lucky, mydog
7 months ago
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Tryp Therapeutics Announces Private Placement of Unsecured Convertible Debentures for Gross Proceeds of up to AUD$175,000
KELOWNA, BC / ACCESSWIRE / October 4, 2023 / Tryp Therapeutics Inc. ("Tryp" or the "Company") (CSE:TRYP) announces that, further to its press release of August 3, 2023, Jason Carroll has commenced his role as Chief Executive Officer of the Company, effective October 1, 2023. Mr. Carroll is an Australian-based life sciences executive with 32 years of experience in the industry. As an initial matter, the Company's Board of Directors has tasked Mr. Carroll with exploring potential financing opportunities outside of North America, including in Australia.
In connection with his appointment as Chief Executive Officer, Mr. Carroll has also agreed to acquire AUD$175,000 aggregate principal amount of unsecured convertible debentures of the Company (the "Debentures") pursuant to a private placement (the "Private Placement").
In connection with the Private Placement, the Company has entered into an engagement agreement (the "Engagement Agreement") with Alto Capital Limited ("Alto"), to act as lead manager for the placement and to provide ongoing services related to capital markets activities.
The Debentures will be denominated in Australian Dollars, will have a term of 12 months (the "Maturity Date"), and will be interest free. The Debentures shall automatically convert into common shares in the capital of the Company (the "Common Shares") on the earlier of: (i) the Maturity Date, or (ii) the time the Company is completing a liquidity event. The price at which the Debentures will be converted into Common Shares will vary depending on various scenarios as set out in the debenture and at a conversion price fixed in accordance with CSE policies. The proceeds of the Private Placement will be used for general working capital purposes. Closing of the Private Placement is anticipated to occur on or about October 11, 2023, and is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE"). The Debentures and the underlying Common Shares will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. In accordance with the terms of the Engagement Agreement, Alto is entitled to a cash fee of up to 6% of proceeds raised under the Private Placement.
As previously reflected in the Company's public disclosure record, the Company amended (the "Warrant Amendment") the terms of Common Share purchase warrants (the "Warrants") issued to Company founder, William J. Garner, M.D., in April 2022. As originally contemplated, the Warrants expired on April 22, 2024, and had an exercise price of $0.20/share. As amended, the Warrants expire on April 22, 2027, and have an exercise price of $0.10/share.
Each of the Private Placement and the Warrant Amendment constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions("MI 61-101") as Mr. Carroll and Dr. Garner are related parties of the Company. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement and the Warrant Amendment as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transactions, insofar as they involved the related party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. A material change report will be filed in connection with the related party participation in the Private Placement less than 21 days in advance of closing of the Private Placement as approval of the Private Placement occurred less than 21 days prior to closing. The Private Placement was unanimously approved by the board of directors of the Company.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
Early Warning
In accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Dr. William Garner (100 Calle del Muelle, San Juan, Puerto Rico, USA 00901) will file an early warning report (the "Early Warning Report") regarding the Warrant Amendment.
Prior to the Private Placement and the Warrant Amendment, Dr. Garner beneficially owned or exercised control or direction over 38,420,000 Common Shares, 10,000,000 Warrants and AUD$1,200,000 of secured convertible debentures of the Company (the "Secured Debentures"), representing approximately 39.85% of the issued and outstanding Common Shares on an undiluted basis; and, assuming that only Dr. Garner's the Secured Debentures convert at a price of CDN$0.075/share, 47.44% of the issued and outstanding Common Shares on a partially diluted basis. Subsequent to the Private Placement and the Warrant Amendment, Dr. Garner beneficially owns or exercises control or direction over 38,420,000 Common Shares, 10,000,000 Warrants and an aggregate principal amount of AUD$1,200,000 of Secured Debentures, representing approximately 39.85% of the issued and outstanding Common Shares on an undiluted basis and, assuming that the Secured Debentures convert at a price of CDN$0.075/share, and that Dr. Garner exercised all of his Warrants and converted all of his Secured Debentures and no other holders of convertible securities exercised or converted any of their securities, 51.8% of the issued and outstanding Common Shares on a partially diluted basis
Dr. Garner intends to review his investment in the Company on a continuing basis and may purchase or sell securities of the Company, either on the open market or in private transactions, in each case, depending on a number of factors, including general market and economic conditions and other factors and conditions that Dr. Garner deems appropriate. A copy of the Early Warning Report for Dr. Garner will be filed on the Company's profile on SEDAR+ at www.sedarplus.ca. A copy may also be requested from the Company at the contact information noted below under the heading "Investor & Media Contact".
