Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) has announced the pricing of an underwritten public offering of 10.3 million common shares at $4.85 per share, expected to generate gross proceeds of approximately $50 million. The offering, managed by joint bookrunning managers Cantor and Barclays, is set to close on June 25, 2026, subject to customary conditions. This capital raise underscores the company's commitment to advancing its pipeline of novel serotonergic agonists (NSAs) for mental health conditions.
The net proceeds are primarily allocated to the development of HLP003, a proprietary NSA in Phase 3 clinical development for major depressive disorder (MDD), with topline data from the APPROACH trial expected in the fourth quarter of 2026. HLP003 has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, signaling its potential to address a significant unmet need. Funds will also support HLP004, currently in Phase 2 for generalized anxiety disorder, and HLP005. Remaining proceeds will be used for working capital and general corporate purposes.
Helus Pharma, the commercial operating name of Cybin Inc., focuses on developing synthetic molecules designed to activate serotonin pathways believed to promote neuroplasticity. The company aims to improve the treatment landscape for depression, anxiety, and other mental health conditions. With this offering, Helus Pharma positions itself to generate critical clinical data that could reshape therapeutic options for millions of patients. For more details, the full press release is available at https://ibn.fm/yrchX.
The announcement is significant as it provides Helus Pharma with the financial runway to advance its most advanced programs. The Phase 3 data for HLP003, expected later this year, will be a key catalyst. If positive, it could lead to regulatory submissions and potentially a new treatment option for MDD, a condition affecting over 280 million people globally. Additionally, the continued development of HLP004 and HLP005 expands the company's reach into other anxiety disorders.
Helus Pharma operates in Canada, the United States, the United Kingdom, and Ireland. For updates, the company's newsroom can be accessed at https://ibn.fm/HELP. The offering reflects investor confidence in the company's approach and its potential to deliver durable improvements in mental health through novel mechanisms.
