Ensysce Biosciences completes Cy Biopharma acquisition

The transaction brought in $17.1 million of Cy Biopharma cash from a pre-acquisition convertible note financing.

Ensysce also announced a concurrent private placement of Series C non-voting convertible preferred stock targeting $21.5 million in gross proceeds at the initial close. The financing includes up to a $38.6 million follow-on tranche tied to a clinical trial milestone, and is expected to fund development into 2028.

Ensysce Biosciences completed the acquisition of privately held Cy Biopharma, adding the clinical-stage neuroplastogenic candidate CY200 for complex regional pain syndrome.

CY200 holds U.S. FDA Orphan Drug Designation for CRPS, with funding aimed at Phase 2 topline data and registrational preparation.