Is Cybin Inc (OTCMKTS:CLXPF) Stock a Good Buy After The Recent Rally?

Biotechnological company focusing on psychedelic therapeutics, Cybin Inc (OTCMKTS:CLXPF) on August 3, 2021, announced receiving conditional listing approval from the NYSE American stock exchange.

CEO Doug Drysdale said that conditional approval is a vital milestone in the company’s journey. Drysdale said he expects expanded access for investors result in fueling the mission of developing revolutionary psychedelic therapeutics for patients having mental health conditions.

However, the listing is subjected to approval and satisfaction of applicable regulatory requirements.

Cybinalso announced the closing of overnight marketed offering, which includes exercise in full of the over-allotment option given to Underwriters. The firm did issuance of 10,147,600 common shares at a price of $3.40 per share for total gross proceeds of $34,501,840.

Cantor Fitzgerald Canada Corporation as well as Canaccord Genuity Corp will be the joint bookrunners for the underwriting of the offering.

Doug Drysdale, Chief Executive Officer of Cybin, said that the investor demand for financing is robust and it is grateful for the outstanding work of its banking syndicate partners

Doug said that the company was well funded even earlier and the new financing extends the runway for drug programs, IP portfolio, and discovery pipeline, providing flexibility to support potential M&A opportunities.

The company has raised over $120 million and has a robust cash balance. The CEO said that the company is dedicated to revolutionizing the way mental health disorders are treated as well as the continued support of investors is enabling continuing work.

The proceeds will be harnessed for working capital purposes and general corporate purposes.