Biopharma company opens downtown St. Pete hub

Publicly traded biopharmaceutical company Cybin, known for developing drugs for mental health patients, has opened a global hub in St. Petersburg.

Toronto, Canada-based Cybin (NYSE American: CYBN) leverages decades of human psychedelic research to create therapeutics that benefit patients and providers. Cybin’s active drug programs target major depressive disorder, alcohol use disorder, anxiety disorders and neuroinflammation.

Cybin’s local site is in the First Central Tower building at 360 Central Ave. in downtown St. Petersburg. The St. Pete site will serve as a place to host global meetings and operate as a think tank for advancements in psychedelic-based treatments, according to the St. Petersburg Area Economic Development Corporation, which assisted the company. 

Cybin has a strong research and development pipeline of more than 50 novel psychedelic-based molecules and has developed develop widely used drugs such as Allegra, Sabril, Anzemet, Vaniqa, Zyprexa, Cymbalta, Neupro and Vimpat. 

Since 2019, the company has raised more than $120 million CAD (Canadian currency) to advance Cybin’s merger and acquisition strategy and clinical trials.

“Cybin brings together industry experts from the business and science community working together to potentially bring revolutionary treatments to the mental health care landscape,” Cybin’s Chief Research and Development Officer Dr. Michael Palfreyman said in a post from the EDC. “We looked for a place that our employees and partners would want to go to and could easily access a community with an innovation mindset. St. Petersburg ticked all the boxes as an attractive place to live, work, and visit, and that is easily accessible from all over the world.”