New Medical Officer at Simcoe County District Health Unit
Lisa Simon has been named the new Medical Officer of Health at Simcoe County District Health Unit.
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Globe and Mail
19 minutes ago
- Globe and Mail
Victory Square Technologies Reports 2024 Results: Revenue Growth, Strategic Investments, and Portfolio Progress
Victory Square Reports $23 Million in Adjusted Revenue for 2024, Highlighting Portfolio Growth Vancouver, British Columbia--(Newsfile Corp. - June 30, 2025) - Victory Square Technologies Inc. (CSE: VST) (OTC Pink: VSQTF) ("Victory Square" or the "Company"), a venture builder that invests in and develops high-growth technology companies, is pleased to share a summary of key milestones and audited financial highlights for the year ended December 31, 2024. The Company delivered a year of meaningful progress across its portfolio, highlighted by record financial performance, strategic asset monetization, and accelerating growth in its healthcare investments. These results position Victory Square for continued execution, strong momentum and a clear vision for long-term shareholder value creation in 2025 and beyond. 2024 Financial and Strategic Highlights Adjusted Revenue: Victory Square generated approximately $23.0 million in adjusted revenue in 2024, up from $17.6 million in 2023. GAAP Revenue: $16.7 million in 2024, compared to $12.1 million in the prior year, representing a 39% year-over-year increase. Cost of Goods Sold (COGS): $10.4 million in 2024, compared to $6.6 million in 2023. Gross Margin: $6.4 million in 2024, compared to $5.5 million in 2023. Asset Monetization: Completed the sale of BlockX to Edge Total Intelligence Inc. (TSXV: CTRL) in Q3 2024 for $1.7 million in listed shares. Strong Balance Sheet: including $6.16 million in cash and marketable securities, providing ample resources to fuel future growth and pursue strategic initiatives. Please see SEDAR+ for the Company's condensed consolidated audited financial statements and MD&A for audited annual consolidated financial statements for the year ended December 31, 2024. Hydreight Technologies: A Scalable Health Platform Hydreight Technologies Inc. (TSXV: NURS), a digital health company incubated by Victory Square, continued to scale its mobile wellness and telehealth platform across the U.S., achieving: $16.0 million in GAAP revenue for FY2024, up 39% YoY, and $22.3 million in adjusted revenue, up 31% YoY. Q1 2025 revenue of $6.53 million, up 34% YoY, with positive net income and adjusted EBITDA of $163,000. National recognition including rankings on the Deloitte Technology Fast 50 (Canada, #9), Fast 500 (North America, #56), and Ranked #13 on the Americas' Fastest Growing Companies 2025 list. Expanded National Network: Hydreight's platform now supports a network of over 3,000 registered nurses and 200+ prescribing physicians, serving patients across all 50 U.S. states. In addition to its core clinical provider base, Hydreight powers 400+ direct-to-consumer (D2C) healthcare brands and multiple white-label wellness partners, enabled by its scalable, plug-and-play infrastructure. On December 31, 2024, Victory Square held a 64% stake in Hydreight and continues to support its platform expansion and growth across new healthcare verticals. Health Innovation: Strategic Initiatives in 2024-25 Victory Square deepened its commitment to digital health through several key initiatives: VSDHOne Platform: A national, plug-and-play infrastructure for launching compliant direct-to-consumer healthcare brands across all 50 U.S. states. $10M Health Accelerator: Designed to incubate and invest in digital health startups focused on areas like biomarker testing, peptides, tele-pharmacy, and longevity. Pet Health: Victory Square is evaluating the growing pet wellness sector, building on prior virtual care solutions for animals. Insu Therapeutics: Advancing Oral Insulin for Diabetes Care Another promising digital health holding in Victory Square's portfolio is Insu Therapeutics Inc., a biotechnology company developing a non-invasive, oral insulin tablet for people living with diabetes. Victory Square holds approximately 22.8% ownership in Insu, which originated from research at the University of British Columbia (UBC). Insu's tablet uses a buccal delivery system —absorbing insulin through the inner cheek-bypassing the digestive tract and mimicking the body's natural insulin absorption via the liver. Preclinical trials have demonstrated insulin uptake comparable to injections, with prolonged glucose control and improved liver targeting. This innovation addresses a global health need. According to the International Diabetes Federation, over 500 million people worldwide are living with diabetes as of 2021, with the number expected to rise to 783 million by 2045. The global diabetes therapeutics market is projected to reach USD $118 billion by 2032 (Source: Market Research Future, Key highlights from Insu's development roadmap: Filed U.S. and international patents covering its novel tablet formulation and delivery polymers. Pursuing an FDA 505(b)(2) regulatory pathway, aiming to reduce development costs and timelines. Planning first-in-human trials in 2026, following preclinical success. Exploring domestic insulin tablet manufacturing to increase supply chain resilience. Insu is led by a multidisciplinary team: Dr. Anubhav Pratap-Singh (CEO & Co-Inventor): UBC Professor with 100+ publications and 7+ patents. Ammad Shorbaji (COO): Former senior executive at Sanofi with 25 years of regulatory and commercial experience. Dr. Tom Elliott (Medical Director): A leading Canadian endocrinologist with extensive clinical and academic credentials. Insu's work has garnered national and international media