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 announced a private placement of unsecured convertible notes. The placement is for of up to AUD$3 million and includes the ability to accept oversubscriptions of up to AUD$0.3 million. According to the announcement, the notes, which will be in Australian dollars, will have a 12-month term and will be interest free. They will convert into common shares of the company on the maturity date or at the time the company completes a liquidity event. Tryp is planning to use the funds from the placement, which is projected to close on or about Nov. 9, 2023, for general working capital purposes. “It is currently expected that one or more directors or officers of the company will participate in the private placement, acquiring notes on the same basis as other subscribers,” the press release stated. “In addition, a director is entitled to receive certain fees from Alto Capital in connection with the private placement and the transactions contemplated in the engagement agreement.
The company also announces that it has granted an aggregate of 10,463,548 incentive stock options to certain of the company’s officers and directors. The options are subject to vesting provisions, have an exercise price set in accordance with the policies of the CSE and expire in 2028.”
To view the full press release, visit https://ibn.fm/OlAXK
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 Massachusetts General Hospital for the treatment of abdominal pain related to irritable bowel syndrome. An IND for both of these trials has been cleared to proceed by the FDA. Each of the studies are utilizing TRP-8802 (synthetic oral psilocybin) to demonstrate clinical benefit 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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