Ensysce acquires Cy Biopharma and up to $77M private financing for CRPS drug

Ensysce Biosciences, Inc.

Acquisition of Cy Biopharma includes clinical-stage neuroplastogenic therapy CY200 for CRPS with FDA Orphan Drug Designation.
Up to $77M financing: $21.5M initial private placement, $17.1M from Cy Biopharma cash, plus $38.6M milestone tranche.
Pro forma cash expected to fund CY200 through Phase 2 proof-of-concept and into registrational development.
James Morrison, Cy Biopharma CEO, becomes President of Ensysce and joins Board of Directors.
Post-acquisition ownership: Cy Biopharma holders ~74.94%, Ensysce ~7.57%, new investors ~17.49%; combined equity value ~$122.9M.

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