[ad_1]
Clinical-stage biopharmaceutical company, Cybin (NYSE:CYBN) enters into a share purchase agreement with Lincoln Park Capital Fund, an institutional investor.
Subject to the agreement, Cybin has the right to sell, and LPC is obligated to purchase, up to $30M (CAD$41M) of the company’s shares over a 36-month period at prices that are based on the market price at the time of each sale to LPC.
Cybin has the right to terminate the agreement at any time at no cost or penalty.
“This committed equity facility by LPC provides us with access to capital on an as-needed basis and is expected to allow Cybin to best utilize market conditions to raise capital in support of our drug development programs,” said Doug Drysdale, CEO “The ability to further strengthen our cash position through sales of common shares to LPC under this facility provides additional runway for our success moving forward.”
Stock price is down 1.4%.
[ad_2]
Source link
