TRYP THRAPEUTICS INC - TRYPF STOCK NEWS

Tryp Therapeutics has successfully closed a private placement of secured convertible debentures, raising AUD$2,400,000, exceeding its minimum target by AUD$400,000. The funds will be used to enhance research and development efforts and for general working capital. The placement is subject to approval by the Canadian Securities Exchange, and the securities will have a hold period of four months post-closing. Notably, a director has participated in the placement, acquiring AUD$100,000 of debentures, which is considered a related party transaction. Dr. William Garner, a significant shareholder, acquired AUD$1,200,000 in debentures, which could increase his effective ownership to approximately 64.05% of the company on a partially diluted basis. Tryp is advancing its clinical trials for Binge Eating Disorder and other conditions, utilizing its innovative IV-infused psilocin formulation.

Tryp Therapeutics (CSE:TRYP)(OTCQB:TRYPF) has completed training for psychotherapists in preparation for its Phase 2a clinical trial of psilocybin-assisted psychotherapy aimed at treating patients with Irritable Bowel Syndrome (IBS). This trial, conducted at Massachusetts General Hospital, will assess the therapy's efficacy in alleviating chronic abdominal pain in treatment-resistant IBS patients. Key efficacy endpoints include changes in abdominal pain and brain connectivity over multiple time points. The trial is a collaborative effort with esteemed institutions, underscoring the innovative approach to addressing gut-brain interaction disorders.

Tryp Therapeutics reported promising interim results from its Phase II STOP trial on TRP-8802 for treating Binge Eating Disorder (BED). The analysis showed an average reduction of 80.4% in binge eating episodes across five patients, with all participants experiencing at least a 60% reduction. Improvements were noted in anxiety and depression scores. The treatment was well tolerated with no adverse events reported. CEO Jim Gilligan expressed optimism for future studies utilizing TRP-8803, an IV formulation of psilocin, enhancing efficacy and safety.

Tryp Therapeutics has signed a letter of intent with Massachusetts General Hospital to conduct a Phase 2a clinical trial assessing psilocybin-assisted psychotherapy for treating Irritable Bowel Syndrome (IBS). IBS affects 4-5% of the population, and current treatments have low satisfaction rates. The trial aims to improve abdominal pain in treatment-resistant patients. Tryp's IV-infused psilocin formulation, TRP-8803, promises advantages over oral psilocybin. The IBS treatment market is projected to reach $4.7 billion by 2030.

Tryp Therapeutics (CSE: TRYP, OTCQB: TRYPF) will participate in the 41st Annual J.P. Morgan Health Care Conference from January 8-11, 2023, in San Francisco. The company will present at the Biotech Showcase on January 9 at 11:00am PST, focusing on its innovative development of intravenous-infused psilocin for high unmet medical needs. CEO Jim Gilligan and CBO Peter Molloy will also be available for investor meetings. Its lead program, TRP-8803, aims to enhance the therapeutic experience for patients with conditions like Binge Eating Disorder and fibromyalgia.

Tryp Therapeutics (CSE: TRYP, OTCQB: TRYPF) announced corporate highlights from 2022 and filed audited financial statements for the fiscal year ending August 31, 2022. Key developments include the publication of a PCT patent application for intravenous psilocybin administration, several provisional patents for treating binge eating disorder and fibromyalgia, and the initiation of enrollment in a Phase 2a trial for binge eating disorder. The FDA has approved the IND application for the fibromyalgia study, expected to begin in H1 2023. The company appointed new executives to strengthen its leadership.