attention, with coverage from CBC, Global News, and other major outlets. This growing visibility supports early awareness as the company moves toward commercialization. Victory Square believes Insu Therapeutics represents both a strong commercial opportunity and a mission-aligned investment aimed at improving global health outcomes. The Company continues to support Insu through its next phase of growth and development. Outlook for 2025 and Beyond Victory Square enters 2025 with a strengthened balance sheet, a growing healthcare ecosystem, and a pipeline of high-potential assets. The Company's focus for 2025 includes: Scaling adoption of VSDHOne and expanding digital health verticals. Supporting growth of Hydreight and advancing Insu's clinical roadmap. Monetizing additional assets where appropriate. Continuing investment in biotech, health, and scalable technology platforms. " 2024 was a pivotal year for Victory Square," said Shafin Diamond Tejani, CEO. "We strengthened our balance sheet, scaled promising platforms, and unlocked value across the portfolio. We're committed to supporting innovation and creating long-term value for our shareholders in 2025 and beyond." Victory Square thanks its shareholders for their continued support and looks forward to sharing additional updates throughout the year. Sign up to VST's official newsletter at On behalf of the Board of Directors "Shafin Diamond Tejani" Director and Chief Executive Officer Victory Square Technologies Inc. For further information about Victory Square, please contact: Investor Relations Contact — Abbey Vogt Email: ir@ Telephone: 604 283-9166 Peter Smyrniotis — Director Telephone: 604 283-9166 ABOUT VICTORY SQUARE TECHNOLOGIES INC. Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments. A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America) Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech Owner-operated (approx. 15% Management Ownership) Business Model: The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model… We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries. Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally. We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business. VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTC Pink (VSQTF). For more information, please visit Forward-Looking Information This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. All statements other than statements of historical facts contained in this news release are forward looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the Company's control. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to the Company being able to capitalize on the acquired assets, the ability of acquired assets to maintain its value as presently contemplated, the synergies of the acquired assets with the Company's operations, and such other assumptions presented in the Company's disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Use of Non-GAAP Financial Measures This release contains references to non-GAAP financial measures Adjusted Revenue and Adjusted EBITDA. The Company defines Adjusted Revenue as gross cash income before adjustments for the deferred portion of business partner setup, license, and sponsorship fees and gross and accrued receipts from blockchain grant funding. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs and share-based payments expense, and (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment. The Company believes that the measure provides useful information to its shareholders and investors in understanding the Company's 2023 operating cash flow and may assist in the evaluation of the Company's business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.
National Post
2 hours ago
- National Post
Cybin Reports Fiscal Year 2025 Financial Results and Recent Business Highlights
Article content Article content – Dosing is underway in the Phase 3 CYB003 PARADIGM program which comprises two 12-week randomized, double-blind, placebo-controlled studies (APPROACH™ and EMBRACE™) and a long-term extension study (EXTEND), with anticipated combined enrollment of approximately 550 patients 1 – Article content Article content – Strengthened commercial preparations and manufacturing capabilities through partnerships with Osmind and Thermo Fisher Scientific, respectively – Article content – APPROACH expects to enroll 220 participants at approximately 45 clinical sites across Article content the United States 1 – Article content – Initiation of second CYB003 pivotal study EMBRACE and completion of CYB004 Phase 2 study in general anxiety disorder expected around mid-2025 1 – Article content – Cash totaled C$135 million as of March 31, 2025 – Article content This news release constitutes a 'designated news release' for the purposes of Cybin's prospectus supplement dated February 10, 2025, to its short form base shelf prospectus dated August 17, 2023, as amended December 22, 2023, April 8, 2024, and January 6, 2025. Article content TORONTO — Cybin Inc. (NYSE American:CYBN) (Cboe Canada CA:CYBN) (' Cybin ' or the ' Company '), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, today reported audited financial results for its fiscal year ended March 31, 2025, and recent business highlights. Article content 'During the past 12 months, we have continued to focus on building out the strong foundation that underpins the clinical and regulatory milestones we anticipate in the coming year,' said Doug Drysdale, Chief Executive Officer of Cybin. 