Cybin Inc. (NEO:CYBN | NYSE American:CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics ® today announced a streamlining plan aimed at maximizing the Company’s operating efficiency and to allow the Company to focus on critical clinical trials.
Based on anticipated cost savings from the streamlining exercise and the Company’s ongoing and previously announced US$35 million At-The-Market (“ATM”) equity program, management believes the Company will be better positioned for both near-term and long-term success. The Company anticipates these cost savings will result in a decrease in its historical annual cash burn rate by millions of dollars, while Cybin continues to push forward on all core clinical initiatives.
Today, the Company has released approximately 15% of its workforce that previously held roles that were not of a clinical priority or were not directly involved with any of the Company’s clinical trial initiatives. As a result of the headcount reductions, the Company expects to generate cost savings from reducing operating expenses.
The Company has evolved from the discovery-stage into clinical-stage operations, and this prioritized clinical alignment allows the Company to, among other things, leverage intellectual property generated from its discovery efforts for clinical development, and focus on clinical execution.
“The Company has made the prudent decision to evaluate every role within its workforce, including whether certain tasks could be performed more efficiently while ensuring that the Company’s core clinical activities continue to be robustly supported and resourced. We appreciate the significant contributions of our employees and the hard work they performed for the Company and understand the impact that this difficult decision has on them. We are committed to maintaining a lean organization and will continue to make clinical trial execution in support of our proprietary molecules our top priority.”
Doug Drysdale, Chief Executive Officer of Cybin
The Company’s actions today are expected to better support upcoming value-driving clinical milestones and the development of the Company’s differentiated therapeutics for mental health disorders. The Company continues to pursue the goal of bringing improved therapeutic options to patients in need.
The Company reminds investors that it will host a virtual R&D Day on Tuesday, February 28, 2023, from 10:00 a.m. ET to 11:30 a.m. ET. The event, which will be hosted by Cybin’s leadership team, will provide a progress update on the Company’s development pipeline of differentiated psychedelic-based therapeutics, including CYB003 and CYB004. Specifically, the Company plans to provide an interim readout from the ongoing Phase 1/2a study evaluating CYB003, an update from the ongoing Phase 1 exploratory CYB004-E trial evaluating IV N,N-dimethyltryptamine and a review of its clinical development program evaluating CYB004. Cybin is evaluating CYB003 for the treatment of major depressive disorder and CYB004 is being evaluated for the treatment of generalized anxiety disorder.
To participate in the event, please click here to register and access the live webcast. A Q&A session for the investment community will follow the prepared remarks. The archived webcast will also be available on the Company’s investor relations website page following the event on the Events & Presentations page.
About Cybin
Cybin is a leading ethical biopharmaceutical company, working with a network of world-class partners and internationally recognized scientists, on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. The Company is focused on progressing Psychedelics to Therapeutics by engineering proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health disorders.