Benzinga | Nov 5, 2021 09:16AM EDT

Cybin Gets DEA License To Work With Scheduled Psychedelic Molecules

Cybin Inc. (NYSE:CYBN) a company developing novel psychedelic compounds for therapeutic use, has received a Schedule I manufacturing license from the U.S. Drug Enforcement Agency (DEA).

The DEA license is a federal requirement for any investigators intending to study, produce or analyze Schedule I substances. Before obtaining the license, Cybin conducted much of its R&D work through globally-licensed research organizations in the U.S., Canada, the U.K. and through certain in-house capabilities.

"With the DEA license, the company will be able to vastly expand its internal R&D capabilities to support innovative drug discovery and delivery involving Schedule I compounds," the company announced in a press release.

"We are pleased with the progression of our clinical and regulatory efforts since the company's formation," said CEO Doug Drysdale. "This new license further positions the company as a truly integrated biopharmaceutical company that can continue to work towards progressing psychedelics to therapeutics."

On Monday, November 8, Cybin will hold a research and development event to review its breakthrough findings for Q4 2021, in a live setting at Wonderland, the Miami psychedelics conference.

Results unveiled at the event could spark a shift in the company's price action.

Image by felixioncool from Pixabay.