - Green Market Report - January 5th, 2024 [January 5th, 2024]
- DEA Calls For Even More THC, Psilocybin And DMT To Be Produced For Research In 2024 - Marijuana Moment - January 5th, 2024 [January 5th, 2024]
- Here's What You Missed in Cannabis, Psychedelics This Week - TipRanks.com - TipRanks - January 5th, 2024 [January 5th, 2024]
- You're not tripping: State and local leaders give psychedelics another chance - Route Fifty - December 22nd, 2023 [December 22nd, 2023]
- Are Consciousness-Expanding Psychedelics Like Psilocybin More Effective Than Prozac, Zoloft, Xanax, and Other ... - Nautilus - December 22nd, 2023 [December 22nd, 2023]
- RFK, Ramaswamy And Williamson Push Psychedelics Reform On Presidential Campaign Trail - Marijuana Moment - December 22nd, 2023 [December 22nd, 2023]
- Peyote is the darling of the psychedelics renaissance. Indigenous users say it co-opts a sacred way of life - The Guardian US - December 22nd, 2023 [December 22nd, 2023]
- USask researchers explore untold history of psychedelics - News - University of Saskatchewan - USask News - December 22nd, 2023 [December 22nd, 2023]
- California Governor Says Psychedelics Have 'Profound' Healing Potential, But He's Undecided On Legalization Bill As ... - Marijuana Moment - September 25th, 2023 [September 25th, 2023]
- As psychedelic-assisted therapy grows, so does interest from a new group: chaplains - NPR - September 25th, 2023 [September 25th, 2023]
- This Maine City Moves Unanimously On Decriminalizing Psychedelics: Focus On Public Health - Benzinga - September 25th, 2023 [September 25th, 2023]
- Tech Leaders Are Finding Balance Through Microdosing Psychedelics - The Dales Report - September 25th, 2023 [September 25th, 2023]
- Chronic Pain Can Be Treated by Psychedelics, Survey Suggests - Psychedelic Spotlight - September 25th, 2023 [September 25th, 2023]
- Insights Into the First Psychedelic-Assisted Therapy Guidelines With ... - Psychedelic Spotlight - September 25th, 2023 [September 25th, 2023]
- Living with long-term cancer is depressing. Texas doctors say psychedelics could help - The Hill - July 19th, 2023 [July 19th, 2023]
- Couples Are Doing MDMA and Ketamine Therapy To Save Their Relationships - VICE - July 19th, 2023 [July 19th, 2023]
- The Way People Are Using Psychedelics Is Changing Amid Reform ... - Marijuana Moment - July 19th, 2023 [July 19th, 2023]
- [WATCH] Turn on, tune in, legalise: Could psychedelics be next in ... - MaltaToday - July 19th, 2023 [July 19th, 2023]
- Will Psychedelics Be Rescheduled After FDA Approval? - Harris Bricken - July 19th, 2023 [July 19th, 2023]
- The Psychedelic Preparedness Scale: A Tool to Optimize Trip ... - Filter - July 19th, 2023 [July 19th, 2023]
- How to Test Psychedelics for Adulterants with Testing Kits - Psychedelic Spotlight - July 19th, 2023 [July 19th, 2023]
- Cannabis Science Conference to debut in Providence, R.I., with ... - GlobeNewswire - July 19th, 2023 [July 19th, 2023]
- New Speaker Rivas weighs in on psychedelics, housing and health care worker minimum wage - Yahoo News - July 19th, 2023 [July 19th, 2023]
- TDR's Top 5 Psychedelic Developments For The Week Of July 10 - The Dales Report - July 19th, 2023 [July 19th, 2023]
- Psychedelic Treatment with Psilocybin Relieves Major Depression, Study ... - February 20th, 2023 [February 20th, 2023]
- Johns Hopkins Launches Center For Psychedelic Research - February 20th, 2023 [February 20th, 2023]
- Psilocybin Treatment for Major Depression Effective for Up to a Year ... - February 20th, 2023 [February 20th, 2023]
- Inside the Johns Hopkins Psilocybin Playlist - Hopkins Medicine - February 20th, 2023 [February 20th, 2023]
- Research Story Tip: Psychedelic Drug Psilocybin Tamps Down Brains Ego ... - February 20th, 2023 [February 20th, 2023]
