Cybin Inc (OTCMKTS:CLXPF) continues to see heavy buying interest as the stock is up 15% over the past month. Moreover, the stock is up 150% over the past year.
Market Action
As of 10:25, CLXPF stock jumped 9% to $1.7235 with more than 224K shares, compared to its average volume of 400K shares. The stock has moved within a range of $1.6000 – 1.7600 after opening the trade at $1.75.
Major Trigger:
Cybin Selects Anxiety Disorder Indications for Proprietary Psychedelic Molecule CYB004
Key Highlights:
- Cybin Inc announced that it has selected social anxiety disorder (“SAD”) and generalized anxiety disorder (“GAD”) as the initial target indications for its proprietary psychedelic molecule CYB004.
- SAD, sometimes called social phobia, describes the persistent and irrational fear of embarrassment and humiliation in social situations. SAD typically begins in childhood or adolescence and, untreated, can be associated with the subsequent development of major depression, substance abuse, and other mental health problems. The disorder can be associated with extensive functional impairment and reduced quality of life.
- SAD is a prevalent condition, estimated to affect between 3% and 7% of the United States adult population.
Market Quote:
“People struggle with many different mental health challenges, but anxiety affects more people than any other,” said Dr. Alex Belser, Chief Clinical Officer. “With the advent of the COVID-19 pandemic, rates of anxiety have increased 3-fold, leaving many folks in a debilitating state. We think that treatment with psychedelic medicine may help. Our team’s previous research on anxiety at New York University and the trials conducted at UCLA and Johns Hopkins showed large magnitude decreases in anxiety after treatment with psychedelic-assisted psychotherapy. This is a promising approach to treat anxiety with a clear pathway.”
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