TORONTO, Canada -- February 18, 2022 -- InvestorsHub
NewsWire -- Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN) ("Cybin"
or the "Company"), a biopharmaceutical company
focused on progressing "Psychedelics to Therapeutics™", is pleased
to announce that Adelia Therapeutics Inc.
("Adelia"), a wholly-controlled subsidiary of
Cybin, has achieved the milestone identified as Year 2 Q2 (iii) as
contemplated by the terms of a contribution agreement dated
December 4, 2020 (the "Transaction Agreement")
among Cybin, Cybin Corp., Cybin US Holdings Inc. (the
"Acquiror"), a wholly-controlled subsidiary of
Cybin, and all of the previous shareholders of Adelia (the
"Adelia Shareholders").
Pursuant to the terms of the Transaction Agreement, 17,239.5
Class B common shares in the capital of the Acquiror (the
"Class B Shares") shall be issued to the Adelia
Shareholders, in satisfaction of the $233,424.06 (approximately
US$183,870.86) due to them on meeting a portion of the relevant
milestones, at an effective issue price of $13.54 per Class B
Share, determined in accordance with the Transaction Agreement and
applicable securities law. The Class B Shares issued by the
Acquiror to the Adelia Shareholders are exchangeable for common
shares in the capital of Cybin (the "Cybin
Shares") on a 10 Cybin Shares for 1 Class B Share basis,
at the option of the holder thereof, subject to customary
adjustments. No Class B Shares are exchangeable prior to December
14, 2021, and not more than: (i) 33 1/3% of the Class B Shares will
be exchangeable prior to December 14, 2022; (ii) 66 2/3% of the
Class B Shares will be exchangeable prior to December 14, 2023; and
(iii) thereafter, 100% of the Class B Shares will be
exchangeable.
Additional information related to the transaction is available
in the Transaction Agreement, which is filed under Cybin's profile
on SEDAR (www.sedar.com) and with the U.S. Securities and
Exchange Commission on EDGAR at www.sec.gov.
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, United Kingdom 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.
About Adelia
Adelia is a wholly-controlled subsidiary of the Company, that
aims to develop medicinal psychedelics with improved dosing
efficacy and therapeutic indices to address unmet medical needs.
Adelia's primary focus is on the development of treatment regimens
consisting of proprietary psychedelic molecules and related
clinical protocols. This proprietary development strategy is based
on chemical modifications to the known and well understood
tryptamine derivatives that significantly modify their
pharmacokinetic properties without changing their therapeutic
potential. These proprietary approaches seek to minimize
inter-patient variability by better controlling drug metabolism
without loss of efficacy that together have been shown to produce
more predictable and favorable patient outcomes.
Cautionary Notes and Forward-Looking
Statements
Certain statements in this press release constitute
forward-looking information. All statements other than statements
of historical fact contained in this press release, including,
without limitation, statements regarding Cybin's future, strategy,
plans, objectives, goals and targets, and any statements preceded
by, followed by or that include the words "believe", "expect",
"aim", "intend", "plan", "continue", "will", "may", "would",
"anticipate", "estimate", "forecast", "predict", "project", "seek",
"should" or similar expressions or the negative thereof, are
forward-looking statements. Forward looking statements in this news
release include statements regarding the Company's development of
innovative drug delivery systems, novel formulation approaches and
potential treatment regimens for mental health disorders and
Adelia's proprietary development strategy and development of
medicinal psychedelics with improved dosing efficacy and
therapeutic indices to address unmet medical needs.
These forward-looking statements are based on reasonable
assumptions and estimates of management of the Company at the time
such statements were made. Actual future results may differ
materially as forward-looking statements involve known and unknown
risks, uncertainties, and other factors which may cause the actual
results, performance, or achievements of the Company to materially
differ from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such
factors, among other things, include: implications of the COVID-19
pandemic on the Company's operations; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
expectations regarding the size of the psychedelics market; the
ability of the Company to successfully achieve its business
objectives; plans for growth; political, social and environmental
uncertainties; employee relations; the presence of laws and
regulations that may impose restrictions in the markets where the
Company operates; and the risk factors set out in the Company's
management's discussion and analysis for the three and nine months
ended December 31, 2021 and the Company's listing statement dated
November 9, 2020, which are available under the Company's profile
on www.sedar.com and with the U.S. Securities
and Exchange Commission on EDGAR at www.sec.gov.
Although the forward-looking statements contained in this news
release are based upon what management of the Company believes, or
believed at the time, to be reasonable assumptions, the Company
cannot assure shareholders that actual results will be consistent
with such forward-looking statements, as there may be other factors
that cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release. The
Company assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
Cybin makes no medical, treatment or health benefit claims about
Cybin's proposed products. The U.S. Food and Drug Administration,
Health Canada or other similar regulatory authorities have not
evaluated claims regarding psilocybin, psychedelic tryptamine,
tryptamine derivatives or other psychedelic compounds. The efficacy
of such products has not been confirmed by approved research. There
is no assurance that the use of psilocybin, psychedelic tryptamine,
tryptamine derivatives or other psychedelic compounds can diagnose,
treat, cure or prevent any disease or condition. Rigorous
scientific research and clinical trials are needed. Cybin has not
conducted clinical trials for the use of its proposed products. Any
references to quality, consistency, efficacy and safety of
potential products do not imply that Cybin verified such in
clinical trials or that Cybin will complete such trials. If Cybin
cannot obtain the approvals or research necessary to commercialize
its business, it may have a material adverse effect on Cybin's
performance and operations.
Neither The Neo Exchange Inc. nor the NYSE American LLC
stock exchange have approved nor disapproved the contents of this
news release and are not responsible for the adequacy and accuracy
of the contents herein.
Unless otherwise indicated, all dollar amounts in this news
release are expressed in Canadian dollars.
Contacts
Investors & Media:
Leah Gibson
Vice President, Investor Relations
Cybin Inc.
leah@cybin.com
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