Oregon to Become the First State to Legally Roll Out Psilocybin

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NEW YORK , April 28, 2022 /PRNewswire/ — Oregon is set to become the first US state to market legal psilocybin, the psychoactive substance found in magic mushrooms. Authorities plan to greenlight a particular species of magic mushroom for therapeutic use in the state starting in 2023. The psychedelics sector, which started to gain steam in 2021, is showing signs of potentially strong growth according to a new report by Defiance ETFs. The report states that growth drivers such as legislative changes in favor of psychedelics, increased investment in the space, clinical trials reporting positive results, and the increased demand for psychedelic-based treatments, particularly for mental illness. Companies developing psychedelic-based treatments like Cybin Inc (NYSEAmerican:CYBN) (NEO:CYBN), Mind Medicine (MindMed) Inc (NASDAQ:MNMD) (NEO:MMED), Compass Pathways (NASDAQ:CMPS), Seelos Therapeutics (NASDAQ:SEEL) and Johnson & Johnson (NYSE:JNJ) could gain momentum as the market for these alternative therapies emerges.

Focused on progressing “Psychedelics to Therapeutics™”, Toronto-based Cybin Inc (NYSE:CYBN) (NEO:CYBN) has been hyper-focused on advancing clinical trials. The biopharmaceutical company is studying derivatives of psilocybin and DMT to develop the next generation of psychedelics to potentially treat major depressive disorder (MDD), alcohol use disorder (AUD) and anxiety.

On April 21, Cybin announced a partnership with Clinilabs Drug Development Corporation to complete the Phase 1/2a clinical trial of CYB003, a proprietary deuterated psilocybin analog. Clinilabs has deep expertise in central nervous system drug development. CYB003 will be the first psilocybin analog to be evaluated in Phase 1/2a development for the treatment of MDD.

“We are delighted to partner with the Clinilabs team as we progress this important program toward a first-in-human Phase 1/2a trial. Clinilabs brings a unique combination of scientific and operational experience and deep expertise in clinical research across a range of psychiatric, neurological and substance use disorders,” said Cybin‘s CEO Doug Drysdale. “Clinilabs is ideally suited to help us accelerate the regulatory pathway for this promising treatment candidate and ultimately, to effectively treat those suffering with MDD.”

CYB003 demonstrated significant advantages over conventional psilocybin in multi-species preclinical studies. Cybin plans to submit an IND to the FDA in the second quarter of 2022 and to start the Phase 1/2a trial in mid-2022.

Earlier in April, Cybin announced positive preclinical data from a pharmacokinetic study evaluating its proprietary deuterated dimethyltryptamine (DMT) molecule, CYB004, administered by inhalation. Inhaled CYB004 demonstrated significant advantages over intravenous and inhaled DMT, such as improved bioavailability and longer duration of action. Cybin is currently developing CYB004 for the…