TORONTO, September 27, 2022–(BUSINESS WIRE)–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, through its wholly-owned subsidiary Cybin IRL Limited, it has entered into an agreement with Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset“) to acquire an exclusive license to an extensive targeted class of tryptamine-based molecules from Mindset (the “Agreement“).
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,” said Doug Drysdale, Cybin’s Chief Executive Officer. “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.”