Cybin Corp.: A Psychedelics Pioneer Led by a Biotech Veteran
September 22nd, 2020
App, Psychedelics, Top Story, Uncategorized
Cybin has become one of the most popular psychedelic companies over the past year. With a unique approach to the market and an experienced management team, the company aims to bring a breakthrough psychedelic therapy to market for those suffering from Major Depressive Disorder and other mental health conditions—and build value for shareholders in the process.
CEO Doug Drysdale provides an overview of Cybin
Let’s take a closer look at CEO Doug Drysdale’s experience in building value for shareholders in the pharmaceutical and biotech industries and his role at Cybin.
A Turnaround Expert
Doug Drysdale has always been drawn to businesses that were undermanaged, distressed or startups. With some financial and operational discipline, these companies had the potential to realize significant growth compared to their peers. He helped these companies form cohesive management teams, recruit board members, complete acquisitions and raise capital.
In 2008, Drysdale brought Avogen from inception to $450 million in revenue across 35 countries and turned around Norwich Pharmaceuticals in the process. In addition to transforming Norwich’s manufacturing and R&D capabilities, he built an R&D facility in New Jersey, a Contract Research Organization in India, and a pipeline of over 50 products in the U.S.
In 2014, Drysdale led the turnaround of NASDAQ-listed Pernix Therapeutics by raising $465 million in capital, rebuilding the management team from the ground up, consolidating locations, divesting non-profitable assets, building a 220-person sales team, and ultimately, growing its enterprise value from $80 million to around $800 million.
Between 2017 and 2020, Drysdale was Director and CEO of Tedor Pharma, a contract manufacturing business that it turned around to generate 60% revenue growth in 2019 and achieve recognition as one of America’s fastest growing companies on the 2020 Inc. 5000 list before joining Cybin as CEO in 2020 to start on a new venture.
CEO Doug Drysdale shares some details about his professional experience
Cybin’s Unique Fit
Doug Drysdale is uniquely suited to lead Cybin Corp. given his experience in biotech and his background in molecular biology. After meeting Cybin’s founders, Drysdale immediately found a mutual appreciation for mental illness, but it was the science that hooked him—in particular, the company’s leading development program for Major Depressive Disorder.
CEO Doug Drysdale shares some reasons why he decided to join Cybin
Drysdale and the Cybin team are focused on a sublingual formulation of psilocybin. While psilocybin has shown strong promise in other clinical trials, the unique sublingual format dissolves rapidly and avoids the impact of first-pass metabolism in the liver. The goal is to dose 8X to 10X less active drug to improve safety and reduce side-effects.
In addition, the company is developing programs geared toward creating novel molecules with improved side effect profiles. The opportunity to treat depression or addiction with just one or two treatments is clearly transformational and could have a significant impact on how mental illnesses are treated in the U.S. and around the world.
Cybin is currently in the middle of a capital raise and plans to go public. Management hopes to complete its capital raise, finish its sublingual formation work, and dose its initial study participants near the end of 2020. The company may also enter into a number of transactions to acquire and license additional capabilities, drug candidates and intellectual property.
With the success of COMPASS Pathways Inc.’s (NASDAQ: CMPS) public debut, where shares rose nearly 30%, there seems to be a strong appetite among investors for psychedelic opportunities.
Cybin is uniquely positioned to bring new psychedelic treatments to market, particularly under the leadership of CEO Doug Drysdale. With a history of successful turnarounds in the pharmaceutical and biotech sectors, Drysdale could be instrumental in helping to bring therapies to market while building value for shareholders.
To learn more about Cybin, visit the company’s website or download their investor presentation.
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