Twitter Facebook LinkedIn YouTube

New Listing: Tryp Therapeutics Inc. (CSE:TRYP)

Video Platform Video Management Video Solutions Video Player

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.

Additional Information:

Company: Tryp Therapeutics Inc.
Website: http://www.TrypTherapeutics.com
Stock Symbol: CSE: TRYP
Date Published: Dec 18, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Tryp Therapeutics Inc. is one of the latest new listings on the Canadian Securities Exchange, trading under the symbol “TRYP”, following the closing of its Initial Public Offering.

The company raised gross proceeds of approximately $5 million from the placement of 20,010,000 units, including an overallotment of 2,610,000 units.

The units were priced at $0.25 per unit, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable at $0.50 for 12 months, subject to an acceleration clause.

Canaccord Genuity acted as sole agent for the offering.

The shares are trading at $0.75.

James Kuo, MD, CEO stated, "Trading on the CSE is a significant milestone in Tryp's mission to transform the treatment of neuropsychiatric diseases with safe and effective psychedelic medicines. All of the drugs within our portfolio have well characterized safety profiles including our drug candidate for soft tissue sarcoma, which has been in multiple phase 2 clinical trials. We are looking forward to utilizing the experience and dedication of our management team to build a strong, innovative, clinical stage biotech company.”

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.

The American Cancer Society estimates that in 2020 there will be 13,000 new cases of soft tissue sarcoma and 5,000 soft tissue sarcoma deaths in the US.

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.

For more information, please visit the company’s website www.TrypTherapeutics.com, contact James Kuo, MD, CEO, at JKuo@TrypTherapeutics.com.

For investor relations, call 833-811-8797 or email investors@TrypTherapeutics.com.

I’m Cassandra Bolinski for Investmentpitch Media