Mr. Jason Carroll reports

TRYP THERAPEUTICS ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNSECURED CONVERTIBLE DEBENTURES FOR GROSS PROCEEDS OF AUD$175,000

Tryp Therapeutics Inc. has closed its previously announced private placement of unsecured convertible debentures to Tryp's newly appointed chief executive officer, Jason Carroll, for aggregate gross proceeds of $175,000 (Australian).

The proceeds of the private placement will be used to advance Tryp's research and development programs and for general working capital purposes.

The securities issued in the private placement, including the common shares issuable on conversion of the debentures, will be subject to a hold period of four months and one day from the closing date of the private placement in accordance with applicable securities laws.

The private placement constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions as Mr. Carroll is a related party of the company. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transactions, insofar as they involved the related party, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Tryp Therapeutics Inc.

Tryp Therapeutics is a clinical-stage biotechnology company focused on developing proprietary, novel formulations for the administration of psilocin in combination with psychotherapy to treat diseases with unmet medical needs. Tryp's lead program, TRP-8803, is a proprietary formulation of intravenous-infused psilocin (the active metabolite of psilocybin) that alleviates numerous shortcomings of oral psilocybin, including: significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible time frame. The company has initiated a phase 2a clinical trial for the treatment of binge eating disorder at the University of Florida, where an interim analysis showed an average reduction in binge eating episodes of greater than 80 per cent. The company is also planning for phase 2a clinical trials with the University of Michigan for the treatment of fibromyalgia and with Mass General Hospital for the treatment of abdominal pain related to irritable bowel syndrome. Each of the studies are utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate efficacy in these indications. Where a preliminary clinical benefit is demonstrated, subsequent studies are expected to utilize TRP-8803 (IV-infused psilocin), which has the potential to further improve efficacy, safety and patient experience.

We seek Safe Harbor.