Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF), a pharmaceutical company focused on developing psilocybin-based compounds for diseases with unmet medical needs, has amended the terms of its non-brokered private placement previously announced on Feb. 4, 2022, and increased the maximum offering amount. According to the update, the company now proposes to complete a non-brokered private placement of common shares in the capital of the company for aggregate gross proceeds of up to $6,000,000. Each of the common shares are being offered at a purchase price of $0.20, which represents an approximately 33% premium to the closing market price on the CSE on Feb. 17, 2022. Tryp Therapeutics also announced that it has secured a lead order under the private placement from its co-founder, William J. Garner, M.D. for $4,000,000 (20,000,000 common shares). Under the revised terms, the parties have agreed to dispense with the previously announced investor rights agreement between the company and Dr. Garner as well as the requirement to reimburse Dr. Garner for certain expenses relating to the private placement. Tryp intends to utilize the proceeds of the private placement to advance its research and development programs and for general working capital purposes.
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About Tryp Therapeutics Inc.
Tryp Therapeutics is a pharmaceutical company focused on developing psilocybin-based compounds for the treatment of diseases with unmet medical needs. Tryp’s Psilocybin-for-Neuropsychiatric Disorders (“PFN”(TM)) program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of chronic pain and other indications. The company has announced upcoming phase 2a clinical trials with the University of Michigan and the University of Florida to evaluate its drug products for fibromyalgia and binge eating disorder, respectively. Tryp is also developing a proprietary psilocybin-based product, TRP-8803, that uses a novel formulation and route of administration to improve the patient experience. For more information about the company, visit www.TrypTherapeutics.com.
NOTE TO INVESTORS: The latest news and updates relating to TRYPF are available in the company’s newsroom at https://ibn.fm/TRYPF
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