- Tryp Therapeutics Inc. announced the successful closing of its previously announced initial public offering.
- A total of 20,010,000 units were sold at a price of $0.25 per unit for aggregate gross proceeds of $5,002,500.
Tryp Therapeutics Inc. (“Tryp” or the “Company“) is pleased to announce the successful closing of previously announced initial public offering (the “Offering“) of units (the “Units“). A total of 20,010,000 Units were sold, including 2,610,000 Units following the exercise in full by the Agent (as defined herein) of its over-allotment option, at a price of $0.25 per Unit for aggregate gross proceeds of $5,002,500.
Each Unit consists of one common share in the capital of the Company (each a “Common Share“)and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant is exercisable into one Common Share (each, a “Warrant Share“) at an exercise price of $0.50 per Warrant Share at any time prior to 5:00 p.m. (Vancouver time) on December 16, 2021, subject to acceleration in certain events.
The Common Shares are expected to commence trading on the Canadian Securities Exchange under the symbol “TRYP” on or about December 18, 2020.
Canaccord Genuity Corp. acted as the sole agent (the “Agent“) for the Offering.
Pushor Mitchell LLP acted as legal counsel to the Company and Borden Ladner Gervais LLP acted as legal counsel to the Agent in connection with the Offering.
No securities regulatory authority nor the CSE has either approved or disapproved of the contents of this news release. The Common Shares and Warrants comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws. Accordingly, the Units may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Tryp Therapeutics:
Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and/or safety profiles for the treatment of rare or orphan diseases and other diseases with high unmet medical needs. Tryp’s PFN™ Program is focused on the use of psilocybin for the treatment of certain neuropsychiatric-based disorders. Tryp’s lead PFN™ drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the United States.
In addition to its PFN™ Program, Tryp is also developing TRP-1001, an oral formulation of razoxane for the treatment of soft tissue sarcoma. Soft tissue sarcomas are a rare and diverse group of tumors that account for about 1% of all cancers in adults and 7% in children. Based on the prevalence of soft tissue sarcomas in the United States, Tryp believes it is a rare disease and that TRP-1001 should qualify for Orphan Drug status.
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