Mr. Doug Drysdale reports

CYBIN ANNOUNCES POSITIVE PRE-CLINICAL RESULTS WITH MULTIPLE PROPRIETARY PSYCHEDELIC MOLECULES AND ADELIA MILESTONE ACHIEVEMENT

Cybin Inc.'s wholly controlled subsidiary Adelia Therapeutics Inc. has achieved certain earnout milestones for the period commencing Jan. 1, 2021, as contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin US Holdings Inc. (the acquiror), a wholly controlled subsidiary of Cybin and all of the previous shareholders of Adelia.

Positive preclinical results achieved as part of various earnout milestones determined that proprietary deuteration modifications in multiple lead new chemical entity candidates did not alter pharmacodynamic properties and did not alter safety as assessed in in vitro toxicity tests as compared with non-deuterated analogs.

Management of Cybin believes that these initial results add value to Cybin's pipeline of proprietary novel psychedelic compounds by demonstrating these molecules perform similarly to the naturally occurring molecules in certain important metrics. The development of these compounds differentiates Cybin from companies focused on naturally occurring psychedelic compounds.

Multiple preclinical observations across various proprietary deuterated psychedelic tryptamine molecules showed consistent positive results when compared with the parent molecule, including:

• Similar potency at target serotonin 2 receptors and monoamine transporters;
• Analogous binding profile to off-targets in a lead profiling screen;
• No difference in an in vivo assay of serotonin 2 receptor activation;
• Similar outcomes in in vitro toxicity screens, including kidney and liver cell viability, proarrhythmia core panel, Ames fluctuation test, bacterial cytotoxicity, a micronucleus panel and cell viability.

The completion of these milestones has contributed to the advancement of Cybin's portfolio of differentiated psychedelic-based therapeutics for a variety of mental health opportunities.

The company's current indications currently include major depressive disorder (CYB001), alcohol-use disorder (CYB003) and anxiety disorders (CYB004). In addition, two programs in the research phase (CYB005 and CYB006) involved synthesis and testing of more than 50 novel compounds coupled with extensive in vitro and in vivo pharmacokinetic, receptor binding, behavioural and safety evaluations.

The core technologies of selective deuteration, novel formulations and proprietary delivery systems have been applied to many of these proprietary molecules, which are designed to improve the natural compounds on which they are based to potentially allow for simpler, more effective, scalable, cost-effective and easier access to treatments for both patients and therapists.

"These positive catalysts continue to provide the necessary data required to demonstrate that Cybin's proprietary deuterated psychedelic molecules potentially carry the same pharmacodynamic properties, safety profiles, potency and receptor targeting as their parent molecules. While the profiles are similar to parent molecules, early research has shown that these proprietary molecules also carry certain characteristics that may lead them to potentially become commercially viable because of their improved stability, bioavailability, controlled psychedelic duration and overall enhanced chemical makeup," said Doug Drysdale, Cybin's chief executive officer.

Pursuant to the terms of the transaction agreement, Class B common shares in the capital of the acquiror shall be issued to the Adelia shareholders in satisfaction of the $457,537.54 (approximately $372,115.28 (U.S.)) due to them on meeting the relevant milestone. The Class B shares issued by the acquiror to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on the basis of 10 Cybin shares for one Class B share, at the option of the holder thereof, subject to customary adjustments. No Class B shares are exchangeable prior to the first anniversary of closing of the contribution transaction pursuant the transaction agreement, which closed on Dec. 14, 2020, and not more than: (i) 33-1/3 per cent of the Class B shares will be exchangeable prior to the second anniversary of the transaction; (ii) 66-2/3 per cent of the Class B shares will be exchangeable prior to the third anniversary of the transaction; and (iii) thereafter, 100 per cent of the Class B shares will be exchangeable. The Class B shares issued to the Adelia shareholders are exchangeable for Cybin shares, at an effective issue price determined in accordance with the transaction agreement and applicable securities law.

About Cybin Inc.

Cybin is a leading biotechnology company focused on researching and progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and potential treatment regimens for psychiatric disorders.

We seek Safe Harbor.