Cybin Debuts On The NYSE
Last week, Cybin (NYSE: CYBN) began listing its stock on the New York Stock Exchange.
The company is the first in the sector to enter the NYSE, following a trend of five psychedelics companies to debut on the Nasdaq since the beginning of the year.
“This validation by the NYSE is incredibly humbling,” said Cybin CEO Doug Drysdale in an exclusive interview with Benzinga. He added that the listing provides a real opportunity for increased awareness as well as for growing the company’s shareholder base, especially among retail investors.
Last Tuesday, the company closed an overnight public offering of approximately 10 million shares, which raised CA$34 million ($27 million). To date, Cybin has raised over $95 million and has a market cap of around $400 million.
On its last earnings call, Cybin announced cash and cash equivalents totaling CA$64 million ($51 million) as of March 31, 2021. While the current cash position is not available, it is estimated that the company holds south of $78 million minus operational spendings since late March.
The CEO said the company is very well capitalized for “many years into the future.”
TheraPsil Drafts Regulation For Psilocybin Use In Canada
TheraPsil, the British Columbia-based nonprofit working to expand therapeutic access of psilocybin, wrote a 165-page proposal outlining a possible regulation that would create a framework for medical psilocybin in consultation with a healthcare provider as well as access regulated psilocybin products.
The organization sent the proposal to Health Canada director general …