Canadian biotech company Tryp Therapeutics (CSE: TRYP) is set to list on the ASX through a backdoor merger with genetic medicines developer Exopharm (ASX: EX1) in a $14.3 million acquisition agreement. Following this agreement, Exopharm will change its name to Tryp and re-list on the ASX.
On completion of the Transaction (Completion), Exopharm will be reinstated as a clinical-stage biotechnology company focusing on research and development of therapeutic dosing of synthetic psilocybin and IV-infused psilocin in conjunction with psychotherapy. In line with this new direction, the Company intends to seek shareholder approval to change its name to ‘Tryptamine Therapeutics Limited’.
Following the initial announcement of this deal, Tryp CEO, Jason Carroll, said, “Joining forces with Exopharm heralds a new era for Tryp, where we expect our combined strength and shared vision to elevate us to the prominent platform of the ASX.
“With enhanced access to capital and the evolving landscape of the Therapeutic Goods Administration (TGA) regulations in Australia for select psychedelics, we see even more paths forward to innovate and grow. It is not expected that Exopharm’s current R&D program will be pursued following the completion of the transaction. With this merger, we’re even better positioned to serve our stakeholders.”
Tryp is a biotech company aiming to develop medicine for diseases lacking effective treatments. It is developing an IV infusion of psilocin, i.e. a psychedelic compound found in magic mushrooms, which improves on the limitations of orally administered psilocybin used by other companies. Its focus is on neuropsychiatric disorders, using synthetic psilocybin and IV-infused psilocin alongside psychotherapy for treatment.
The University of Florida has finished studying the use of TRP-8802 (oral psilocybin) in patients with Binge Eating Disorder (BED). The results show an 80% decrease in binge eating episodes and an 84% decrease in feeling out of control while eating. Anxiety and depression also improved for at least 30 days. At the University of Michigan, it is looking into using TRP8802 for patients with Fibromyalgia (involving widespread muscle pain). The first patient has received treatment, and Tryp expects to hear initial results in early 2024.
Harvard Medical School and Massachusetts General Hospital are teaming up with Tryp to study TRP-8802 for Irritable Bowel Syndrome. They’re focusing on reducing abdominal pain and tenderness. The study has been approved and should start treating patients in mid-2024.
Tryp is also evaluating TRP-8803 (IV-infused psilocin) in healthy volunteers at Cmax, Adelaide. The study aims to find the best doses and infusion rates for safety and effectiveness and will begin by the end of the first quarter of 2024.
Tryp’s partner, Purisys, has the necessary licenses to import and export psilocybin. It is working with the Royal Adelaide Hospital Pharmacy to prepare IV solutions for the TRP-8803 study. Tryp has also received permission from the South Australian Department of Health for this research.
As Tryp made progress with psychedelics, Exopharm reigned in its drug development efforts. In H1 FY24, Exopharm’s revenue was down by 67% on H1 FY23 to just $123.8k against a loss of $1.6 million. The Company cut down in-house product development to cut costs. Plus, it expects further research and development activities in relation to its exosome portfolio to be outsourced as operations move towards a virtual company model. The Group had cash in the bank of $2.6 million as at 31 December 2023.
Once it completes its acquisition of Tryp, shares are expected to resume trading on the ASX by April 23, 2024. Then, the Company will operate in Australia, Canada, and the United States.
Alinda is a Business Reporter for The Sentiment
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