Based in Ohio, PsyBio Therapeutics is a biotechnology company developing psychoactive compounds focused on the treatment of mental illness and neurological disorders.
Through a collaboration with Miami University, the company has gained the rights to proprietary platform technology capable of biologically synthesizing psilocybin and other psychedelic molecules produced naturally in fungi and plants.
Founded in 2009, the company is currently working on more than 20 psychedelically-inspired compounds. It expects to launch its first pharmaceutical drug in a clinical setting in 2022. It has secured six provisional patents and one full patent thus far and aims to file for more patents in Q3 2021.
Funding and Financials
The company started trading on the TSX Venture Exchange (TSXV) under the ticker symbol PSYB in February 2021 and also listed on the over-the-counter (OTCQB) markets in July 2021 under the ticker symbol “PSYBF”. In December 2022, the company announced its plans to raise CAD 1 million in a private placement consisting of 20 million units priced at CAD 0.05 per unit. The new funds were allocated towards its current good manufacturing practices (GMP) manufacturing, advancing clinical trials, and for working capital expenses.
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