Cybin Becomes Foremost Leader In DMT Research With Closing Of Small Pharma Acquisition
Cybin Inc. has officially closed the most transformative acquisition in the psychedelic sector this year. Today, the company announced the successful rollup of Small Pharma Inc., originally announced on August 28. Through a Plan of Arrangement put forth last week, the arrangement effective date held true and the deal has closed precisely on the anticipated date.
With this arrangement, the merger of Cybin and Small Pharma has given rise to an international, clinical-stage leader poised to redefine the treatment landscape for mental health conditions. The combination of their N,N-dimethyltryptamine (DMT) programs represents a substantial accumulation of systematic research on this short-duration psychedelic compound.
Indeed, the combination creates the largest and most advanced deuterated DMT program in the sector, while providing multiple avenues for operational and cost efficiencies on one therapeutic DMT platform. Previously to the acquisition, both companies had been vying for DMT research supremacy in their own respective pipelines.
Pursuant to the terms of the Arrangement, each former Small Pharma shareholder is now entitled to receive 0.2409 common shares of Cybin for every Small Pharma common share held before the acquisition. A total of 80,945,300 Cybin Shares have been issued to Odyssey Trust Company, the depositary acting in accordance with the Arrangement terms. Small Pharma shares are anticipated to be delisted from the TSX Venture Exchange—and indeed have been halted today—and removed from the OTCQB Venture Market in due course.
Commenting on the announcement, Cybin CEO Doug Drysdale extolled the attributes of the deal. He noted that this transaction represents a “significant milestone” in Cybin’s journey of growth and advancement within the psychedelics industry. As well, Mr. Drysdale posits that this achievement now “stands well-equipped” to provide a robust and well-protected deuterated DMT (dDMT—CYB004) pipeline, in which anticipated Phase 1 data readout is expected by late 2023.
These insights will allow Cybin to conduct a thorough analysis of formulations and administration methods, thereby aiding in the trial design of the anticipated Phase 2 efficacy study of dDMT in early 2024.
TDR will have addition coverage on duo expected Cybin clinical trial readouts (CYB003—psilocybin, CYB004) as they become available.
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