Cybin completes $175 million stock offering

Cybin Inc. (NYSE American: CYBN) has completed a registered direct offering that raised $175 million in gross proceeds, according to a company statement.

The neuropsychiatry company sold 22.3 million common shares and 4.6 million pre-funded warrants at $6.51 per share or warrant. Each share and pre-funded warrant includes 0.35 of a common share purchase warrant exercisable at $8.14 per share.

The warrants expire on June 30, 2027, or 30 days following topline data release from the company's APPROACH trial of CYB003 for major depressive disorder, or 30 days after Cybin exercises an acceleration right if its stock price reaches $19.53 for five consecutive trading days.

Investors in the offering included Venrock Healthcare Capital Partners, OrbiMed, Point72, Deep Track Capital, Acorn Bioventures, Spruce Street Capital, Squadron Capital Management, Adage Capital Partners LP, Boxer Capital Management, ADAR1 Capital Management, Stonepine Capital Management, Pivotal Bioventure Partners and Ally Bridge Group.

Jefferies, TD Cowen and Cantor served as joint lead placement agents, while Bloom Burton Securities acted as a placement agent.

The company plans to use proceeds to repay outstanding convertible debentures held by High Trail Special Situations LLC, advance its CYB003, CYB004 and CYB005 programs, and for working capital and general corporate purposes.

Cybin is developing CYB003, a deuterated psilocin analog, in Phase 3 studies for major depressive disorder treatment. The compound has received Breakthrough Therapy Designation from the FDA. The company is also developing CYB004 for generalized anxiety disorder in Phase 2 studies.

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