'Heartened by U.S. Food and Drug Administration Commissioner Dr. Martin Makary's recent comments in support of prioritizing this innovative scientific work, as well as the burgeoning government and media attention the field is receiving, we remain steadfastly committed to advancing our two lead programs, CYB003 and CYB004, toward potential approval and commercialization.' Article content 'Developing novel therapies to address the unmet need in mental health care requires dedication, scientific rigor, and the integration of expertise across domains. To help us accelerate our clinical goals, we have entered into several strategic collaborations, including with Osmind and Thermo Fisher Scientific, and have formed strategic partnership agreements among our clinical trial sites. In this way, we leverage the competencies, resources, and infrastructures of these key stakeholders with a goal of expediting the development pathway. Cybin's lead clinical programs – CYB003, our Phase 3 pivotal program for the adjunctive treatment of major depressive disorder, and CYB004, our Phase 2 program in generalized anxiety disorder – continue to advance, and we look forward to sharing future updates.' Article content Recent Business and Pipeline Highlights: Article content The SPAs are designed to facilitate collaboration among sites, cultivate long-term partnerships, enhance efficiency in trial operations, and improve overall site performance. Article content Engaged Thermo Fisher Scientific, a world-class manufacturing partner, to provide U.S.-based manufacturing for the CYB003 program. Article content Thermo Fisher Scientific offers leading Contract Development and Manufacturing Organization services and has a successful track record across the manufacturing spectrum. Cybin broadened its existing strong relationship with Thermo Fisher Scientific to include the development of both the drug substance and drug product capsules for CYB003. Cybin has engaged Thermo Fisher Scientific as its manufacturing partner in the United States, including partnering with Thermo Fisher Scientific's pharma services sites in Florence, South Carolina, for Phase 3 clinical supply and future commercialization, and Cincinnati, Ohio, for Phase 3 capsule production. Article content Partnered with Osmind, a leading service provider to psychiatry practices in the U.S., with the objective of accelerating commercial preparation for clinical-stage pipeline. Article content Osmind advances psychiatry through technology and services to bring innovative mental health treatments to patients in need. Cybin expects to leverage Osmind's 800-clinic network, point-of-care software, and real-world data to support commercial preparation for its clinical-stage pipeline. Article content Strengthened intellectual property portfolio with two additional U.S. patents in support of lead clinical programs CYB003 and CYB004. Article content To-date, Cybin's growing intellectual property portfolio comprises more than 90 granted patents and over 230 pending applications. The recently issued patents are as follows: Article content U.S. patent 12,291,499 includes pharmaceutical compositions and oral dosage forms within the CYB003 program with expected exclusivity until 2041. U.S. patent 12,318,477 is expected to provide exclusivity until 2040 and includes claims to novel formulations of DMT and deuterated isotopologues for intramuscular injection, including CYB004. Article content Clinical Program Update Article content CYB003: Summary of Phase 2 12-Month Efficacy Data in MDD Patients Article content 100% of participants receiving two doses of 16 mg were responders. 71% of participants receiving two doses of 16 mg were in remission. Mean change from baseline in MADRS was approximately -23 points after two 16 mg doses. Article content CYB004: Phase 2 proof-of-concept study in generalized anxiety disorder ('GAD') is underway Article content The Phase 2 study is a randomized, double-blind study evaluating the safety and efficacy of CYB004 in participants with GAD, with concomitant antidepressant/anxiolytic treatment and co-morbid depression allowed. The Phase 2 study is being conducted at sites in the U.S. and is expected to complete around mid-2025. 1 Article content Q4 and Fiscal-Year 2025 Financial Highlights Article content Cash totaled C$135 million as of March 31, 2025. Net loss was C$31 million for the quarter ended March 31, 2025, compared to a net loss of C$21 million in the same period last year. Net loss was C$113 million for the year ended March 31, 2025, compared to a net loss of C$78 million in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled C$31 million for the quarter ended March 31, 2025, compared to C$24 million, in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled C$100 million for the year ended March 31, 2025, compared to C$65 million, in the same period last year. Cash flows used in operating activities were C$21 million for the quarter ended March 31, 2025, compared to C$21 million in the same period last year. Cash flows used in operating activities were C$101 million for the year ended March 31, 2025, compared to C$69 million in the same period last year. Article content About Cybin Article content Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions. Article content With promising proof-of-concept data, Cybin is working to change the mental health treatment landscape through the introduction of intermittent treatments that provide long lasting results. The Company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The Company also has a research pipeline of investigational, 5-HT-receptor focused compounds. Article content Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For Company updates and to learn more about Cybin, visit or follow the team on X, LinkedIn, YouTube and Instagram. Article content Notes: Article content There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the Company. See 'Cautionary Notes and Forward-Looking Statements'. Article content Cautionary Notes