Biopharma co Cybin extends gains after $175 mln direct stock deal

U.S.-listed shares of Cybin Inc CYBN.O up 11.4% at $7.26, and rising for fourth straight session on Tues, after equity raise news

CYBN shares jump as much as 22.9% to $8, a three-month high

Toronto-based neuropsychiatry co announces selling ~22.3 mln shares, along with pre-funded purchase warrants, at $6.51 in direct offering for about $175 mln gross proceeds

Financing includes new and existing investors, including Venrock Healthcare Capital Partners, OrbiMed, and hedge fund investor Steven Cohen's Point72, among others, according to the statement

Co intends to use net offering proceeds to repay outstanding convertible debentures held by High Trail Special Situations LLC, to progress its CYB003, CYB004, and CYB005 programs, and other purposes

Cybin's major depressive disorder drug, CYB003, has received U.S. FDA's 'breakthrough therapy' tag and is in Phase 3 studies

Jefferies, TD Cowen and Cantor Fitzgerald are joint lead placement agents for the stock deal

Cybin has about 27.62 mln shares outstanding, per LSEG data

With move on the session, U.S.-listed shares down ~18% YTD