Biotech company Cybin Inc (OTCMKTS:CLXPF), which is currently focussed on developing psychedelics-based therapies, has seen its stock jump by 5% following a key announcement this morning.
The company announced this morning that it is initially going to target GAD (generalised anxiety disorder) and SAD (social anxiety disorder) through its proprietary product CYB004. It is a significant announcement from the company and the action in the stock this morning is quite understandable. More importantly, it is also necessary to note that anxiety has become a chronic problem in many places.
Alex Belser, who is the Chief Clinical Officer at the company stated that due to the crisis unleashed by the COVID 19 pandemic, the magnitude of people suffering from a range of anxiety related disorders has increased by threefold. In such a situation, the company believes that treating those disorders by way of psychedelic medicines could prove to be helpful.