About Tryp Therapeutics:
Tryp Therapeutics is a clinical-stage biotechnology company focused on developing proprietary, novel formulations for the administration of psilocin in combination with psychotherapy to treat diseases with unmet medical needs. Tryp's lead program, TRP-8803, is a proprietary formulation of IV-infused psilocin (the active metabolite of psilocybin) that alleviates numerous shortcomings of oral psilocybin including: significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible timeframe. The Company has initiated a Phase 2a clinical trial for the treatment of Binge Eating Disorder at the University of Florida, where an interim analysis showed an average reduction in binge eating episodes of greater than 80%. The Company is also planning for Phase 2a clinical trials with the University of Michigan for the treatment of fibromyalgia and with Mass General Hospital for the treatment of abdominal pain related to irritable bowel syndrome. Each of the studies are utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate efficacy in these indications. Where a preliminary clinical benefit is demonstrated, subsequent studies are expected to utilize TRP-8803 (IV-infused psilocin), which has the potential to further improve efficacy, safety and patient experience. For more information, please visit www.tryptherapeutics.com.
Investor & Media Contact
Peter Molloy
Chief Business Officer
Tryp Therapeutics
pmolloy@tryptherapeutics.com
Forward-Looking Information
Certain information in this news release, including statements relating to the anticipated closing date of the Private Placement, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Tryp as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Tryp's final prospectus available at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Tryp; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and Tryp expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Tryp Therapeutics
49andretired
3 years ago
Tryp Therapeutics Announces Collaboration with Researchers at the University of Wisconsin-Madison
C.TRYP | 1 hour ago
Tryp has partnered with Paul Hutson, PharmD and Christopher Nicholas, PhD to advance the Company's proprietary, psilocybin-based drug product
San Diego, California--(Newsfile Corp. - October 7, 2021) - Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) ("Tryp" or the "Company"), a pharmaceutical company focused on developing psilocybin-based compounds for diseases with unmet medical needs, announced today a collaboration with Paul Hutson, PharmD and Christopher Nicholas, PhD to support clinical pharmacology studies for the Company's proprietary drug product, TRP-8803.
Dr. Hutson and Dr. Nicholas will serve as Investigators on a clinical pharmacology study to evaluate the safety and pharmacokinetics of TRP-8803 in healthy, volunteer patients. The completion of the studies will provide further regulatory support for TRP-8803 as well as insight into the pharmacokinetic profile of TRP-8803. TRP-8803 is expected to be used in Tryp's Phase 2b studies and eventual commercialization as the Company develops the product for chronic pain indications such as fibromyalgia and phantom limb pain, among other diseases.
Dr. Hutson is Professor of the Pharmacy Practice Division at the University of Wisconsin-Madison School of Pharmacy and brings years of experience assessing the therapeutic uses of psilocybin and other psychoactive medications to the partnership. Dr. Hutson has been prolific in evaluating blood exposure levels of psilocybin-based products in patients and the impact on patients as the Principal Investigator for a safety and dose escalation clinical trial for psilocybin performed at the University of Wisconsin-Madison. Dr. Hutson also serves as Director of the University of Wisconsin-Madison Transdisciplinary Center for Research in Psychoactive Substances in the University of Wisconsin School of Pharmacy.
Commenting on the collaboration, Dr. Hutson said, "I am excited to work with Tryp to assess the unique features of their proprietary drug product, TRP-8803. Psilocybin-based treatments have incredible clinical potential. Our collaboration will explore important safety and dosing considerations with the potential to create a best-in-class psychedelic therapy with significant benefits to patients across a wide range of indications."
