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TORONTO - Cybin Inc. (NYSE American:CYBN) (Cboe CA:CYBN), a clinical-stage neuropsychiatry company currently valued at $176.6 million, has announced the initiation of a strategic partnership agreement with Segal Trials to commence a multinational Phase 3 program. According to InvestingPro analysis, the company appears undervalued at its current trading price of $9.26, with strong liquidity indicated by a current ratio of 24.24. The program will evaluate CYB003, Cybin's proprietary compound, for the treatment of Major Depressive Disorder (MDD).
The partnership with Segal Trials, a research organization with a network of sites in South Florida, marks the first collaboration under Cybin's strategic partnership agreements aimed at enhancing trial operations and site performance. The Phase 3 program follows promising Phase 2 data showing that two 16 mg doses of CYB003 administered three weeks apart resulted in a 12-month remission from depression symptoms in 71% of patients.
Cybin's CEO, Doug Drysdale, stated that the company plans to enroll approximately 550 patients across over 40 clinical sites in the United States and Europe. Drysdale emphasized that collaborations like the one with Segal Trials will expedite the clinical program by fostering site cooperation, improving efficiency, and maintaining quality standards.
Bonnie Segal, President of Segal Trials, expressed enthusiasm for the partnership, highlighting the potential to accelerate research and possibly expedite the approval process for CYB003.
Cybin, founded in 2019, is focused on developing innovative treatments for mental health conditions and is operational in multiple countries, including Canada, the United States, the United Kingdom (TADAWUL:4280), the Netherlands, and Ireland. The company is advancing CYB003 and CYB004, another proprietary compound, through clinical development for various mental health indications.
The information for this article is based on a press release statement. Forward-looking statements within the release indicate Cybin's plans for patient enrollment and its intention to advance drug discovery platforms, delivery systems, and treatment regimens for mental health disorders. These statements are subject to risks and uncertainties that could affect the company's actual future results. Analysts maintain a strong bullish consensus on Cybin, with price targets ranging from $24.48 to $186.06. For deeper insights into Cybin's financial health and growth potential, including 6 additional exclusive ProTips, visit InvestingPro.
In other recent news, Cybin Inc. has witnessed significant developments. The company reported encouraging results from its 12-month Phase 2 study of CYB003, a treatment for major depressive disorder (MDD), with all participants responding and 71% achieving remission. H.C. Wainwright reaffirmed a Buy rating on Cybin, underscoring the potential of CYB003 in treating MDD. Meanwhile, Canaccord Genuity revised its price target for Cybin's shares to $86, down from $96, while maintaining a Buy rating, following higher than expected operating expenses in Cybin's second-quarter fiscal year 2025 results.
The company has also initiated its Phase 3 PARADIGM program to further evaluate CYB003 and expects to report Phase 2 topline results for CYB004, aimed at treating generalized anxiety disorder, in the first quarter of 2025. Cybin has secured a U.S. patent for molecules designed to treat Central Nervous System disorders, part of its CYB005 phenethylamines program. Lastly, Cybin has consolidated its shares, reducing the number from 759,692,495 to approximately 19,991,907. These are the recent developments in Cybin's ongoing efforts to develop next-generation treatments for mental health conditions.
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