Tryp Therapeutics, Exopharm merger approved by shareholders

Clinical-stage psychedelic biotech, Tryp Therapeutics, Inc., has announced that its previously announced plan to merge with Exopharm Limited has received approval from Exopharm’s shareholders.

The arrangement, which is expected to close on or about May 1, has satisfied all conditions precedent, with the exception of the conditional approval from the Australian Securities Exchange, according to a news release. The combined entity will be called “Tryptamine Therapeutics Limited,” and will trade on the ASX under the ticker symbol “TYP” around May 15.

Tryp voluntarily requested a trading halt for its common shares on the Canadian Securities Exchange and the OTCQB Venture Market, effective April 29. When the deal closes, Tryp’s shares are expected to be delisted from the CSE and cease trading on the OTCQB.

Tryp Therapeutics has been focused on the developing its proprietary formulations of psilocin, the active metabolite of psilocybin, which are combined with psychotherapy in order to address certain diseases with unmet medical needs.

The company’s lead program, TRP-8803, is an IV-infused psilocin formulation designed to overcome certain limitations of oral psilocybin, such as reducing the time to onset of the psychedelic state and controlling the depth and duration of the experience.

The company recently completed a Phase 2a clinical trial for the treatment of binge eating disorder, which showed promising results with an average reduction in binge eating episodes of over 80%. Tryp also initiated a Phase 2a trial for fibromyalgia and is preparing to commence another Phase 2a trial for the treatment of abdominal pain and visceral tenderness in patients with irritable bowel syndrome.

With the shareholder approval of the merger, Tryp can continue advancing its pipeline of psychedelic-based therapies. The move is expected to provide the company with more visibility and access to a broader investor base.

According to annual 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 firm said its AU$2.4 million worth of funding last year, however, has help maintain the company’s research activities.

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