and Forward-Looking Statements Article content Certain statements in this news release relating to the Company are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking statements') and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'could', 'potential', 'possible', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the Company's plans to complete its Phase 2 study for CYB004 around mid-year 2025; the ability of the Company to enroll participants and add additional clinical sites for the PARADIGM program; the Company's expectation to enroll 220 participants at approximately 45 clinical sites across the United States for the APPROACH study; initiation of EMBRACE study around mid-year 2025; the anticipated approval and commercialization of CYB003 and CYB004; the ability to accelerate commercial preparation of clinical-stage programs through the Company's partnership with Osmind; and the Company's plans to engineer proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health conditions. Article content These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; implications of disease outbreaks on the Company's operations; and the risk factors set out in each of the Company's management's discussion and analysis for the year ended March 31, 2025 and the Company's annual information form for the year ended March 31, 2025, which are available under the Company's profile on SEDAR+ at and with the U.S. Securities and Exchange Commission on EDGAR at Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Article content Cybin makes no medical, treatment or health benefit claims about Cybin's proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin's performance and operations. Article content Article content Article content Article content Contacts Article content Investor & Media Contact: Article content Article content Gabriel Fahel Article content Article content Chief Legal Officer Article content Article content Cybin Inc. Article content Article content Article content Article content
National Post
4 hours ago
- National Post
Cybin Announces Financing of up to US$500 Million Aggregate Principal Amount of Convertible Debentures
Article content Article content – Funding agreement contemplates a conversion formula with a potential 30% premium upon conversion and positions the Company for growth, and accelerated advancement of its clinical pipeline programs, CYB003 and CYB004 – Article content Article content TORONTO — Cybin Inc. (NYSE American: CYBN) (Cboe Canada: CYBN) (' Cybin ' or the ' Company '), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, is pleased to announce the Company has entered into a securities purchase agreement (the ' Securities Purchase Agreement ') with High Trail Special Situations LLC (' High Trail '), pursuant to which the Company agreed to sell and issue to High Trail up to US$500,000,000 in aggregate principal amount of unsecured convertible debentures (the ' Convertible Debentures '). The sale and issue of US$50,000,000 principal amount of Convertible Debentures was completed on June 30, 2025 (the ' Private Placement '). The sale and issue of US$450,000,000 of the principal amount of Convertible Debentures will be determined at a future date, upon mutual agreement of the parties. Article content 'This financing represents a major inflection point for Cybin and supports our position as a leader within our sector,' said Doug Drysdale, Chief Executive Officer of Cybin. 'High Trail Capital is an experienced investor, and its confidence and appreciation of our breakthrough clinical data and intellectual property portfolio recognize the potential of the Company. This financing comes at an opportune time for Cybin, as we advance our lead programs, CYB003 and CYB004, in Phase 3 and Phase 2, respectively. CYB003 demonstrated over 70% remission rates and continued durability over 12 months for patients with uncontrolled depression. We await the conclusion of our CYB004 Phase 2 proof-of-concept study, in patients with generalized anxiety disorder,' said Drysdale. Article content Joseph Gunnar & Co., LLC acted as the sole placement agent in connection with this transaction. Article content Pipeline Acceleration Drives Multiple Value Creation Catalysts Article content The funding will accelerate Cybin's clinical-stage programs across multiple high-value indications: Article content CYB003 Program Achievements: Article content Breakthrough Clinical Results: Unprecedented 71% remission rate in major depressive disorder at 12 months after two 16 mg doses in Phase 2 study Durability advantage: 12-month sustained efficacy demonstrating long-term therapeutic benefit FDA Recognition: Breakthrough Therapy Designation received, expediting regulatory pathway Multinational Phase 3 PARADIGM program underway Article content CYB004 Program Momentum: Article content Dual Indication Strategy: Expanding addressable market opportunity Phase 2 GAD study expected to complete around mid-year 2025 1 Article content Commercialization Infrastructure: Article content Value Catalysts Drive Sustained Momentum Article content Near-Term Catalysts: Article content CYB004 Phase 2 GAD study expected to complete around mid-2025 1 Initiation of second CYB003 pivotal study, EMBRACE, around mid-2025 1 EXTEND study initiation imminent 1 Article content Medium-Term Catalysts (2025-2026): Article content Transaction Terms Article content The Convertible Debentures have a two-year term from the closing date (the ' Term '). The Company shall pay guaranteed interest equal to 5.5% of the principal per annum for the Term. Such interest was pre-paid on closing. Upon the occurrence of an event of default, interest shall increase to a rate of 18% per annum on the outstanding principal balance. Pursuant to the