April 27 2023

Kelowna, Canada – 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. Westar Capital Limited (“Westar”) acted as lead manager for the Private Placement in
accordance with the terms of an engagement letter between Westar and the Company (the “Engagement Agreement”).

The proceeds of the Private Placement will be used to advance Tryp’s research and development programs and for general working capital purposes.

Closing of the Private Placement is subject to final approval by the Canadian Securities Exchange (the “CSE”). The securities issued in the Private Placement, including the Common Shares issuable on conversion of the Debentures, will be subject to a hold period of four months and one day from the closing date of the Private Placement in accordance with applicable securities laws.

The Private Placement constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as a director of the Company has participated in the Private Placement, acquiring aggregate principal amount of AUD$100,000 of Debentures on the same basis as other subscribers. 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. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. A material change report will be filed in connection with the related party participation in the Private Placement less than 21 days in advance of closing of the Private Placement as approval of the Private Placement occurred less than 21 days prior to closing. The Private Placement was approved by the board of directors of the Company, with the director participating in the Private Placement abstaining from the vote in respect thereof.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. {04153376;1} persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

Early Warning

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Dr. William Garner (100 Calle del Muelle, San Juan, Puerto Rico, USA 00901) will file an early warning report (the “Early Warning Report”) regarding the change in his ownership and control of securities of the Company.

Prior to the acquisition of Common Shares, Dr. Garner beneficially owned or exercised control or direction over 38,420,000 Common Shares and 10,000,000 Warrants, representing approximately 39.85% and 50.22% of the issued and outstanding Common Shares on an undiluted and partially diluted basis, respectively. Dr. Garner acquired an aggregate principal amount of AUD$1,200,000 of Debentures under the Private Placement. Subsequent to the closing of the Private Placement, Dr. Garner beneficially owns or exercises control or direction over 38,420,000 Common Shares, 10,000,000 Warrants and an aggregate principal amount of AUD$1,200,000 of Debentures, representing approximately 39.85% of the issued and outstanding Common Shares on an undiluted basis and, assuming that the Debentures convert at a price of CDN$0.09/share, 64.05% of the issued and outstanding Common Shares on a partially diluted basis assuming that Dr. Garner exercised all of his Warrants and converted all of his Debentures and no otherholders of convertible securities exercised or converted any of their securities.

Dr. Garner intends to review his investment in the Company on a continuing basis and may purchase or sell securities of the Company, either on the open market or in private transactions, in each case, depending on a number of factors, including general market and economic conditions and other factors and conditions that Dr. Garner deems appropriate. A copy of the Early Warning Report for Dr. Garner will be filed on the Company’s profile on SEDAR at www.sedar.com. A copy may also be requested from the Company at the contact information noted below under the heading “Investor & Media Contact”.

About Tryp Therapeutics:

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 initiated a Phase 2a clinical trial for the treatment of Binge Eating Disorder at the University of Florida, where an interim analysis showed an average reduction in binge eating episodes of greater than 80%. The Company is also planning for Phase 2a clinical trials with the University of Michigan for the treatment of fibromyalgia and with Mass General Hospital for the treatment of abdominal pain related to irritable bowel syndrome. Each of the studies are utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate efficacy in these indications. 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. For more information, please visit www.tryptherapeutics.com.

Investor & Media Contact

Peter Molloy
Chief Business Officer
Tryp Therapeutics
pmolloy@tryptherapeutics.com

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