Tryp Therapeutics Announces Closing of Oversubscribed Private Placement of Unsecured Convertible Notes for Gross Proceeds of AUD$3,215,000
Summary
KELOWNA, BC / ACCESSWIRE / November 20, 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 "PrivatePlacement") of unsecured convertible notes (the "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. In addition, a director is entitled to receive certain fees from Alto Capital in connection with the Private Placement and the transactions contemplated in the Engagement Agreement. 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 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. Statements containing forward-looking information are not historical facts but instead represent managements expectations, estimates and projections regarding future events.
Funding
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