terms of the Securities Purchase Agreement, the Company and High Trail may, upon mutual consent, enter into subsequent securities purchase agreements for the purchase and sale of up to an additional US$450,000,000 principal amount of Convertible Debentures, in tranches, in amounts on such dates as may be mutually agreed and each subsequent tranche shall include prepaid interest at a rate of 9.5%. Article content Subject to the terms of the Securities Purchase Agreement and the Convertible Debentures, High Trail will be entitled to convert the principal amount of, and accrued and unpaid interest, if any, on each Convertible Debenture, in whole or in part, from time to time, into common shares in the capital of the Company (the ' Common Shares ') at a conversion price per Common Share equal to the lower of (a) 130% of the volume weighted average price (' VWAP ') of the Common Shares on the day prior to the initial issuance of the Convertible Debentures, or (b) the VWAP of the Common Shares during the five trading days immediately prior to the date of conversion. Article content The Company, in its sole discretion, may prepay any outstanding amount under the Convertible Debentures, in whole or in part, in cash by providing High Trail with advance written notice prior to such prepayment. The prepayment shall include, (i) if paid during the first year after closing, a 5% prepayment premium on the amount of the prepayment or (ii) if paid thereafter, a 3% prepayment premium on the amount of the prepayment. Article content The terms of the Convertible Debentures restrict the conversion of Convertible Debentures by High Trail if such a conversion or exercise would cause High Trail, together with any affiliate thereof, to beneficially own in excess of 4.99% of the number of Common Shares outstanding immediately after giving effect to such conversion. Article content The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. Article content The Convertible Debentures were offered on a private placement basis pursuant to prospectus exemptions in Canada and pursuant to exemptions and exclusions from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws. The Company has agreed to use commercially reasonable efforts to: (a) file a prospectus supplement to the Company's base shelf prospectus dated August 17, 2023, as amended on December 22, 2023, April 8, 2024 and January 6, 2025, with applicable Canadian securities regulators to qualify the secondary market sales of the Common Shares in the United States; and (b) either (i) prepare and file the Canadian prospectus supplement with the United States Securities and Exchange Commission, or (ii) file a prospectus supplement pursuant to General Instruction II.L of Form F-10 with the United States Securities and Exchange Commission to the Company's registration statement on Form F-10 (File No. 333-284173), which was declared effective by the SEC on January 14, 2025, or on such other form as may be available to the Company, in either case qualifying the resale of the Common Shares underlying the Convertible Debentures. Article content No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been registered under the U.S. Securities Act, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws Article content About Cybin Article content Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions. Article content With promising proof-of-concept data, Cybin is working to change the mental health treatment landscape through the introduction of intermittent treatments that provide long lasting results. The Company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The Company also has a research pipeline of investigational, 5-HT-receptor focused compounds. Article content Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For Company updates and to learn more about Cybin, visit or follow the team on X, LinkedIn, YouTube and Instagram. Article content There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the Company. See 'Cautionary Notes and Forward-Looking Statements'. Article content Cautionary Notes and Forward-Looking Statements Article content Certain statements in this news release constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, 'forward-looking statements'). Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the use of Private Placement proceeds; the conversion of the Convertible Debentures into Common Shares; the sale and issue of US$450,000,000 principal amount of Convertible Debentures at a future date; CYB004 Phase 2 GAD study expected to complete around mid-2025; Initiation of second CYB003 pivotal study, EMBRACE, around mid-2025; the Company's Medium-Term Catalysts for 2025-2026; Phase 3 PARADIGM program enrollment acceleration; the Company's ability to achieve commercial success; and the Company's ability to address the need for new and innovative treatment options for people who suffer from mental health conditions. Article content These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; implications of disease outbreaks on the Company's operations; and the risk factors set out in each of the Company's management's discussion and analysis for the three and nine month periods ended December 31, 2024 and the Company's annual information form for the year ended March 31, 2024, which are available under the Company's profile on and with the SEC on EDGAR at Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Article content Cybin makes no medical, treatment or health benefit claims about Cybin's proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin's performance and operations. Article content Article content Article content Article content Article content Contacts Article content Investor & Media Contact Article content : Article content
