Cybin Announces Closing of Overnight Marketed Public Offering of Units

Cybin Inc. (NYSE American:CYBN / NEO:CYBN), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, is pleased to announce that it has closed its previously announced overnight marketed public offering (the “Offering”). In connection with the Offering, the Company issued 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 is comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is 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. acted as the sole book-running manager for the Offering. A.G.P./Alliance Global Partners acted as lead manager for the Offering (together, the “Underwriters”).

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 were offered in each of the provinces of Canada, excluding Quebec, and 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 was 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. The Prospectus Supplement and Base Shelf Prospectus are available on the Company’s SEDAR profile at www.sedarplus.ca and the Company’s EDGAR profile at www.sec.gov and may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022, or by email at prospectus@cantor.com.

In consideration for their services, the Company paid to the Underwriters a cash commission equal to $378,778.

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.

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.