Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF), a pioneering clinical-stage biotechnology company focused on developing intravenous-infused psilocin (the active metabolite of psilocybin) for diseases with high unmet medical needs, announced that it has been granted a pivotal two-cent waiver by the Australian Securities Exchange (“ASX”). According to the announcement, the waiver was also granted to Exopharm Limited and is a “strategic move to foster a robust market for their combined market.” The company called the wavier a fundamental step in enhancing the market dynamics and financial framework of the merged company. As a result of the waiver and as essential components of the waiver, Tryp announced an amendment to its arrangement agreement with Exopharm Limited. “Under the revised terms, Exopharm will acquire all issued and outstanding common shares of Tryp, in exchange for 3.616 ordinary shares of Exopharm for each Tryp share, a change from the previously stated ratio of 4.52,” stated the company in the press release.
“Additionally, there will be a consolidation of Exopharm shares before completing the transaction, adjusting from a 2:1 to a 2.5:1 consolidation ratio. Pursuant to the arrangement agreement, holders of convertible securities of Tryp, including stock options, common share purchase warrants, secured convertible debentures and unsecured convertible notes will receive replacement securities of Exopharm having substantially similar economic terms in accordance with the rules of the ASX. Detailed information about this arrangement will be provided in a management information circular by Tryp, which will be prepared, filed and mailed to Tryp’s securityholders in anticipation of an annual and special meeting to consider the arrangement. It is crucial for all securityholders to review this circular once available, as it will contain important information pertinent to the arrangement and its implications.”
To view the full press release, visit https://ibn.fm/BrHqr
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 recently announced commencement of patient dosing in a phase 2a clinical trial for the treatment of fibromyalgia in collaboration with the University of Michigan and is preparing to initiate a phase 2a clinical trial in collaboration with Massachusetts General Hospital for the treatment of abdominal pain and visceral tenderness in patients suffering from irritable bowel syndrome. Each of the studies is 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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