TORONTO–(BUSINESS WIRE)–Cybin Corp. (the “Company or “Cybin”), a life sciences
company advancing psychedelic pharmaceuticals, is pleased to announce that Mr. Doug
Drysdale has been appointed as Chief Executive Officer.
Doug has more than 30 years of experience in the health care sector. As a skillful
corporate director, in early 2014, Doug led the recapitalization of a NASDAQ-listed
pharmaceutical company, raising $65 million. Within the first year of taking the helm
as Chairman and CEO, Doug rebuilt the management team and board of directors, and
built a 220-person sales team, complete with supporting functions (marketing, sales
training, sales operations, and analytics). His efforts grew the company’s enterprise
value exponentially from $80 million to around $800 million. Under Doug’s leadership,
the pharmaceutical company raised $465 million of capital.
Earlier in his career, Doug served as Head of M&A at Actavis Group, leading 15
corporate acquisitions across three continents, between 2004 and 2008, including a
high-profile public hostile takeover attempt in Central Eastern Europe. Over this
period, Doug raised approximately $3 billion of capital and managed lending
syndicates, including over 25 banks, to fund its growth. Actavis was sold to Watson
Pharmaceuticals in 2012 for €4.25 billion.
“With his myriad business accomplishments, Doug is the ideal leader for Cybin,” said
Paul Glavine Cybin’s Co-founder and Chief Operating Officer. “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.”
“I am beyond excited to be joining the Cybin team,” said Doug 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 Cybin to additionally explore cost-effective and timely array of
health care alternatives. We will continue to organically grow our IP portfolio and
shall be looking to add to our IP through accretive acquisitions. 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 across the globe. 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.”(1)
“I am pleased to work with a pharmaceutical professional with such extensive business
acumen and a deep understanding of product development,” said Jukka Karjalainen,
Chief Medical Officer for Cybin Corp.
In 2008, Doug teamed up with investors to lead the turnaround of Norwich
Pharmaceuticals and became the Founding CEO of its parent company, Alvogen Group.
During his five-and-a-half-year tenure as CEO, he transformed Norwich’s manufacturing
from a two-product facility to over 25 products. Doug built extensive R&D
Cybin is a biotechnology company focused on progressing psychedelics therapeutics.