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Psychedelics companies Cybin Inc. (NYSE:CYBN) and Small Pharma Inc. (OTCQB:DMTTF) have completed their August acquisition agreement. Following their arrangement plan under the BC Business Corporations Act, and pursuant to the agreement’s terms, Small Pharma is now a wholly-owned subsidiary of Cybin.
On the arrangement’s completion, the Canada-headquartered company holds 100% of all issued and outstanding London-based firm's shares, in exchange for the issuance of 0.2409 Cybin shares for each Small Pharma share held.
See Also: Small Pharma's Q2 2024 Financial Highlights Ahead Of Cybin Merger For Global DMT Business
Contracted legal and financial advisors were Gowling WLG LLP (Cybin,) and Aird & Berlis LLP and Jefferies International Ltd (Small Pharma.)
Cybin’s CEO Doug Drysdale says the transaction’s closing constitutes a significant milestone as it “firmly” establishes the company as “a leader in the psychedelics sector.”
With the industry’s “largest, most advanced and well-protected” deuterated DMT pipeline program plus topline efficacy data for deuterated psilocybin analog program CYB003 expected this quarter, Drysdale says Cybin is “well positioned” with two advanced clinical programs for the treatment of depression and anxiety disorders “with demonstrated safety and efficacy.”
He further highlighted what he states as “the largest IP portfolio in the psychedelic drug development space,” with over 30 patents granted and more than 160 patents pending.
See Also: Cybin's Acquisition Of Small Pharma Approved By Canadian Supreme Court
Small Pharma CEO George Tziras recalled the company’s 8-year efforts developing transformative medicines to treat depression, and assured the new deal marks the start of an "exciting" new chapter for Small Pharma providing Cybin with “a complementary portfolio and a talented team.”
He echoed Drysdale’s sentiment on the combined company’s position to accelerate innovation in the industry while delivering “enhanced value” for its shareholders and better outcomes for patients.
Together, Cybin and Small Pharma’s DMT and deuterated DMT programs reportedly create “the largest dataset of systematic research” on these short-duration psychedelic molecules, with development portfolios that are “highly complementary” and provide “multiple opportunities” for operational and cost synergies:
Data readouts from Phase 1 deuterated programs CYB004 and SPL028 are expected by late 2023, potentially enabling new formulations and administration routes and a Phase 2 efficacy study of deuterated DMT in the U.S. early in 2024.
Phase 2 safety and efficacy data from CYB003, Cybin’s deuterated psilocybin analog program for Major Depressive Disorder (MDD) would come in late 2023, with plans underway to program scaling for Phase 3 in early 2024.
Cybin will conduct four studies in 2024: CYB003’s toward Phase 3; CYB004’s toward Phase 2; plus two “formulation studies” evaluating more convenient dosing regimens, Drysdale disclosed.
On Small Pharma’s molecules, Tziras said the company has to date demonstrated “strong proof of concept” for the DMT program SPL028, with data supporting its “rapid and durable” antidepressant effects for at least six months.
There’s also the additional Small Pharma study demonstrating that a DMT-based treatment can be administered safely in patients taking SSRIs for depression and could furthermore enhance treatment efficacy.
Photo: Benzinga edit with photo by Geralt and Sergeitokmakov on Pixabay.
