Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN), a biopharmaceutical company focused on progressing Psychedelics to Therapeutics™, is pleased to announce that, through its wholly-owned subsidiary Cybin IRL Limited, it has entered into an agreement with Mindset Pharma Inc. (CSE: MSET | FSE: 9DF | OTCQB: MSSTF) to acquire an exclusive license to an extensive targeted class of tryptamine-based molecules from Mindset.
Pursuant to the Agreement, Cybin has paid Mindset a one-time license fee of US $500,000 with additional milestones payable upon the successful completion of certain future milestones. Notably, the Agreement:
- provides Cybin access to a catalog of molecules that complement Cybin’s current preclinical library, with both complementary chemistry and properties;
- expands Cybin’s discovery and development platform to provide an enduring runway and pipeline of future drug candidates while broadening the space where Cybin has protected access to patent-eligible molecules and formulations; and
- strengthens Cybin’s intellectual property reach and scope of protection in support of continued investment in psychedelic therapeutics for mental health conditions.
“This exclusive license bolsters the breadth of Cybin’s IP holdings while adding a significant number of compounds to our growing library of psychedelic derivative drug development candidates. In addition to the value created from progressing our clinical stage programs for CYB003 and CYB004, our discovery and development engine will continue to be an asset for the Company as we leverage strategic M&A opportunities, including this one, to strengthen our competitive advantage and support our goal of developing new and innovative psychedelic treatments for mental health conditions and other areas of high unmet need. We are pleased to work with Mindset who, like Cybin, has a deep-rooted understanding of psychedelic science.”Doug Drysdale, Cybin’s Chief Executive Officer
The Agreement includes an initial license fee payment by Cybin to Mindset of US $500,000 as well as additional clinical development milestone payments payable only upon the successful completion of certain milestones contemplated in the Agreement . The Milestone Payments could total up to US $9,500,000, with the first Milestone Payment, in the amount of US $500,000, payable upon completion of a Phase 1 clinical trial. At the sole discretion of Cybin, the Milestone Payments may be payable in cash or in common shares in the capital of Cybin, or a combination thereof, subject to the approval of the Neo Exchange Inc. and upon the successful completion of the Milestones, including the approval and commercialization of the first drug candidate. The Agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the Agreement, which is customary for drug licensing agreements of this nature.
Cybin is a leading ethical biotechnology 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.