PsyBio Therapeutics Corp (CVE:PSYB), the US-based biotechnology company, started trading on the TSX Venture Exchange under the symbol ‘PSYB’ on Thursday.
The firm’s shares were trading at C$0.68 in early morning activity in Toronto, with around 1.2 million in volume.
PsyBio is developing a new class of drugs intended for the treatment of mental health challenges and other disorders.
READ: PsyBio Therapeutics is pioneering the next generation of targeted psychoactive medications
The firm has exclusive global exclusive rights to a proprietary platform technology that biologically synthesizes psilocybin and other targeted next-generation psychoactive compounds that are produced naturally in fungi and plants. According to PsyBio, the technology could enable the rapid generation of highly stable psychoactive compounds cheaper, faster and greener than other published methods.
Last week, the company announced it had closed its qualifying transaction to list on the TSX Venture Exchange by way of a three-way merger. The total number of issued and outstanding subordinate voting shares of PsyBio at the start of trading will be 45,695,365 (or 112,838,977 on an as-converted basis inclusive of the company’s non-listed multiple voting shares).
“Listing on the TSXV is an important milestone for PsyBio as we enter the public market with the goal of enhancing our visibility within the investment community and broadening our investor base to build long-term shareholder value,” CEO Evan Levine said in a statement.
“Given our platform’s ability to efficiently develop next-generation psychoactive compounds, we envision building a company with the potential to help transform the treatment of mental health challenges and other disorders.”
The company also said it had signed an agreement with Hybrid Financial Ltd for marketing services under an initial six-month agreement for C$15,000 per month.
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