TRYPF - TRYP THERAPEUTICS INC. ANNOUNCES CLOSING OF THIRD TRANCHE OF PRIVATE PLACEMENT

Canada NewsWire

SAN DIEGO , July 8, 2022 /CNW/ -- Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) (" Tryp " or the " Company "), a clinical-stage biotechnology company focused on developing psilocybin-based compounds for diseases with unmet medical needs, announces that it has completed a third tranche of its private placement (the " Private Placement ") previously announced on February 4, 2022 , February 17, 2022 and April 22, 2022 for aggregate gross proceeds of $150,000 through the issuance of 1,000,000 Units of the Company (the " Units ") at a price of $0.15 per Unit. Each Unit is comprised of one (1) Common Share and one-half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a " Warrant "). Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.20 per Common Share for a period of 24 months from the date of issuance.

The securities issued pursuant to the third tranche of the Private Placement are subject to a statutory hold period expiring on November 9, 2022 , in accordance with applicable securities legislation.

Tryp Therapeutics is a clinical-stage biotechnology company focused on developing psilocybin-related molecules, including TRP-8803, for the treatment of diseases with unmet medical needs through accelerated regulatory pathways. Tryp's Psilocybin-For-Neuropsychiatric Disorders (PFN™) program is focused on the development of synthetic psilocybin-related molecules as a new class of drug for the treatment of binge eating, chronic pain, and other indications. The Company has begun enrolling patients in its Phase II trial for the treatment of binge eating disorder at the University of Florida and recently announced an upcoming Phase IIa clinical trial with the University of Michigan to evaluate TRP-8802 for fibromyalgia. TRP-8803 is a proprietary psilocybin-based product that uses a novel formulation and route of administration to potentially improve efficacy, safety and the patient experience. For more information, please visit www.tryptherapeutics.com .

Investor Inquiries:
James P. Gilligan , PhD
Interim CEO and Chief Scientific Officer
jgilligan@tryptherapeutics.com

Media Inquiries:
Francesca DeMauro
KCSA Strategic Communications
TRYP@KCSA.com

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act "), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans," "targets," "expects" or "does not expect," "is expected," "an opportunity exists," "is positioned," "estimates," "intends," "assumes," "anticipates" or "does not anticipate" or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might," "will" or "will be taken," "occur" or "be achieved." In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Tryp as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Tryp's final prospectus available at www.sedar.com . These factors are not intended to represent a complete list of the factors that could affect Tryp; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and Tryp expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Tryp Therapeutics

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