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Cybin | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Mar 20 15:18
Summary by Moomoo AI
Cybin Inc., a clinical-stage biopharmaceutical company, has successfully closed an oversubscribed private placement, raising U.S. $150 million through the issuance of 348,837,210 common shares at a price of U.S.$0.43 each. This represents a 17% premium over the 10-day volume weighted average trading price on the NYSE American exchange. The private placement, which was led by Deep Track Capital, saw participation from a number of institutional investors including RA Capital Management, Avidity Partners, and others. The net proceeds from the offering are earmarked for Phase 3 drug development activities for CYB003, a proprietary deuterated psilocybin analog intended for the treatment of Major Depressive Disorder (MDD), as well as for working capital and general corporate purposes. CYB003, if approved by the FDA, could become the first adjunctive psychedelic-based therapeutic for MDD. The placement was managed by Bloom Burton Securities Inc. as the Lead Agent, with Haywood Securities Inc. also involved. The transaction was completed on March 19, 2024, following necessary regulatory and stock exchange approvals.
Cybin Inc., a clinical-stage biopharmaceutical company, has successfully closed an oversubscribed private placement, raising U.S. $150 million through the issuance of 348,837,210 common shares at a price of U.S.$0.43 each. This represents a 17% premium over the 10-day volume weighted average trading price on the NYSE American exchange. The private placement, which was led by Deep Track Capital, saw participation from a number of institutional investors including RA Capital Management, Avidity Partners, and others. The net proceeds from the offering are earmarked for Phase 3 drug development activities for CYB003, a proprietary deuterated psilocybin analog intended for the treatment of Major Depressive Disorder (MDD), as well as for working capital and general corporate purposes. CYB003, if approved by the FDA, could become the first adjunctive psychedelic-based therapeutic for MDD. The placement was managed by Bloom Burton Securities Inc. as the Lead Agent, with Haywood Securities Inc. also involved. The transaction was completed on March 19, 2024, following necessary regulatory and stock exchange approvals.
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