- Cybin appoints health-care expert Doug Drysdale as new CEO.
- Company confident that his extensive health-care sector background, international company management skills will strengthen Cybin partnerships.
- New CEO says business model, talented management team positions company to examine new psychedelic-based therapies, delivery systems.
Cybin Corp.,a life sciences company advancing psychedelic pharmaceuticals, recently announced the appointment of Doug Drysdale as its CEO (https://ibn.fm/vOTXM). Drysdale brings more than three decades of experience in the health-care sector and will continue to grow its IP portfolio.
“With his myriad business accomplishments, Doug is the ideal leader for Cybin,” said Cybin co-founder and COO Paul Glavine. “We believe that his extensive health-care sector background and international company management skills will help Cybin strengthen partnerships, develop strategic alliances and expand our international presence. We believe his strong leadership experience will help focus Cybin during our initial path to profitability.”
Named an Ernst and Young Entrepreneur of the Year in 2012, Drysdale has served for 30 years in the health care sector. In 2014, he led the recapitalization of a NASDAQ-listed pharmaceutical company, raising $65 million as its corporate director. Following that move, Drysdale served as the company’s chairman and CEO. In that role, he focused on rebuilding the management team and board of directors; he also built a 220-person sales team. Under his continued leadership, the pharmaceutical company raised $465 million of capital; its enterprise value grew exponentially from $80 million to an estimated $800 million.
Before that, Drysdale headed M&A efforts at Actavis Group, leading 15 corporate acquisitions across three continents. Those efforts included a high-profile public hostile takeover attempt in Central Eastern Europe. During that same period, Drysdale raised approximately $3 billion of capital and managed lending syndicates, including over 25 banks, to fund its growth. In 2012, Watson Pharmaceuticals bought Actavis for €4.25 billion.
Drysdale led Norwich Pharmaceuticals into a new period of prosperity, eventually becoming CEO of its parent company, Alvogen Group. During his time as CEO, he grew Norwich’s two-product offering to more than 25 products, strengthened the company’s R&D capabilities and improved staffing efficiency by 25%.
“I am beyond excited to be joining the Cybin team,” said Drysdale. “I believe Cybin’s business model and talented management team uniquely positions the company to examine the efficacy of psychedelic-based therapies and delivery systems in treating mental illness and addiction disorders. I expect Cybin’s expanding development pipeline will allow the company to explore a cost-effective and timely array of health care alternatives.
“We will continue to grow our IP portfolio organically and shall be looking to add to our IP through accretive acquisitions,” he continued. “Research to date is showing positive indications for the potential use of psychedelic-based therapies as alternatives to current chronic depression medications and habit-forming opioids, for various treatment-resistant issues such as eating disorders, smoking cessation, PTSD, anxiety and depression. Mental illness and addiction have profoundly personal meanings for me and affect millions of people worldwide. I am proud to be in a position at Cybin to work to try to help countless patients and their families through the development of novel treatments.”
Cybin is an innovator in the stagnant pharmaceutical sector, where it aims to become the first life science company to bring psilocybin medicine targeting major depressive disorder to market.
For more information about this company, please visit www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to Cybin are available in the company’s newsroom at http://ibn.fm/Cybin
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