ENTBF - Cybin to acquire DMT clinical study from Entheon Biomedical

Cybin (NYSE:CYBN) added ~8% in the pre-market Tuesday after the psychedelics-focused biopharma announced that its subsidiary Cybin IRL Limited agreed to acquire a Phase 1 N,N-dimethyltryptamine (“DMT”) study from Canadian biotech Entheon Biomedical Corp. (OTCQB:ENTBF). The acquisition is expected to speed up the clinical development of the company’s experimental DMT compound CYB004 targeted at anxiety disorders, Cybin (CYBN) said. The ongoing Phase 1 DMT clinical study renamed as CYB004-E is anticipated to generate data and replace the company’s pilot study for CYB004 that was previously on track for initiation in 3Q 2022. The total consideration of the acqusition is C$1M and Cybin (CYBN) is required to pay an additional $480,000 for Entheon (OTCQB:ENTBF) as consulting fees for up to 12 months after the closure of the deal which is expected to occur within 30 days. The agreement also includes a data license agreement that will allow Entheon to access certain data necessary

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Cybin to acquire DMT clinical study from Entheon Biomedical