Cybin Corp. CEO Discusses Ongoing Efforts to Develop One of the First Commercially Approved Psychedelic Medications for Mental Health
NEW YORK, Sept. 15, 2020 (GLOBE NEWSWIRE) -- via NetworkNewsAudio — Cybin Corp. today announces that its chief executive officer, Doug Drysdale, is featured in an exclusive audio interview with NetworkNewsWire (“NNW”). One of 50+ brands in the InvestorBrandNetwork (“IBN”), NNW is a financial news and content distribution company. During the interview, Drysdale provides insight into his background before highlighting Cybin’s 2020 milestones and near-term goals.
The broadcast can be heard at The NetworkNewsAudio Interviews Podcast.
Drysdale started the interview by providing an overview of the company. “Cybin is a bio-pharma company. We’re developing mushroom-derived pharmaceuticals for mental illness – also health products from mushrooms that support areas like cognition and immune response. Through our sublingual psilocybin development program, we are in position to hopefully be among the first commercially approved psychedelic medications for mental health,” he said.
Announced as Cybin’s new CEO through a news release on Sept. 1, 2020, Drysdale took an opportunity during the interview to discuss his decades of experience in the health care space. “I’ve been in health care for about 30 years,” he added. “For the past dozen years or so, I’ve been the CEO of three different companies. The first I started in 2008 with a group of investors, and we grew from inception to about $450 million in revenues in a little over five years. The second company was Nasdaq-listed. My most recent company where I was CEO was a turnaround situation, but we grew revenue by about 60% last year and made it onto the 2020 Inc. 5000 list.”
When speaking about the impact of the ongoing COVID-19 pandemic, Drysdale detailed how Cybin has been able to avoid many of the associated business hurdles. “We have a team in Toronto; I’m in the Boston area; and we have a clinical team in Jamaica. Given that sort of virtual setup, we’ve been barely impacted by the pandemic. We’re very fortunate,” Drysdale noted.
By leveraging this strategic position, Cybin has achieved several milestones in recent months. “We have secured a source of GMP psilocybin API to support our initial clinical program, and we’ve initiated a program to synthesize our own proprietary API to support future programs,” Drysdale added. “We’re also very busy on the business development front, and I fully anticipate that we’ll be announcing a number of transactions that potentially expand our development capabilities and add to our IP portfolio.”
The company is primed to build on the momentum of an industry that continues to ramp up.
“You may have heard that one of our competitors, Compass Pathways, announced last week that it’s intending to go public through a Nasdaq IPO this fall. Te reporting is that their valuation will be around $500 million or so, and I think that’s really good news for Cybin and its investors,” Drysdale concluded. “We’ll be watching their IPO with great interest, as you can imagine, and I look forward to sharing more with you once we get through the process.”
Please listen to the full interview with Cybin CEO Doug Drysdale at http://nnw.fm/lwhQ8.
Cybin is a life sciences company advancing mushroom-based psychedelic pharmaceuticals and non-psychedelic nutraceutical products for diverse markets as potential therapies for various psychiatric and neurological conditions. Cybin is developing technologies and delivery systems aiming to improve bioavailability to achieve the desired effects of psychedelics at low dosage levels. The new delivery systems will be studied through clinical trials to confirm the safety and efficacy of therapies for major depressive disorder, addictions and cognitive improvement. (1)
(1) Cybin makes no medical or treatment claims about Cybin’s proposed products. Certain statements regarding psilocybin have not been evaluated by the Food and Drug Administration or other similar regulatory authorities, nor has the efficacy of psilocybin been confirmed by FDA-approved research. There is no assurance that psilocybin can be used to diagnose, treat, cure or prevent any disease or condition, and robust scientific research and clinical trials are needed. In addition, Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products are not intended to imply that such claims have been verified in clinical trials or that Cybin will be able to complete such trials. If Cybin is not able to obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.