Tryp Therapeutics (CSE: TRYP) is set to begin trading on the Canadian Securities Exchange this morning, following the announced close of their initial public offer transaction, as announced yesterday. The firm, whom is classified as a pharmaceutical company whom focuses on psilocybin and other compounds, managed to raise $5.0 million in its IPO transaction.

The offering saw a total of 20.0 million units of the company sold, including 2.6 million of which were a part of the over-allotment option granted to the underwriters. Units of the company were sold at $0.25 each, containing one common share and one half of a purchase warrant. Each full warrant carries an exercise price of $0.50, and is valid for a period of one year from the date of issuance.

While a use of proceeds was not included within yesterdays news release related to the financing, it’s assumed that it will go towards research and development along with working capital and general corporate purposes.

With the close of the financing, the shares will begin trading under the symbol “TRYP” this morning.

“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.”

James Kuo, MD, CEO

Tryp is currently focused on advancing two different drugs through the clinical trial stage. The first, referred to as TRP-8802, sees psilocybin utilized for the treatment of neuropsychiatric disorders. The second, TRP01001, sees razoxane used in the treatment of soft tissue sarcoma, a rare cancer tumor, for which it is seeking orphan drug status.

Tryp Therapeutics is expected to commence trading at $0.25 on the CSE this morning.

Information for this briefing was found via Sedar and Tryp Therapeutics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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