- Cybin (NYSE:CYBN) added ~8% in the pre-market Tuesday after the psychedelics-focused biopharma announced that its subsidiary Cybin IRL Limited agreed to acquire a Phase 1 N,N-dimethyltryptamine (“DMT”) study from Canadian biotech Entheon Biomedical Corp. (OTCQB:ENTBF).
- The acquisition is expected to speed up the clinical development of the company’s experimental DMT compound, CYB004, targeted at anxiety disorders, Cybin (CYBN) said.
- The ongoing Phase 1 DMT clinical study, renamed as CYB004-E, is anticipated to generate data and replace the company’s pilot study for CYB004 that was previously on track for initiation in 3Q 2022.
- The total consideration of the acqusition is C$1M, and Cybin (CYBN) is required to pay an additional $480,000 for Entheon (OTCQB:ENTBF) as consulting fees for up to 12 months after the closure of the deal, which is expected to occur within 30 days.
- The agreement also includes a data license agreement that will allow Entheon to access certain data necessary for its Entheon IQ program.
In February, Cybin (CYBN) shares gained after the company announced it secured a U.S. patent for CYB004.