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Raising Capital: Cybin Announces Public Offering

Cybin has announced a public offering for gross proceeds of US$8,250,000.
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Cybin’s most recent financial results showed cash on hand of C$16.6 million as of March 31, 2023. With net losses of C$13.7 million for the previous quarter, Cybin had approximately one quarter left of cash left in the bank.

Which is why the announcement of a capital raise came as no surprise to anyone keeping an eye on Cybin’s balance sheet. Late yesterday, Cybin announced an overnight public offering of units. Although the company has a promising pipeline with trials underway, the markets don’t like dilution and the stock was down almost 20% in overnight trading.


This morning we received details of the offering: 24,264,706 units at US$0.34 per unit for aggregate gross proceeds of US$8,250,000.

This amount, just over $8 million, was smaller than might be expected and might only take the company to the end of the year. We can assume that Cybin has some other capital plans in the works.

The markets this morning continue to be displeased with the raise, down approximately 30% on the news (let’s see how the market reacts once news of the $8 million cash figure makes its way around town).


Note: As announced in last night’s press release, Cybin has suspended its previously announced capital purchase agreement of up to US$30 million with Lincoln Park Capital Fund, opting for this public offering instead.



Cybin Announces Size and Pricing of Previously Announced Overnight Marketed Public Offering of Units


TORONTO–(BUSINESS WIRE)– Cybin Inc. (NYSE American:CYBN) (NEO:CYBN) (“Cybin” or the “Company”), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, announced today the pricing of its previously announced overnight marketed public offering (the “Offering”) of an aggregate of 24,264,706 units of the Company (the “Units”) at a price of US$0.34 per Unit for aggregate gross proceeds of US$8,250,000.

Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and oneCommon Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Common Share at a price of US$0.40 per Common Share for a period of 60 months.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the Offering. A.G.P./Alliance Global Partners is acting as lead manager for the Offering.

The Offering is expected to close on or about August 4, 2023, or such other date as the Cantor Fitzgerald & Co. and the Company may agree, and completion of the Offering will be subject to market and other customary conditions, including approval of the Neo Exchange Inc., now operating as Cboe Canada (the “Exchange”).

The Company intends to use the net proceeds from the Offering for the progression of the Company’s CYB003 and CYB004 programs, and for general corporate and working capital purposes.

The Units will be offered in each of the provinces of Canada, excluding Quebecand in the United States, pursuant to a prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated July 5, 2021 (the “Base Shelf Prospectus”). The Prospectus Supplement will also be filed with the United States Securities and Exchange Commission (the “SEC”), as part of a registration statement on Form F-10, which was declared effective by the SEC on October 8, 2021 in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. Prior to forming an investment decision, prospective investors should read the Base Shelf Prospectus and the documents incorporated by reference therein, including any marketing materials, which are available on the Company’s SEDAR profile available at and the Company’s EDGAR profile at Copies of the Prospectus Supplement and Base Shelf Prospectus may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022, or by email at

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Cybin

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions.

Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The Company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder and has a research pipeline of investigational psychedelic-based compounds.

Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland.

The post Raising Capital: Cybin Announces Public Offering appeared first on Microdose.

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