Cybin’s CYB003 BTD And Oversubscribed Private Placement
In this episode of the Trade to Black Podcast, we pivot back to psychedelics, where the company Cybin has enjoyed three big pieces of news within a 24 hour period. Doug Drysdale, the Chief Executive Officer of Cybin, discusses the news of the oversubscribed private placement and future prospects of the novel psychedelic molecule, CYB003.
Cybin, a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing psychedelic-based treatments, has had a huge week. To quickly recap these pieces of news, first Cybin’s CYB003 received FDA Breakthrough Therapy Designation for treating Major Depressive Disorder (MDD). Following that, they announced a positive end-of-phase 2 meeting with the FDA for the same molecule and indication, plus the Phase 3 program design. On top of this, Cybin also announced an oversubscribed private placement of $150m USD.
But what is CYB003? CYB003 is a proprietary deuterated psilocybin analogue created specifically by Cybin for the treatment of MDD. Alcohol use disorder is also being tested.
What does this new mean for investors in the psychedelic space? Cybin’s Breakthrough Therapy Designation (or BTD) means that they can receive expedited review and increased guidance from the FDA. It’s particularly noteworthy as this is the first BTD for an adjunctive psychedelic-based therapy for MDD. In the trials so far, robust and sustained improvements have been reported in depression symptoms with CYB003 at four months with 75% of patients in remission from depression after two doses. The BTD also reflects the large improvements CYB003 over existing treatments for MDD, giving a lot of people hope for better treatments.
Hear directly from Doug Drysdale on what the breakthrough designation means for Cybin, it’s investors, and the public hoping for better treatments for mental health issues. Also: what exactly does an oversubscribed private placement mean? If you’re interested in the advancement of psychedelics for treating mental health, you won’t want to miss out on this interview with Doug Drysdale, right here on The Dales Report!
