Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF), a clinical-stage biotechnology company focused on developing intravenous-infused psilocin (the active metabolite of psilocybin) for diseases with high unmet medical needs, has closed on a private placement of secured convertible debentures. According to the company, the private placement resulted in gross proceeds of AUD$2.4 million, which represents an oversubscription of AUD$400,000 above its previously announced minimum placement of AUD$2,000,000. The announcement noted that Westar Capital Limited acted as lead manager for the private placement. The company anticipates using the funds from the placement to advance its research and development programs and for general working capital purposes. The announcement also specified that the closing of the private placement is dependent on Canadian Securities Exchange approval and that the issued securities will be subject to a four-month-plus-one-day hold period in accordance with applicable laws.
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About Tryp Therapeutics Inc.
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 about the company, please visit www.TrypTherapeutics.com.
NOTE TO INVESTORS: The latest news and updates relating to TRYPF are available in the company’s newsroom at https://ibn.fm/TRYPF
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