Tryp Therapeutics Inc.

Tryp Therapeutics Appoints Dr. Joel Castellanos as Clinical Advisor

La Jolla, California--(Newsfile Corp. - February 11, 2021) - Tryp Therapeutics (CSE: TRYP) ("Tryp" or the "Company") a pharmaceutical company focused on identifying and developing clinical-stage compounds for diseases with high unmet medical needs, announced today it has executed an advisory agreement with Dr. Joel Castellanos, a noted chronic pain physician at UC San Diego Medical Center to join the company's Scientific Advisory Board. He will guide Tryp's clinical development of TRP-8802 for neuropathic pain indications. Dr. Castellanos is the lead author of, "Chronic pain and psychedelics: a review and proposed mechanism of action", which was published online in Regional Anesthesia & Pain Medicine on May 4, 2020.

"I'm eager to work with Tryp on their psilocybin program to treat neuropathic pain, a type of pain that originates in the nerve itself including phantom limb pain. These conditions are widespread and particularly challenging to treat with current drugs," said Dr. Castellanos. "It is clear that we are in need of significantly more effective and safe treatment options. Psychedelic drugs, used in conjunction with psychotherapy, are one of the most promising new therapies being studied for this condition."

"We are absolutely thrilled to begin working with Dr. Castellanos," stated Dr. Jim Kuo, Tryp's CEO. "Dr. Castellanos is a highly experienced clinician and leading scientist in studying psilocybin for neuropathic pain conditions, one of our two core areas."

About Dr. Joel Castellanos:

Dr. Joel Castellanos, MD, is a board-certified physical medicine and rehabilitation physician who is fellowship trained in pain medicine. Dr Castellanos is a member of the "Psychedelics and Health Research Initiative" at UC San Diego "PHRI", a collaborative endeavor cutting across multiple divisions and departments of UC San Diego.

Dr. Castellano is also an associate professor in the Department of Anesthesiology at UC San Diego School of Medicine, Dr. Castellanos instructs pain medicine fellows, as well as medical students, and residents in their pain rotations. Dr. Castellanos completed his fellowship in pain medicine at UC San Diego School of Medicine. He completed residency training in physical medicine and rehabilitation at University of Michigan Medical School, where he also completed a two-year program in healthcare administration. Dr. Castellanos earned his medical degree from University of Toledo College of Medicine in Ohio. He is board certified in physical medicine and rehabilitation and pain medicine.

Dr. Castellanos is an active member of numerous medical organizations including the American Academy of Pain Medicine, the American Academy of Physical Medicine and Rehabilitation, the International Association for the Study of Pain, and the North American Neuromodulation Society.

About Tryp Therapeutics:

Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and/or safety profiles for the treatment of rare diseases and other diseases with high unmet medical needs. Tryp's psilocybin-for-neuropsychiatric disorders, or PFN™, program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain neuropsychiatric-based disorders. Tryp's lead PFN™ drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the United States.

In addition to its PFN™ Program, Tryp is developing TRP-1001, an oral formulation of razoxane for the treatment of soft tissue sarcoma. Soft tissue sarcomas are a rare and diverse group of tumors that account for about 1% of all cancers in adults and 7% in children. Based on the prevalence of soft tissue sarcomas in the United States, Tryp believes it is a rare disease and that TRP-1001 should qualify for Orphan Drug status.

Contact:

For inquiries, please contact us at:

TRYP Investor Relations
T: 1-833-811-TRYP (8797)
E: investors@tryptherapeutics.com

Forward-Looking Information

Certain information in this news release, including statements relating to the anticipated closing date of the Placement, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Tryp as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Tryp's final prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Tryp; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and Tryp expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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