PsyBio Therapeutics Corp (CVE:PSYB) (OTCMKTS:PSYBF) has reported its first quarter results, including nearly C$13 million in cash and equivalents on hand and announced a share buyback program, pending approval from the TSX Venture Exchange (TSXV).
During the quarter, the company filed a new provisional patent application with the US Patent and Trademark Office titled "Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products," increasing its licensed patent portfolio to four pending provisional patents and one pending non-provisional patent.
It also bolstered its management team, adding clinical product development expert Michael Spigarelli as chief medical officer and former Otsuka America Pharmaceutical CEO Bob Oliver to its board of directors.
READ: PsyBio Therapeutics files provisional patent for producing psilocybin with the US Patent and Trademark Office
Additionally, CEO Evan Levine will host a virtual investor luncheon on June 2, the company announced. The webinar will provide an inside look at PsyBio's innovations in the field of psychedelic medicine and is open to both investors and the public, the company said. Interested attendees can register here.
The company also said it plans to issue subordinate voting shares (SVS) to settle US$125,144.48 of accrued liabilities owed for professional services to a non-arm's length party. The price per share will be either C$0.35 per share or the closing price of the SVS on the TSXV, whichever is greater.
The SVS will be subject to a four-month hold and remains subject to exchange approval.
PsyBio is a biotechnology company developing a portfolio of psychoactive compounds aimed at the treatment of mental health disorders. The US-based company debuted on the TSXV earlier this year and recently announced
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