Cybin announces clinical alignment, cuts roughly 15% of workforce

Cybin announced a streamlining plan aimed at maximizing the Company’s operating efficiency and to allow the Company to focus on critical clinical trials. Based on anticipated cost savings from the streamlining exercise and the Company’s ongoing and previously announced US$35 million At-The-Market equity program, management believes the Company will be better positioned for both near-term and long-term success. The Company anticipates these cost savings will result in a decrease in its historical annual cash burn rate by millions of dollars, while Cybin continues to push forward on all core clinical initiatives. Today, the Company has released approximately 15% of its workforce that previously held roles that were not of a clinical priority or were not directly involved with any of the Company’s clinical trial initiatives. As a result of the headcount reductions, the Company expects to generate cost savings from reducing operating expenses. The Company has evolved from the discovery-stage into clinical-stage operations, and this prioritized clinical alignment allows the Company to, among other things, leverage intellectual property generated from its discovery efforts for clinical development, and focus on clinical execution. "The Company has made the prudent decision to evaluate every role within its workforce, including whether certain tasks could be performed more efficiently while ensuring that the Company’s core clinical activities continue to be robustly supported and resourced. We appreciate the significant contributions of our employees and the hard work they performed for the Company and understand the impact that this difficult decision has on them. We are committed to maintaining a lean organization and will continue to make clinical trial execution in support of our proprietary molecules our top priority" said Doug Drysdale, Chief Executive Officer of Cybin.