- Psychedelics: Risks, benefits, and more - Medical News Today - February 18th, 2023 [February 18th, 2023]
- Psychedelic Drug Effects, Side Effects & Dangers - January 25th, 2023 [January 25th, 2023]
- Psychedelics Decriminalization Project In Berkeley, Cal Includes ... - January 6th, 2023 [January 6th, 2023]
- Ancient mummified child was drugged with psychedelics before ritual ... - December 14th, 2022 [December 14th, 2022]
- The therapeutic potential of psychedelics - Science - December 14th, 2022 [December 14th, 2022]
- Changing Lives with Psychedelics: How Connecticut researchers are using magic mushrooms to help people overcome depression, OCD - WTNH.com - November 19th, 2022 [November 19th, 2022]
- Penis Envy Mushroom | Legal Psychedelics | Magic Mushroom - November 7th, 2022 [November 7th, 2022]
- Psychedelics. Discussing natural and synthetic friends. Science, News ... - November 5th, 2022 [November 5th, 2022]
- The Harms of Psychedelics Need to Be Put Into Context - WIRED - November 5th, 2022 [November 5th, 2022]
- Packers' Aaron Rodgers says psychedelics led to his back-to-back MVP ... - October 28th, 2022 [October 28th, 2022]
- With Promise of Legalization, Psychedelic Companies Joust Over Future Profits - The New York Times - October 25th, 2022 [October 25th, 2022]
- How do psychedelics work? This brain region may explain their effects - PBS - October 21st, 2022 [October 21st, 2022]
- Why is the American right suddenly so interested in psychedelic drugs? - The Guardian - October 19th, 2022 [October 19th, 2022]
- Can Psychedelics Cure? Science Is on the Verge of Finding Out - Newsweek - October 19th, 2022 [October 19th, 2022]
- Large national survey suggests that the use of psychedelics is not associated with lifetime cancer development - PsyPost - October 19th, 2022 [October 19th, 2022]
- This Pharma Company Just Scored Another Psychedelics Patent And Set Its Sights On 70 More - Small Pharma - Benzinga - October 19th, 2022 [October 19th, 2022]
- What Made the Mushrooms Magic: Psychedelic Study Explores the Odd Evolution of Mind-Altering Fungi - The Debrief - October 19th, 2022 [October 19th, 2022]
- Psychedelics And Wellness: The Healing Company Buys PepsiCo-Backed Superfoods Company - (HLCO) - Benzinga - October 19th, 2022 [October 19th, 2022]
- What's on the Colorado ballot? Housing, psychedelics, school meals, alcohol, taxes and more | FOX31 Denver - FOX 31 Denver - October 19th, 2022 [October 19th, 2022]
- DoseConnect to Sponsor the Tech Stage at Wonderland Miami by Microdose - Benzinga - October 19th, 2022 [October 19th, 2022]
- What Is Going on With Bright Minds (DRUG) Stock Today? - InvestorPlace - October 19th, 2022 [October 19th, 2022]
- Psychedelics May Ease Fear of Death and Dying - October 17th, 2022 [October 17th, 2022]
- TDR's Top 5 Psychedelic Developments For The Week Of October 10 - The Dales Report - October 17th, 2022 [October 17th, 2022]
- DEA Wants To Boost Production Of Cannabis & Psychedelics For Research In 2023 - Benzinga - October 17th, 2022 [October 17th, 2022]
- Talk set to explore psychedelics and mental health - Reading Today - October 17th, 2022 [October 17th, 2022]
- Silo Wellness Closes Acquisition of Dyscovry Science and Its Psilocybin Pharmaceutical Biosynthesis and Research Portfolio - Yahoo Finance - October 17th, 2022 [October 17th, 2022]
- How does psilocybin rewire the brain? - Open Access Government - October 17th, 2022 [October 17th, 2022]
- HYTN Awarded Controlled Drugs and Substances Dealers License Allowing for Production and Sale of Psilocybin - Yahoo Finance - October 17th, 2022 [October 17th, 2022]
- The Healing Company acquires leading superfoods business, Your Super, and lands $150M credit facility to expand community of brands - Yahoo Finance - October 17th, 2022 [October 17th, 2022]