Cybin has entered into an agreement with Mindset Pharma to acquire an exclusive license to an extensive, targeted class of tryptamine-based molecules.
The company has said that the catalogue is complementary to its preclinical assets and supports its broad intellectual property portfolio of innovative psychedelic-based molecules.
Cybin has paid Mindset a one-time license fee of US$500,000 (~£463,767) with additional milestones payable upon the successful completion of certain future milestones.
Cybin’s CEO, Doug Drysdale, commented: “This exclusive license bolsters the breadth of Cybin’s IP holdings while adding a significant number of compounds to our growing library of psychedelic derivative drug development candidates.
“In addition to the value created from progressing our clinical-stage programmes for CYB003 and CYB004, our discovery and development engine will continue to be an asset for the company as we leverage strategic M&A opportunities, including this one, to strengthen our competitive advantage and support our goal of developing new and innovative psychedelic treatments for mental health conditions and other areas of high unmet need.
“We are pleased to work with Mindset who, like Cybin, has a deep-rooted understanding of psychedelic science.”
Access to the catalogue will provide Cybin with provide a runway and pipeline of future drug candidates, while broadening the space where Cybin has protected access to patent-eligible molecules and formulations.
The agreement’s Milestone Payments could total $9,500,000, with the first Milestone Payment, in the amount of US $500,000, payable upon completion of a Phase 1 clinical trial. It also contemplates a sales royalty of approximately 2 per cent for all commercialised licensed products within the scope of the agreement.
