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 signed a definitive agreement with Exopharm Limited ACN 163 765 991. The agreement, signed last week, outlines plans for Exopharm to acquire all issued and outstanding common shares in the capital of Tryp; specifically, the agreement calls for the issuance of 4.52 ordinary shares in the capital of Exopharm for each one Tryp share. The agreement notes that the purchase price per share, which is C$0.08, represents a 78% premium to the closing price of $0.045 and a 112% premium to the 20-day volume weighted price of $0.0378 per Tryp share on the day the agreement was signed, which was Dec. 8, 2023. According to the announcement, both Tryp Therapeutics board and a special committee have unanimously recommended that Tryp securityholders vote in favor of the arrangement. The agreement calls for the majority of the directors of the combined entity to be appointed by Tryp, with Tryp’s clinical programs and development strategy remaining as the foundation of the combined entity. It is anticipated that the combined entity will relist on the Australian Securities Exchange in Q1 2024. The announcement noted that the agreement is subject to several conditions, including approval of Exopharm shareholders and raising a minimum of A$6 million under a public offering. “Joining forces with Exopharm heralds a new era for Tryp, where we expect our combined strength and shared vision to elevate us to the prominent platform of the ASX,” said Tryp Therapeutics CEO Jason Carroll in the press release. “With enhanced access to capital and the evolving landscape of the Therapeutic Goods Administration (‘TGA’) regulations in Australia for select psychedelics, we see even more paths forward to innovate and grow. I am thrilled to emphasize that our ongoing clinical commitments and our TRP-8803 R&D program remain unchanged and will be pursued with the same vigor and dedication. It is not expected that Exopharm’s current R&D program will be pursued following completion of the transaction. With this merger, we’re even better positioned to serve our stakeholders.”
To view the full release, visit https://ibn.fm/hO0Gs
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, 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 related to irritable bowel syndrome 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 benefit 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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