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On April 5, 2022, the company raised C$3,000,000 via non-brokered private placement financing, but had to issue 30,000,000 Units at $0.10 per Unit (with full warrants exercisable $0.15) to do so. None other than Entheon Biomedical itself is a recent example of the tough funding environment micros are facing.

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And outright debt offerings are non-existent for a sector that doesn’t produce free cash flow. Hence, the dilution required to generate sufficient working capital at these depressed equity pricing is too prohibitive for most to attempt-assuming public companies can even find an investment bank to broker a deal. Not only are sector companies hemorrhaging cash, the ability to raise capital via equity offerings is constrained as industry share prices remain depressed.įor example, the benchmark Horizons Psychedelic Stock Index ETF is down ↓75.59% over the past 65 weeks (February 8, 2021-May 30, 2022). It’s no secret that psychedelic companies are struggling to obtain enough working capital to fund OPEX-intensive biotech pipelines. Psychedelic Majors Are Picking Away At Complimentary Distressed Assets The proprietary program is focused on the development of treatment algorithms through the analysis of patient data.

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With cash and cash equivalents totaling C$63.6 million as of December 31, 2021, the asset was presumably an easy fit within the company’s budget.Īs a secondary consideration and pursuant to the acquisition, Cybin will enter into a data license agreement with Entheon that will permit them to access certain data to support the Entheon IQ program. This ‘deuterium switch’ can greatly improve a given drugs pharmacokinetics or toxicity properties by altering how it is metabolized.įurthermore, Cybin was able to pickup Entheon’s Phase 1 study at the cost-effective price of C$1,000,000, excluding up to an additional C$480,000 for consulting services to be provided by Entheon. patent by USPTO that covers new chemical entity claims for CYB004 until 2041.Ī deuterated drug is a small molecule medicinal product in which one or more of the hydrogen atoms contained in the drug molecule have been replaced by its heavier stable isotope deuterium. Should CYB004 eventually go the distance on safety and efficacy in human trials, Cybin will be in a good place: the company has been granted a U.S. This is one of four sponsored human trials underway in 2022, joining CYB003 (deuterated psilocybin analog) for major depressive disorder/alcohol use disorder, and CYB005-(phenethylamine derivative) for neuroinflammation. In this case, Cybin elected to purchase Entheon’s Phase 1 N,N-dimethyltryptamine (DMT) study to accelerate the clinical development path for its proprietary deuterated DMT molecule-otherwise known as CYB004-for the potential treatment of anxiety disorders.Ĭybin is expected to begin a preclinical pilot study for deuterated dimethyltryptamine (CYB004) in Q3 2022, targeting anxiety disorders with improved control via inhalation.

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The news by Cybin is clear indication that certain psychedelic majors are allocating cash towards beefing-up drug development portfolios, clinical trial and treatment center assets. It continues today as Cybin Inc. (NEO:CYBN) (NASDAQ: CYBN) announced its intention to purchase a Phase 1 study from capital-constrained Entheon Biomedical Corp.

(TSE: NUMI ) (OTCMKTS: NUMIF) announced its intention to acquire Novamind Inc.

We saw possible evidence of such activity recently after Numinus Wellness Inc.

With psychedelic companies facing continuing pressure on the capital markets front, it was only a matter of time before sector deal flow began apace.

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