Cybin, a psychedelic therapeutics startup, has passed conditional listing approval on the New York Stock Exchange’s small-cap equity market.
Doug Drysdale, CEO of the Toronto-based biotech startup said,
“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 NYSE’s small-cap equity market is previously known as the American Stock Exchange. In addition, the company’s listing still has to wait for final approval by the NYSE American.
Cybin is now studying using psilocybin, the psychedelic compound in “magic mushrooms”, to treat patients with Major Depressive Disorder. As such, a phase two clinical trial on its dissolvable oral strip will be commenced at the University of the West Indies Hospital in Jamaica this year.
Psilocybin is a tryptamine connecting to serotonin receptor 5-HT2A in the brain. Psilocybin can cause profound changes in consciousness if used at certain doses.
Besides, studies in academic institutions also have found the potential of psychedelic drugs in treating mental health disorders, including certain types of depression.
Meanwhile, the startup is also working on novel molecules based on other psychedelic compounds. One of them is a modified version of a short-acting tryptamine for treating alcoholism.
Studying psychedelic adoption is increasing with the launch of many startups involved in this area. Both the U.K.-based biotech company Nasdaq-listed Compass Pathways and nonprofit Usona have received breakthrough therapy designation from the U.S. Food and Drug Administration for psilocybin therapies.
MindMed company is examining the use of LSD for anxiety and a modified version of ibogaine for the treatment of an opioid-use disorder. Another company like Berlin-based Atai Life Sciences also has listed on the Nasdaq.
According to data released by the Multidisciplinary Association for Psychedelic Studies studying MDMA-assisted therapy for post-traumatic stress disorder at its phase three clinical trial, while 67% of participants who received three treatments no longer qualified for a PTSD diagnosis, 88% experienced a clinically meaningful reduction in symptoms.