Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF), a psychedelic biotechnology company, announced conditional approval on Thursday to list on the New York Stock Exchange.
“A Level 1 listing in the United States can open avenues for new and potential institutional purchases, increase retail purchases, and help increase the overall visibility of the company.” Cybin CEO Doug Drysdale Benzinga said.
The company’s over-the-counter shares will be included in the NYSE American Small Cap Equity Market. Cybin shares listed on Canada’s NEO scholarshipey will remain listed. The Company has reserved the ticker CYBN for the NYSE.
Drysdale said the company expects “expanded access to investors to further fuel our mission of developing breakthrough psychedelic therapies for patients with mental health issues.”
Approval remains conditional and is still subject to final NYSE approval and meeting regulatory requirements.
While several psychedelic companies have already listed their shares on the Nasdaq, Cybin To Be Industry First On NYSE.
With a market capitalization of $ 473 million, Cybin has positioned himself as one of the best equipped actors in the psychedelic space. The company’s multiple programs include Phase II trials for a sublingual formulation of psilocybin for the treatment of major depressive disorder. Psilocybin is the active ingredient in so-called “magic mushrooms”.
The company is also conducting preclinical work on three other new psychedelic molecules, which may offer increased therapeutic potential for indications such as alcohol use disorders and anxiety.
In a recent report, Stifel gave Cybin a 12-month price target of $ 12, with a “speculative buy” note.
Cybin Stock was $ 2.98 at the time of this writing.
Photo by Cara Willenbrock on Unsplash