Cybin Announces US$30M Common Stock Purchase Agreement from Lincoln Park Capital Fund - Cybin (AMEX:CYBN)
Benzinga - Share purchase agreement further strengthens Company's position to deliver on value-driving clinical milestones -
Cybin Inc. CYBN CYBN ("Cybin" or the "Company"), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, is pleased to announce that it has entered into a common share purchase agreement (the "Agreement") with Lincoln Park Capital Fund, LLC ("LPC"), an institutional investor.
Subject to the terms and conditions of the Agreement, Cybin has the right to sell, and LPC is obligated to purchase, up to US$30 million (CAD$41 million) of the Company's common shares over a 36-month period at prices that are based on the market price at the time of each sale to LPC. Cybin, in its sole discretion, controls the timing and amount of all sales of common shares under the Agreement, and there are no warrants, derivatives, or other share classes associated with this Agreement.
"This committed equity facility by LPC provides us with access to capital on an as-needed basis and is expected to allow Cybin to best utilize market conditions to raise capital in support of our drug development programs," said Doug Drysdale, Chief Executive Officer of Cybin. "The ability to further strengthen our cash position through sales of common shares to LPC under this facility provides additional runway for our success moving forward."
