Toronto-based Cubed Biotech, a developer and maker of psychedelic medicine for the treatment of mental illness and addiction, has raised more than C$3 million in financing. The round’s investors were not identified.
TORONTO, July 7, 2021 /CNW/ – Cubed Biotech Inc. (“Cubed” or the “Company”), a future psychedelic biotech manufacturing company, is pleased to announce the successful oversubscription of its fundraising rounds and Cubed’s planned research & development strategic pathway to becoming a natural entheogen psychedelic medicine manufacturer with its own unique intellectual property (“IP”) portfolio.
Cubed intends to develop & produce psychedelic medicine to disrupt the current treatments of mental illness & addiction. The Company plans to develop a pipeline to manufacture innovative treatments based on the following natural entheogens: Mushrooms, Cacti, and Ayahuasca. Cubed’s executive team brings extensive regulatory operations & financing experience to Cubed’s mission to develop avant-garde psychedelic medicine inspired by historical ethnobotany.
Cubed’s Operational Plan
“We are hyper-focused on becoming a leading psychedelic medicine manufacturer and a trusted partner for pharmaceutical companies worldwide”, states Founder & CEO, Adam Coape-Arnold.
To fulfill this vision, Cubed has 4 core objectives for the near-term:
cGMP Facility :
Build, license & operate a purpose-built cGMP facility with a Health Canada Dealers License that is compliant to cultivate, extract & synthesize psilocybin and other psychedelics.
Subsequently receive Drug Establishment License to manufacture pharmaceutical grade psychedelic medicines.
Drug Development: Work with a Contract Research Organization (CRO) in compliance with applicable laws to develop two stacked active pharmaceutical ingredient (“API”) drugs:
Psilocybin / Mescaline Compound
Ayahuasca Compound (DMT with MAO inhibitors)
Stock Exchange Listing: Pursue a listing of Cubed’s shares on a stock exchange through an initial public offering, direct listing or reverse takeover.
Research Collaborations: Enter into collaboration and/or research and development agreements with third-parties in order to research novel drug candidates and advance the Company’s IP portfolio in accordance with applicable laws.
Cubed has raised over $3,000,000 in oversubscribed private placements since its launch in early February.
“Cubed has had tremendous capital markets success for an early staged company formed only 4 months ago. We’ve had the participation of numerous hedge funds, alternative medicine investor groups, family offices and a multitude of portfolio managers who are equally motivated to drive our business forward. We have a focused pathway to “Psychedelics 2.0″: to cultivate, extract & synthesize psilocybin, which is the future of medicine manufacturing,” states Anthony Rossi, Co-Founder and President of Cubed.
ABOUT CUBED BIOTECH INC.
Cubed Biotech is a Canadian company working to become a Health Canada licensed Contract Development & Manufacturing Organization. Subject to required regulatory approvals and exemptions, the Company intends to cultivate, extract and synthesize natural entheogens (Psilocybin from Mushrooms, Mescaline from Cacti, along with DMT & MAO-inhibitors from Ayahuasca), manufacture pharmaceutical mental-health & addiction medicines and eventually develop its own proprietary novel stacked API compound through clinical trials in order to achieve to pharmaceutical-grade distribution and commercializatio