Cybin Inc. (NEO: CYBN) (OTCQB:CLXPF), a biotech company in the psychedelics space, announced on Thursday a conditional approval to list on the New York Stock Exchange.
“A tier 1 listing in the U.S. can open up avenues to new and potential institutional buying, increased retail buying, and help increase the overall visibility of the company,” Cybin CEO Doug Drysdale told Benzinga.
The company’s over-the-counter shares will uplist into the NYSE American’s Small Cap Equity Market. Cybin shares listed on Canada’s NEO Exchange will remain listed there. The Company has reserved the ticker CYBN for the NYSE.
Drysdale said the company expects “expanded access to investors to further fuel our mission to develop revolutionary psychedelic therapeutics for patients suffering from mental health conditions.”
Approval remains conditional and is still subject to final NYSE approval and the satisfaction of regulatory requirements.
While several psychedelics companies have already listed their stock on the Nasdaq, Cybin will be the first in the sector on the NYSE.
With a market cap of $473 million, Cybin has positioned itself as one of the best-equipped players in the psychedelics space. The company’s multiple programs include Phase II trials for a sublingual formulation of psilocybin in the treatment of major depressive disorder. Psilocybin is the active ingredient in so-called “magic mushrooms.”
The company is also carrying out preclinical work on three other novel psychedelic molecules, which could offer increased therapeutic potential for indications such as alcohol use disorder and anxiety.
In a recent report, Stifel gave Cybin a 12-month price target of $12, with a “speculative buy” rating.
Cybin Stock was $2.98 at the time of this writing.
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