Toronto-based psychedelic drug developer Cybin Inc. announced today that it had received conditional approval to uplist from the NEO Aequitas Exchange to the NYSE American stock exchange. If approved, the company would continue to trade under the ticker CYBN.
Cybin CEO Doug Drysdale commented that, “Conditional listing approval on the NYSE American is an important milestone in Cybin’s growth journey. We expect expanded access to investors to further fuel our mission to develop revolutionary psychedelic therapeutics for patients suffering from mental health conditions.”
The prospective listing remains subject to a pending final approval by the NYSE.
This development makes Cybin the most recent psychedelics firm to seek a listing on a major exchange. Others include COMPASS Pathways, MindMed, and Field Trip Health. Enveric Biosciences, already Nasdaq-listed, looks to enter the psychedelic arena with it’s planned acquisition of MagicMed Industries currently in progress.
Cybin was one of the early psychedelic entrants into public markets with an initial listing on the NEO in November of 2020.
The company has previously made news for its target valuations by financial service firms such as Canaccord Genuity and Roth Capital Partners, each of which placed an end-of-year price target on Cybin’s shares of $8 CAD and $10 USD respectively.
It’s robust pipeline and novel deuterated drug development program have played a large part in these valuations, and in Cybin’s inclusion in major sector ETFs. In a previous interview with Truffle Report, Horizons ETF Management CEO Steve Hawkins described the company as one of two “standouts” — alongside MindMed — in PSYK, the first ever psychedelic industry exchange traded fund.
More recently, Cybin announced it’s collaboration with the University of Washington in clinical trials of psychedelic-assisted therapy with psilocybin to be conducted on front-line clinicians and healthcare workers experiencing depression and distress related to their efforts in combating the ongoing COVID-19 pandemic. These trials are to take place in Seattle.
The author of this piece wishes to disclose that he owns shares of Cybin Inc.
James Stephen is a content contributor at Truffle Report. He studied Politics and International Development at Trent University and completed his Postgraduate Certificate in Book, Magazine, and Electronic Publishing at Centennial College. He has previously worked as a chef, and in his spare time is an author and freelance writer.