Adam Jackson
Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) drew a synopsis of meaningful financial and research achievements in its annual report for the fiscal year 2023 ending Aug. 31, culminating in an agreement to be acquired by Exopharm Limited, an Australian Securities Exchange-listed company.
Throughout 2023, the biotechnology company, which focuses on psychedelic-assisted therapies, raised decent chunks of funding to support its research initiatives. In April, the company secured AU$2.4 million through a private placement of secured convertible debentures. Later in the year, it obtained additional funds through unsecured convertible debentures, totaling AU$175,000 in October and AU$3.2 million in November.
The acquisition by Exopharm Limited announced on Dec. 8 involves Exopharm acquiring all issued and outstanding common shares of Tryp. In exchange, Tryp shareholders will receive 4.52 Exopharm shares for each Tryp share they hold, valuing the deal at approximately $12.8 million.
The newly-combined company is expected to relist on the Australian Securities Exchange in the first quarter 2024. But first, the company the listing will require the company to raise AU$6 million under a public offering.
In the realm of research, Tryp has been leading investigations into the therapeutic potential of psychedelics for a while now. The company completed a Phase 2a clinical trial for binge eating disorders and initiated a similar trial for Fibromyalgia. It also received FDA approval to start a trial for irritable bowel syndrome, focusing on the use of psilocybin.
Tryp also filed several patents during the year to protect its IP. The patents are related to the treatment of gut-brain interaction disorders and the intravenous administration of psilocybin and psilocin.
The year also saw changes in Tryp’s executive team, including Jason Carroll’s appointment as CEO. Carroll was previously Managing Director of iNova Pharmaceuticals Philippines and has served various leadership roles at Johnson & Johnson and Bristol-Myers Squibb.
According to filings, Tryp reported no operating revenues and a C$5.27 million net loss for the year, versus C$7.49 million a year ago. The funding secured, however, has been essential in maintaining the company’s research activities.
Basic loss per share from continuing operations was C$0.05 compared to C$0.1 a year ago. Diluted loss per share from continuing operations was C$0.05 versus to C$0.1 a year ago.
Moving forward, Tryp plans to expand its operations in Australia, capitalizing on favorable research and development tax credits in the region. The company is also poised to continue its studies in psychedelic-assisted therapies, with several Phase 2 trials in progress.
