Tryptamine Therapeutics (ASX:TYP) has commenced trading on the Australian Securities Exchange under the code TYP.
The clinical-stage biotechnology company is focused on developing an innovative and scalable intravenous-infused psilocin formulation, which can be used with psychotherapy.
The listing follows the completion of a binding Plan of Arrangement for Exopharm (ASX: EX1) to acquire 100 per cent of the issued capital in Tryp Therapeutics, a clinical-stage biotechnology company previously listed on the Canadian Securities Exchange.
Exopharm completed a public offer of shares under a full-form prospectus via issuing 325,000,000 fully paid ordinary shares at an issue price of A$0.02 per share to raise $6,500,000.
In line with its new direction, the company obtained shareholder approval to change its name to ‘Tryptamine Therapeutics Limited’.
The company said its primary focus is on the development of a proprietary intravenous formulation of psilocin, suitable for use in conjunction with psychotherapy in clinical studies evaluating several clinically meaningful indications that may benefit from psychedelic-assisted therapy.
CEO Jason Carroll said, ”Tryp’s commencement of trading follows a strongly supported capital raise that will provide the company with exceptional financial flexibility as it progresses its defined pipeline of clinical trials, all of which will be subject to the favourable R&D tax rebate programs in Australia.
"Each clinical trial has been designed to target medical conditions with high, unmet treatment needs. This provides the company with access to a number of significant market opportunities, as well as multiple opportunities to validate the potential for its innovative IV-infused formulation of psilocin.
"We are very confident that TRP-8803 will show that it can address a number of critical limitations of oral psilocybin dosing and that near term trial results will highlight the solution’s broad applicability and out-licencing potential."