Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) announced the closing of its underwritten public offering of 10,309,280 common shares at US$4.85 per share, generating gross proceeds of approximately US$50 million. Cantor and Barclays served as joint bookrunning managers, with Bloom Burton Securities and Lucid Capital Markets acting as lead managers. The company paid underwriters a cash commission of US$3 million in connection with the offering.
The company plans to use net proceeds to advance its clinical pipeline, including HLP003 for major depressive disorder, with Phase 3 APPROACH data expected in the fourth quarter of 2026, as well as HLP004 for generalized anxiety disorder and HLP005, while also supporting working capital and general corporate purposes. Helus Pharma is the commercial operating name of Cybin Inc., a clinical stage pharmaceutical company founded in 2019 that develops proprietary novel serotonergic agonists (NSAs) designed to activate serotonin pathways believed to promote neuroplasticity.
Helus Pharma's lead candidate, HLP003, is in Phase 3 clinical development for the adjunctive treatment of major depressive disorder and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. HLP004 is in Phase 2 for generalized anxiety disorder. The company also has an extensive research portfolio of investigational NSAs. The company operates in Canada, the United States, the United Kingdom, and Ireland.
For business leaders, this capital raise underscores investor confidence in psychedelic-inspired therapeutics for mental health, a sector with significant unmet need. Major depressive disorder affects millions globally, and current treatments often have limited efficacy or side effects. Helus Pharma's NSAs aim to provide durable improvements by promoting neuroplasticity, potentially reshaping treatment paradigms. The Phase 3 data for HLP003, expected in late 2026, could be a pivotal catalyst for the company and the industry.
The offering also highlights the role of major financial institutions like Cantor and Barclays in backing biotech innovation, signaling that Wall Street sees value in novel mental health treatments. For the broader technology and AI news audience, the intersection of neuroscience and drug development – often leveraging AI for molecular design – is a growing trend. Helus Pharma's approach, while not explicitly AI-driven, fits into a landscape where computational methods increasingly accelerate drug discovery.
Investors should note that the offering closed with a 10.3 million share overhang, which could impact stock liquidity. However, the $50 million infusion provides a runway through key clinical milestones. For more details, see the full press release at https://ibn.fm/bSYLT. Company updates are available at www.helus.com.