Trained as a clinical psychologist and neuroscientist, Dr. Nicholas is Assistant Professor at the University of Wisconsin School of Medicine and Public Health where he serves as the Principal Investigator on a number of psilocybin clinical trials and mechanistic studies. With expertise in psychedelic-assisted therapy, he will provide guidance on study design, behavioral and biological outcome measures, and psychological support to ensure participants will successfully complete the pharmacology study. "I'm hopeful that TRP-8803 will not only be an effective treatment modality, but one that also improves access to care and scalability."
"We are fortunate to benefit from Dr. Hutson's and Dr. Nicholas's tremendous expertise in psilocybin-based treatments and their effects on patients," said Jim Gilligan, PhD, President and Chief Scientific Officer of Tryp Therapeutics. "TRP-8803 has the potential to set the standard in safety, control, and patient comfort for psilocybin-based therapies. We look forward to working with Dr. Hutson and Dr. Nicholas on this exciting endeavor."
About Tryp Therapeutics
Tryp Therapeutics is a pharmaceutical company focused on developing psilocybin-based compounds for the treatment of diseases with unmet medical needs through accelerated regulatory pathways. Tryp's Psilocybin-For-Neuropsychiatric Disorders (PFN™) program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of chronic pain and other indications. The Company has announced upcoming Phase 2a clinical trials with the University of Michigan and the University of Florida to evaluate its drug products for fibromyalgia and overeating disorders, respectively. Tryp is also developing a proprietary psilocybin-based product, TRP-8803, that uses a novel formulation and method of delivery to improve the patient experience. For more information, please visit www.tryptherapeutics.com.
Investor Inquiries:
Joseph Green
Edison Group
investors@tryptherapeutics.com
Media Inquiries:
Joy Willis
Tryp Therapeutics
media@tryptherapeutics.com
1-833-811-8797
vegasandre
3 years ago
Tryp Therapeutics Announces Phase 2a Clinical Trial for Fibromyalgia with the University of Michigan
The study is expected to be the world’s first Phase 2a clinical trial evaluating the efficacy of psilocybin and psychotherapy to treat fibromyalgia
San Diego, California – July 21, 2021 - Tryp Therapeutics (CSE:TRYP; OTCQB:TRYPF) (“Tryp”), a pharmaceutical company focused on developing psilocybin-based compounds for diseases with unmet medical needs through accelerated regulatory pathways, announced today its plans to conduct a Phase 2a clinical trial with the Chronic Pain & Fatigue Research Center in the Department of Anesthesiology at the University of Michigan Medical School.
The open-label Phase 2a clinical trial will evaluate the efficacy of TRYP-8802, an oral formulation of synthetic psilocybin, in tandem with psychotherapy for treating fibromyalgia. The treatment is designed to target nociplastic pain originating in the central nervous system through the neuroplasticity benefits of psilocybin. The Principal Investigator for the trial will be Kevin Boehnke, Ph.D., Research Investigator, University of Michigan Department of Anesthesiology. Tryp will seek to identify a response in patients to the treatment to inform the design of a Phase 2b clinical trial for fibromyalgia that will use the company’s proprietary, psilocybin-based drug product, TRP-8803, that includes a novel formulation and unique method of delivery.
“Existing treatment options for fibromyalgia are often ineffective and show significant side effects,” said Daniel Clauw, M.D., Director of the Chronic Pain & Fatigue Research Center. “Kevin Boehnke and I are excited to be working with the team at Tryp Therapeutics, who have shown exceptional scientific rigor in their approach to evaluate a new treatment paradigm for the millions of patients suffering from fibromyalgia and other pain-related indications.“
Fibromyalgia is a disease of the central nervous system that is estimated to affect as much as 2% to 8% of the population. The disease is characterized by widespread pain commonly accompanied by fatigue, memory problems, and sleep disturbances. With available treatment options often proving ineffective, nearly 30% of fibromyalgia patients alarmingly resort to opioid-based medications in an attempt to address symptoms of pain stemming from the disease. Tryp expects to submit the Investigational New Drug (IND) application to the FDA for the Phase 2a clinical trial in 3Q 2021.
