Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) is a clinical-stage biotechnology company focused on developing intravenous-infused psilocin (the active metabolite of psilocybin) for diseases with high unmet medical needs. The company today announced that it has closed its private placement of unsecured convertible notes for aggregate gross proceeds of AUD$3,215,000, which represents an oversubscription of AUD$215,000 above its previously announced minimum placement of AUD$3,000,000. Recently appointed Chief Executive Officer Jason Carroll participated in the private placement with an investment of AUD$325,000. Tryp will utilize the proceeds to advance its research and development programs and for general working capital purposes. “The Tryp Therapeutics team is delighted to announce this successful funding round, a testament to the confidence our investors have in Tryp’s vision and capability,” Carroll said of the private placement. “This investment is a vital step that will enable our team to accelerate the progress of our clinical programs for the ultimate benefit of patients.”
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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 completed a phase 2a clinical trial for the treatment of binge eating disorder at the University of Florida, which demonstrated an average reduction in binge eating episodes of greater than 80%. The company has also started a phase 2a clinical trial with the University of Michigan for the treatment of fibromyalgia and is preparing to initiate a phase 2a clinical trial (IND has been cleared to proceed) with Massachusetts General Hospital for the treatment of abdominal pain and visceral tenderness in patients suffering from IBS. Each of the studies are utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate clinical benefit in these indications. Where a positive clinical response has been 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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