Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) announced the closing of its previously announced underwritten public offering of 10,309,280 common shares at a price of US$4.85 per share, generating gross proceeds of approximately US$50 million. Cantor and Barclays served as joint bookrunning managers for the offering, with Bloom Burton Securities and Lucid Capital Markets acting as lead managers.
The company said it plans to use the 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 paid the underwriters a cash commission of US$3 million in connection with the offering.
This capital raise is a significant milestone for Helus Pharma as it seeks to develop proprietary novel serotonergic agonists (NSAs) designed to activate serotonin pathways believed to promote neuroplasticity. The company’s lead candidate, HLP003, has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for the adjunctive treatment of major depressive disorder. The upcoming Phase 3 APPROACH data will be a critical catalyst for the company and the field of psychedelic-inspired therapeutics.
Helus Pharma, the commercial operating name of Cybin Inc., is a clinical stage pharmaceutical company founded in 2019. The company operates in Canada, the United States, the United Kingdom and Ireland. For further details, the full press release is available at https://ibn.fm/bSYLT.
The offering underscores continued investor interest in mental health therapeutics, particularly those targeting large unmet needs. With a focus on depression and anxiety, Helus Pharma aims to provide durable improvements in mental health through its proprietary NSAs. The company's pipeline also includes HLP004 in Phase 2 for generalized anxiety disorder and an extensive research portfolio of investigational NSAs.
The completion of this offering strengthens Helus Pharma's balance sheet and provides runway to advance its clinical programs. Investors and industry observers will be watching for the APPROACH trial results, which could significantly impact the treatment landscape for major depressive disorder. For the latest news and updates on Helus Pharma, visit the company's newsroom at https://ibn.fm/HELP.
