Cybin Closes Short-Lasting Overnight Public Offering With Top Issuance For $8.25M
Portfolio Pulse from Lara Goldstein
Psychedelics biotech Cybin Inc. (NYSE:CYBN) has closed its overnight marketed public offering with an aggregate of 24,264,706 units issued at a price of $0.34 each, for total aggregate gross proceeds of $8,250,000. Each unit equates to one common share and one common share purchase warrant. The company intends to use the net proceeds for corporate and working capital, and mainly to progress CYB003 and CYB004’s pathways forward, which are clinical programs using novel psilocybin and DMT deuterated analogs to target the treatment of Major Depressive Disorder (MDD) and anxiety disorder.
August 04, 2023 | 9:19 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Cybin Inc. has raised $8.25M through an overnight public offering. The funds will be used for corporate and working capital, and to progress clinical programs CYB003 and CYB004.
The successful closing of the public offering indicates investor confidence in Cybin Inc. and provides the company with additional capital. This could potentially accelerate the progress of their clinical programs, which could have a positive impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100