Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) announced the pricing of an underwritten public offering of 10.3 million common shares at $4.85 per share, with gross proceeds expected to reach approximately $50 million. Cantor and Barclays are serving as joint bookrunning managers for the offering, which is anticipated to close on June 25, 2026, subject to customary conditions and regulatory approvals.
The company stated it intends to use the net proceeds primarily to advance development of its lead program, HLP003, for major depressive disorder. Topline data from the Phase 3 APPROACH study is expected in the fourth quarter of 2026. HLP003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, underscoring its potential to address a large unmet need in depression treatment. Additionally, funds will support the HLP004 program for generalized anxiety disorder, currently in Phase 2, and the HLP005 program. Remaining proceeds will be allocated to working capital and general corporate purposes.
Helus Pharma, the commercial operating name of Cybin Inc., focuses on developing proprietary novel serotonergic agonists (NSAs) designed to activate serotonin pathways that promote neuroplasticity. The company aims to improve treatment outcomes for individuals suffering from depression, anxiety, and other mental health conditions. With class-leading data, Helus Pharma seeks to provide durable improvements in mental health through its NSA pipeline.
The offering highlights investor confidence in Helus Pharma's approach and the potential of its clinical programs. The successful completion of the offering will provide the necessary capital to reach key milestones, including the Phase 3 data readout for HLP003, which could significantly impact the treatment landscape for major depressive disorder. For more details, the full press release is available at https://ibn.fm/yrchX.
Helus Pharma operates in Canada, the United States, the United Kingdom, and Ireland. The company continues to advance its research portfolio of investigational NSAs, with additional updates expected as programs progress. This offering represents a pivotal moment for Helus Pharma as it moves closer to potentially bringing new treatment options to patients with limited alternatives.
