Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF)has gotten the green light for its deal with Cybin Inc. (NYSE American:CYBN) (NEO:CYBN). Small Pharma announced it has obtained a final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia).
Cybin announced in August that it wanted to buy Small Pharma in an all-stock transaction. The deal is expected to close on or about October 23, 2023 and the shares of Small Pharma will be delisted from the Toronto Stock Exchange.
Green Market Report previously wrote that the move would combine the two companies’ efforts in developing psychedelic-based treatments for mental health conditions. The combined portfolio will include 28 granted patents and 158 pending patents, creating “strong synergies” by combining key assets, personnel, and capabilities.
The new entity will have a comprehensive clinical program that includes testing the safety and effectiveness of intravenous (IV) DMT for major depression, collecting extensive data from initial trials of IV DMT and deuterated DMT (dDMT), and exploring easier and more comfortable ways for patients to receive these drugs.
Results from the initial trials of dDMT are expected by the end of 2023, which will help in making an informed decision to start a more advanced Phase 2 trial in the United States at the start of 2024 to test the effectiveness of dDMT in treating specific conditions.
The deal will also help scale the development of Cybin’s CYB003, its synthetic psilocybin, to Phase 3 in early 2024, following a planned Phase 2 safety and efficacy readout in late 2023. The company said earlier this month that CYB003, in its sixth batch of patient testing of up to 12 milligrams, thus far has “shown to have a favorable safety and tolerability profile” with “no serious adverse events.”
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