Cybin (NYSEAMERICAN:CYBN) was up 4% on Wednesday on unusual volume after announcing that US regulators have given it a composition of matter patent that covers CYB004. CYB004 is an investigational deuterated dimethyltryptamine compound the company is currently developing.
Trading Data
On Wednesday, CYBN stock gained 1.92% to $1.06 with more than 1.26 million shares, compared to its average volume of 1.33 million shares. The stock moved within a range of $1.0400 – 1.1400 after opening trade at $1.04.
Cybin Granted U.S. Patent For Psychedelic-Based Candidate
Interestingly the patent will run through 2041 before any consideration of term extensions. CEO Doug Drysdale stated that they are pleased to be granted the composition of matter claim for CBY004. He said that this adds solid protection to the company’s growing psychedelic-based compounds intellectual property lineup.
The US Patent and Trademark Office issued patent 11,242,318 covers deuterated 5-MeO-DMT and DMT forms and the composition matter of CBY004 as per the company announcement. The company plans to submit a clinical trial application in the second quarter of this year for a pilot trial on CBY004 with the intention of commencing the study in Q3 2022. In December last year, the company also won another vital patent associated with CBY004. So in the coming weeks, investors should watch CYBN.
Key Quote
“From the outset, Cybin has focused on creating differentiated compounds that harness the potential efficacy of classical psychedelics, while addressing the known limitations necessary for these molecules to become approvable therapeutics. We are extremely pleased to receive a composition of matter patent for CYB004, adding strong protection for our growing intellectual property portfolio of psychedelic-based compounds, supporting and protecting the investments that we are making in our CYB004 program” said Doug Drysdale, Chief Executive Officer of Cybin. “This patent is both rewarding and timely as we prepare to initiate a pilot study for CYB004 in the third quarter of 2022 and work tirelessly to develop an important and alternative treatment option for the millions of people suffering from anxiety disorders.”
Technical Data
CYBN stock is trading below the 20-Day and 50-Day Moving averages of $1.07 and $1.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.84.. The stock is down 46% in the 3-month.
