Cybin Prices Offering Of About 66.67 Mln Units At $0.45/unit

(RTTNews) - Cybin Inc. (CYBN), a biopharmaceutical company focused on psychedelic-based therapeutics, on Friday announced an offering of 66,666,667 units to one of its largest existing institutional shareholders and new institutional investors at a price of $0.45 per unit.

The gross proceeds from the transaction, expected to be closed on or about November 15, are estimated to be around $30 million. The drug maker said that it intends to use the net proceeds from the offering to support its CYB003 and deuterated DMT programs, general corporate, and working capital purposes.

Approximately $30 million in proceedings is expected by the closing of the offering, and up to an additional $34 million may be funded upon full exercise of the Warrants which are priced at $0.51 per share.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.