Business
Cybin to Acquire Small Pharma Inc.
- All-share transaction creates international clinical-stage leader in novel psychedelic therapeu...
About this update from Cybin, Inc.
[{"type":"text","content":"Cybin to Acquire Small Pharma Inc.- All-share transaction creates international clinical-stage leader in novel psychedelic therapeutics -- Two proprietary, advanced clinical programs in development for depression and anxiety disorders with demonstrated safety and efficacy -- Combined portfolio creates the industry's largest, most advanced, well-protected deuterated DMT program -- Combination creates the largest intellectual property portfolio in the psychedelic drug development sector with 28 patents granted and 158 patents pending -- Creates strong synergies by combining key assets, personnel, capabilities and intellectual property, as well as access to world-leading scientific and clinical collaborators -- Multinational operations support scaling to Phase 3 development of CYB003 in early 2024, following planned Phase 2 safety and efficacy readout in late 2023 -- Cybin and Small Pharma to host conference call today, August 28, 2023, at 11:30 a.m. ET -(Dollar amounts expressed in Canadian dollars) Toronto, Ontario and London, United Kingdom--(Newsfile Corp. - August 28, 2023) - Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) (\"Cybin\"), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, and Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (\"Small Pharma\"), a U.K.-based biotechnology company focused on short-duration psychedelic therapies for mental health conditions, today announced that they have entered into a definitive arrangement agreement (the \"Agreement\") pursuant to which Cybin will acquire all of Small Pharma's issued and outstanding securities in an all-share transaction pursuant to a plan of arrangement (the \"Transaction\").Under the terms of the Transaction, Small Pharma shareholders will receive 0.2409 common shares in the capital of Cybin (\"Cybin Shares\") for each common share of Small Pharma (\"Small Pharma Share\") held. The exchange ratio implies consideration of approximately $0.10 per Small Pharma Share based on the closing price of the Cybin Shares on the Cboe Canada exchange (\"Cboe Canada\") on August 25, 2023, representing a 43.6% premium based on the 30-day volume weighted average prices of the Cybin Shares on the Cboe Canada and the Small Pharma Shares on the TSX Venture Exchange (\"TSXV\") for t...