Company Overview
Founded in 2019 and headquartered in Toronto, Cybin is a mushrooms-focused life sciences company developing psychedelic medicines and nutraceutical products. Its focus is on advancing psychedelic and medicinal mushroom research, product development and IP through a multi-tiered pharmaceutical and nutraceutical approach.
Cybin intends to conduct trials before looking to partner or license its program to a larger pharmaceutical company. Its IP strategy revolves around psychedelic delivery mechanisms, synthetic compounds, extraction methods, chemical compound isolation and new drug formulations.
The company plans to launch psilocybin-based products in jurisdictions where the substance is not banned (such as Jamaica) alongside structuring and supporting clinical studies across North America and other regions through strategic academic and institutional partnerships.
Cybin is led by a team of veterans with experience in the pharmaceutical, consumer product goods, and government relations sectors.
In the first week of March, Cybin successfully closed a seed round funding. It successfully raised over C$3mn from Innovating Capital, a fund that actively invests in life sciences opportunities.
Company Segments
Cybin offers both, psychedelic and non-psychedelic products.
Its pharmaceutical segment (psychedelic), Serenity Life Sciences, develops micro-dose psilocybin to treat depression, PTSD, addiction and eating disorders. The Company owns novel psychedelic chemical compound and chemical synthesis patents. Once phase I and phase II trials end, Cybin plans on entering into technology transfer agreements with pharmaceutical companies.
Within the nutraceutical segment (non-psychedelic), Cybin commercializes a comprehensive line of functional mushroom adaptogens under the brand “Journey”. Its products target cognitive flexibility, mental wellness, immune boosting, energy, and detoxification. Delivery mechanisms include capsules, hard tablets, infused teas, and coffees as well as powders. It aims to distribute its products through e-commerce platforms.
Research Partnerships
In February 2020, Cybin announced a strategic partnership with the Toronto Centre for Psychedelic Science (TCPS). Through its co-founders, Rotem Petranker and Thomas Anderson, TCPS has been responsible for publishing some of the first academic research available on microdosing. Consequently, both have been appointed as exclusive clinical advisors to Cybin and will be working alongside the Company on all Canadian clinical initiatives.
Cybin works closely with pharmaceutical, institutional and government officials to progress the acceptance of psychedelics in Canada for medical use.
While there is evidence to support psilocybin as a treatment for certain indications, TCPS is taking a clinical approach to prove or disprove the safety and efficacy of psilocybin-based microdosing through an open science approach.
Cybin has also signed collaboration agreements with the University of The West Indies and the Caribbean Institute for Health Research. Additionally, it is constructing a cultivation, research and product development facility in Jamaica, where consumption of psilocybin mushrooms is legal.
Outlook
The Company pegs the opportunity for the global mushroom medicinal mushroom market at over US$13.9bn annually by 2022, and US$336bn by 2023 for the global nutraceutical market.
Cybin is uniquely positioned to deliver functional mushroom products as well as psychedelic treatments and therapies. The resurgence of fungi-based treatments may potentially drive the next discovery phase of life-changing medications to treat mental illness and other health conditions.
With a proven team of entrepreneurs who have scaled up many biotech businesses, and a top tier clinical advisory team, Cybin has been able to attract top-level investment interest. Moving ahead, they could establish themselves as one of the most recognizable names in the industry, with a science-informed approach.
