Tryp Therapeutics Announces Closing of Oversubscribed Private Placement of Secured Convertible Deben
Summary
KELOWNA, BC / ACCESSWIRE / April 27, 2023 / Tryp Therapeutics Inc. ("Tryp" or the "Company") (CSE:TRYP), a clinical-stage biotechnology company focused on developing intravenous-infused psilocin (the active metabolite of psilocybin) for diseases with high unmet medical needs,is pleased to announce that it has closed its previously announced private placement (the "Private Placement") of secured convertible debentures (the "Debentures") for aggregate gross proceeds of AUD$2,400,000 which represents an oversubscription of AUD$400,000 above its previously announced minimum placement of AUD$2,000,000. In addition, this same director is entitled to receive certain fees from Westar in connection with the Private Placement and the transactions contemplated in the Engagement Agreement. 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. Tryps 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. 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.