BREAKING NEWS ALERT
Cybin Granted DEA Schedule I Manufacturing License
The Company Also Welcomes Leah Gibson as its New Vice
President of Investor Relations
Cybin Inc. (NYSE:CYBN) (“Cybin” or the “Company“), a biopharmaceutical company focused on progressing “Psychedelics to TherapeuticsTM”, today announced that the Company has been granted a Schedule I manufacturing license from the U.S. Drug Enforcement Agency (“DEA”). The license is a federal requirement for any investigators who intend to study, produce, analyze or otherwise work with Schedule I controlled substances.
The DEA license, pertaining to the Company’s research lab which is based in the Boston area, will allow the Company to further become a hub for innovation and drug discovery. Previously the Company conducted much of its research & development work through globally licensed contract research organizations in the USA, Canada, and the UK, and through certain in-house capabilities. With this newly obtained license, the Company will be able to vastly expand its internal R&D capabilities to support innovative drug discovery and delivery involving Schedule I compounds.
“We are pleased with the progression of our clinical and regulatory efforts since the Company’s formation. This new license further positions the Company as a truly integrated biopharmaceutical company that can continue to work towards progressing Psychedelics to Therapeutics,” said Doug Drysdale, Cybin’s Chief Executive Officer.
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Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.
THE STREETLIGHT PERSPECTIVE:
Cybin, Inc. continues to have major breakthrough sucesses with its programs. This proof of concept data will allow Cybin, Inc. to continue towards additional clincal studies with another compound. We think that this new proof of concept, along with the $10 Roth Capital and $8 Canaccord Genuity price targets position Cybin to be primed for a potential breakout for investors.
Cautionary Notes and Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release may include statements regarding enhanced liquidity, the value of additional capital markets exposure, access to institutional and retail investors, the Company’s new strategic brand messaging campaign, and psychedelic drug development programs to potentially treat mental health disorders. There are numerous risks and uncertainties that could cause actual results and Cybin’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceutical products. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.
The NEO Exchange has neither approved nor disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005440/en/
Vice President Investor Relations
Tim Regan/Scott Eckstein
KCSA Strategic Communications
Lisa M. Wilson
In-Site Communications, Inc.
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