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(NEO: CYBN) Cybin Granted Conditional Listing Approval by NYSE American

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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. 

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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.

In our latest discussion with @paytonnyquvest of @NuminusWellness $NUMI $LKYSF, the CEO filled us in on news of the company’s upgraded facility, as well as its recent coverage with Eight Capital. @amanda_siebert

https://bit.ly/3n620r7

And the beat goes on. We at @fieldtriphealth are looking forward to meeting you, Seattle, Fredericton and Vancouver!

“Field Trip Health Ltd. Continues Expansion”

https://buff.ly/3lQWs4m

Truffle Report is proud to announce that we'll be acting as a media partner for this year's @liftandco Expo. We'll see you all in person at the Metro Toronto Convention Centre, November 18-21.

Get your tickets now: https://liftexpo.ca/tickets/

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Working with fellow activists and Oakland Councilmember @NoelGallo5, @DecrimNature is launching the Go Local initiative to create a sustainable, local economic model for the cultivation of #psychedelic plants and fungi.

Full story here: http://ow.ly/T9bD50Gu2NX

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