Cybin Inc (CLXPF) Extends Rally: Now Trades Near 52-Week High

The Cybin Inc (OTCMKTS:CLXPF) stock has been one of the notable movers among biotech stocks over the past week, having rallied by 20% and this morning the stock has gone up 4% as well.

This morning Cybin announced that Dr. Thomas Laughren has been added to its Clinical Advisory Board. It is a significant coup for Cybin considering the fact that Laughren had previously been the Director for the Division of Psychiatry Products, Center for Drug Evaluation and Research at the United States Food and Drug Administration. He worked at the FDA for 29 years and bring years of top level experience to Cybin.

In his previous position at the FDA, he had been responsible for being in charge of the review process in relation to all the psychiatric medicine development activities that had been undertaken by different companies.

As a matter of fact, he has also won award owing to his accomplishments as a regulator. Earlier on this week, the company, which is involved in the development of psychedelic medicines, announced that it has continued to progress its work on psychedelic molecules. The company hope to take it to Investigational New Drug stage.

Key Quote:

Dr. Alex Belser said, “As we study psychedelic medicines, the regulatory pathway ahead is still coming into focus. There are outstanding questions to be addressed as to how psychedelic treatments may be considered for approval in therapeutic contexts. Dr. Laughren is familiar with these potential challenges, and he brings extensive psychiatric regulatory and development expertise. We are excited to welcome Dr. Laughren to Cybin’s Clinical Advisory Board to provide guidance as we develop our regulatory strategies.”

Market Reactions 

As of 12:07, CLXPF stock jumped by 5% at $2.12. Total volume so far stood at 700k shares, compared to its average volume of 406k shares.  The stock moved within a range of $1.9744 – 2.1800 after opening at $2.04.

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