“We are thrilled to collaborate with such forward-looking clinicians and scientists to develop additional treatment options for fibromyalgia,” commented Jim Gilligan, Ph.D., President and Chief Science Officer at Tryp Therapeutics. “The Chronic Pain & Fatigue Research Center at the University of Michigan brings incomparable experience with evaluating treatments for fibromyalgia and other chronic pain indications, and there is nothing more important to our collective team than creating therapies that will address the daily distress of these patients.”
vegasandre
3 years ago
Tryp Therapeutics Partners with the University of Michigan to Evaluate Proprietary Formulations
Tryp has also entered into an advisory agreement with George Mashour, M.D., Ph.D., who serves as Chair of the Department of Anesthesiology at the University of Michigan Medical School
San Diego, California--(Newsfile Corp. - July 7, 2021) - Tryp Therapeutics (CSE: TRYP) (OTCQB:TRYPF) ("Tryp"), a pharmaceutical company focused on developing psilocybin-based compounds for diseases with unmet medical needs through accelerated regulatory pathways, announced today an agreement with the University of Michigan to perform research related to Tryp's Psilocybin-for-Neuropsychiatric Disorders (PFNTM) program.
Tryp's collaboration with the University of Michigan is part of a series of upcoming bridging studies designed to expand Tryp's intellectual property portfolio for the company's novel TRP-8803 drug formulation compared with conventional oral formulations of synthetic psilocybin. This series of studies will also facilitate the advancement of TRP-8803 into Phase 2b clinical trials.
The studies performed with the Chronic Pain & Fatigue Research Center and the Center for Consciousness Science in the Department of Anesthesiology at the University of Michigan are designed to explore 1) the relationship between a psilocybin-induced increase in neurophysiological complexity and indices of pain in a preclinical model for chronic central pain, 2) the effect of alternative delivery methods of psilocybin on indices of pain and insular glutamate/GABA, and 3) PK analysis for blood samples from both oral and novel methods of delivery of psilocybin.
"We are excited to initiate our collaboration with the University of Michigan with critical research supporting the unique properties of our proprietary psilocybin formulation and method of delivery," said Jim Gilligan, Ph.D., President and Chief Science Officer of Tryp Therapeutics. "The University of Michigan has extensive expertise in the dosing and delivery of active pharmaceutical ingredients and world-class expertise in several pain related indications that are aligned with our interests. We expect this to be the first of many opportunities for collaboration with this prestigious academic institution."
Tryp has also entered into an advisory agreement with George Mashour, M.D., Ph.D. to advise the company on its initial clinical study design for TRP-8803. Dr. Mashour serves as Chair of the Department of Anesthesiology, Scientific Director of the Center for Consciousness Science, and as the Robert B. Sweet Professor of Anesthesiology at the University of Michigan Medical School. Dr. Mashour is an internationally recognized expert on the neurobiology of consciousness and general anesthesia. He has authored more than 200 publications and has been the lead editor of five textbooks on anesthesiology and neuroscience. He currently serves as the principal investigator of several major NIH grants in the field of neuroscience, academic anesthesiology, and translational science.
"As a physician-scientist, I am truly excited to participate in this leading edge, neurobiological research," commented Dr. Mashour. "I have been impressed with the scientific rigor and innovation from the team at Tryp as well as their collaborative spirit. I look forward to making great strides together toward addressing unmet patient needs in a wide range of indications. The Chronic Pain & Fatigue Research Center, led by Dr. Dan Clauw, will be an ideal partner to investigate these compounds in pain medicine."
About Tryp Therapeutics
Tryp Therapeutics is a pharmaceutical company focused on developing psilocybin-based compounds for the treatment of diseases with unmet medical needs through accelerated regulatory pathways. Tryp's Psilocybin-For-Neuropsychiatric Disorders (PFN™) program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain chronic pain and eating disorder indications. Tryp's lead PFN™ drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the United States. The company is also preparing to initiate a Phase 2a clinical study for eating disorders in partnership with Jennifer Miller, M.D. at the University of Florida.
