On June 26th, 2020, Cybin Corp. (“Cybin”) entered into an amalgamation agreement with Clarmin Explorations Inc. (TSX.V: CX) through a reverse take over. Cybin is a mushroom life sciences company focused on psychedelic medicines and nutraceutical products. Cybin had raised $10,400,000 CAD through its series A financing round. The company’s IP strategy revolves around psychedelic delivery mechanisms, synthetic compounds, extraction methods, isolation of chemical compounds, new drug formulations and protocol regimens. As a mushroom life sciences company, Cybin’s mandate is to progress both psychedelic medicines and nutraceutical products derived from fungi. In connection with the Proposed Transaction, Cybin plans to complete a “best-efforts” brokered private placement of subscription receipts of Cybin, with a syndicate of agents co-led by Stifel Nicolaus Canada Inc. and Eight Capital, to raise a somewhere between $14 to $21 million CAD, with a 15% agents’ option. The company is run by its Chief Executive Officer, Paul Glavine, who intends to structure and support clinical studies across North America and other regions, through strategic academic and institutional partnerships.
On July 7th, 2020, Cybin Corp. and IntelGenx Corp signed a feasibility agreement for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin, subject to receipt of all necessary regulatory approvals. IntelGenx is a drug delivery company focused on the development and manufacturing of pharmaceutical delivery films. Cybin’s Chief Medical Officer, Dr. Jukka Karjalainen. mentioned in the press release, “compared to oral psilocybin capsules, which are subject to variable intestinal absorption and high first-pass metabolism in the liver, the systemic bioavailability of orally-dissolving psilocybin film is expected to be quite high. In addition, the dose of psilocybin administered by an orally-dissolving film is expected to be a fraction of what is required in oral capsules. Taken together, these features have the potential to increase both the safety and efficacy of psilocybin when administered in this manner.”
We expect to learn more about Cybin’s projects in the coming months, but given the company’s financial backing, we suggest investors keep an eye on this deal and their progress. Learn more on their website at https://www.cybin.com/