Contact Us At:
T: 1-833-811-8797 (TRYP)
E: investors@tryptherapeutics.com
W: www.tryptherapeutics.com
vegasandre
3 years ago
NEWS-Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) Brings Best-in-Class Team to Psychedelics Development
Tryp Therapeutics Inc.
Fri, May 21, 2021, 5:30 AM
TRYPF
+0.68%
NEW YORK, May 21, 2021 (GLOBE NEWSWIRE) -- NetworkNewsAudio – Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) announces the availability of a broadcast titled, “Wall Street Unicorns in Process of Changing the Healthcare Landscape.”
To hear the AudioPressRelease, please visit: The NetworkNewsAudio News Podcast
To view the full editorial, please visit: https://nnw.fm/QOAcO
Most people may not recognize some of the medical terms for psychedelics, but nearly all know their street names, including magic mushrooms, ecstasy, Molly and LSD. Over decades, people have been conditioned to the stigma of these illicit substances, instigated and promoted by the Controlled Substances Act. However, the negative stigma is being lifted and being replaced by a growing body of scientific clinical evidence that strongly suggests psychedelics may well become one of the greatest advancements in mental health and neuropsychiatric disease in decades. . . .
Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) offers a best-in-class, drug development team capable of taking compounds from early stage and advancing them through the rigors of clinical development to commercialization. This team of executives and advisors cannot go understated as it’s made up of deep experience and key leadership positions throughout, including large pharma, emerging pharma, drug approvals, psychedelics and capital markets.
About Tryp Therapeutics Inc.
Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and safety profiles for the treatment of rare and other diseases with unmet medical needs. Tryp’s psilocybin-for-neuropsychiatric disorders, or PFN(TM) (“PFN”), program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain neuropsychiatric-based disorders. Tryp’s lead PFN drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than five million people in the United States. The company is also preparing to initiate a phase 2a clinical study for eating disorders in partnership with the Dr. Jennifer Miller at the University of Florida. In addition to its PFN program, Tryp is developing TRP-1001, an oral formulation of razoxane for the treatment of soft-tissue sarcoma. Soft-tissue sarcomas are a rare and diverse group of tumors that account for about 1% of all cancers in adults and 7% in children. Based on the prevalence of soft-tissue sarcomas in the United States, Tryp believes it is a rare disease and that TRP-1001 should qualify for orphan drug status.
For more information about the company, please visit www.TrypTherapeutics.com.
vegasandre
3 years ago
$TRYP ANNOUNCES KEY MILESTONES FOR 2021:
https://tryptherapeutics.com/news-releases/tryp-therapeutics-reports-on-key-milestones-for-2021/
GET IN BEFORE EVERYONE HEARS ABOUT THEM...
San Diego, California – April 20, 2021 - Tryp Therapeutics Inc. (CSE: TRYP, OTCQB: TRYPF) ("Tryp" or the "Company"), a pharmaceutical company focused on developing clinical-stage compounds for diseases with unmet medical needs, reported today on the Company’s significant progress since successfully completing its Initial Public Offering in December 2020.
Tryp is advancing two drug development platforms: Psilocybin-for-Neuropsychiatric Disorders (PFNTM) targeting chronic pain and eating disorders; and razoxane for soft tissue sarcomas. Both platforms are based on chemistries with known safety profiles allowing Tryp to advance directly into Phase 2 clinical trials.
Tryp’s PFNTM program is part of a wave of research and development activities in the pharmaceutical industry over the past few years exploring the medical benefits of psychedelic compounds through regulated, clinical development. The Company expects the administration of psilocybin-based compounds by medical professionals with accompanying psychotherapy to provide a safe and effective treatment option for conditions lacking effective alternatives including fibromyalgia, complex regional pain syndrome, phantom limb pain, and a variety of eating disorders.
A selection of Tryp’s achievements in 2021 include the following:
Expanding the Company’s roster of world class scientific advisors. Tryp appointed Robin Carhart-Harris, Ph.D., as a member of its Scientific Advisory Board in February 2021. Dr. Carhart-Harris is the foremost global expert in the administration of psychedelic compounds for medical indications and is the Head of the Centre for Psychedelic Research in the Department of Brain Sciences at Imperial College London. Tryp also appointed Joel Castellanos, M.D., as a member of its Scientific Advisory Board in February 2021. Dr. Castellanos is a leading chronic pain researcher and physician at UC San Diego Medical Center and is the lead author of a breakthrough publication detailing the mechanism of action for the use of psychedelics for chronic pain. William Schmidt, Ph.D. joined Tryp’s Scientific Advisory Board in January 2021 and brings a wealth of expertise related to the development of drugs for pain indications.
Hiring additional members of the Company’s executive team. Tryp appointed Greg McKee as Chairman and Chief Executive Officer in April 2021. Mr. McKee brings significant prior experience as CEO of publicly traded drug development companies to the role and had been serving as Executive Chairman of the Board of Directors of the Company since February 2021. The Company also appointed Luke Hayes as Chief Financial Officer in March 2021. Mr. Hayes has more than 20 years of experience in life sciences in finance, investment, business development, and technology transfer positions to help lead the company through this next growth phase.
Initiating collaboration for clinical trial activity. Tryp announced in February 2021 a collaboration with Jennifer Miller, M.D. of the University of Florida as the Principal Investigator for a Phase 2a clinical trial to treat the symptoms associated with certain eating disorders using the Company’s psilocybin product.
Advancing the Company’s manufacturing capabilities for synthetic psilocybin. Tryp partnered with Albany Molecular Research, Inc. (“AMRI”) for the manufacturing of the Company’s synthetic psilocybin using proprietary methods and announced a key milestone in February 2021 that AMRI had initiated the process of manufacturing a 200 g non-GMP demonstration batch of psilocybin.
Expanding the Company’s intellectual property portfolio. Tryp filed a new provisional patent in March 2021 describing novel methods for improving the formulation, delivery, and dosing of psychedelic compounds.
Increasing funding for the Company with a strategic investor. Tryp announced in February 2021 the completion of a $2 million private placement led by Marc Lustig, Founder and former Chairman of Origin House, acquired by Cresco Labs in 2020.
Expanded access for purchasing the Company’s shares. Shares of Tryp began trading on the OTCQB and became DTC eligible in April 2021, expanding access for purchasing shares of the company to millions of prospective investors in the United States.
As the Company looks ahead to additional milestones for 2021, it expects to achieve the following:
The initiation of at least two Phase 2a clinical trials, placing Tryp in a rare class of psychedelic drug development companies with active Phase 2 clinical trials.
The announcement of several new clinical research collaborations with leading academic research institutes.
The successful manufacturing and formulation of GMP synthetic psilocybin using Tryp’s proprietary methods.
The filing of additional intellectual property applications.
Commenting on Tryp’s progress in 2021, Chairman and CEO Greg McKee said, “It has been a dynamic few months for Tryp since our IPO, and is only the start of a highly productive year for the Company as we move our primary compounds into the clinic.”
About Tryp Therapeutics:
Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and safety profiles for the treatment of rare and other diseases with unmet medical needs. Tryp's psilocybin-for-neuropsychiatric disorders, or PFN™, program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain neuropsychiatric-based disorders. Tryp's lead PFN™ drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the United States. The Company is also preparing to initiate a Phase 2a clinical study for eating disorders in partnership with the Dr. Jennifer Miller at the University of Florida.
In addition to its PFN™ Program, Tryp is developing TRP-1001, an oral formulation of razoxane for the treatment of soft tissue sarcoma. Soft tissue sarcomas are a rare and diverse group of tumors that account for about 1% of all cancers in adults and 7% in children. Based on the prevalence of soft tissue sarcomas in the United States, Tryp believes it is a rare disease and that TRP-1001 should qualify for Orphan Drug status.
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