Mr. Peter Molloy reports

TRYP THERAPEUTICS AND EXOPHARM LIMITED SECURE PIVOTAL 2 CENT WAIVER FROM ASX

In a strategic move to foster a robust market for their combined entity, Tryp Therapeutics Inc. and Exopharm Ltd. have been granted a pivotal two-cent waiver by the Australian Securities Exchange (ASX). This waiver is a fundamental step in enhancing the market dynamics and financial framework of the merged company.

Consequently, Tryp has announced an amendment to its arrangement agreement with Exopharm, originally dated Dec. 8, 2023. This amendment is a direct result of the two-cent waiver granted by the ASX and aligns with the recent trading history of Exopharm. It is important to note that these modifications are essential components of the waiver.

Under the revised terms, Exopharm will acquire all issued and outstanding common shares of Tryp, in exchange for 3.616 ordinary shares of Exopharm for each Tryp share, a change from the previously stated ratio of 4.52. Additionally, there will be a consolidation of Exopharm shares before completing the transaction, adjusting from a 2:1 to a 2.5:1 consolidation ratio. Pursuant to the arrangement agreement, holders of convertible securities of Tryp, including stock options, common share purchase warrants, secured convertible debentures and unsecured convertible notes, will receive replacement securities of Exopharm having substantially similar economic terms in accordance with the rules of the ASX.

Detailed information about this arrangement will be provided in a management information circular by Tryp, which will be prepared, filed and mailed to Tryp's securityholders in anticipation of an annual and special meeting to consider the arrangement. It is crucial for all securityholders to review this circular once available, as it will contain important information pertinent to the arrangement and its implications.

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 IV-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 completed a phase 2a clinical trial for the treatment of binge eating disorder at the University of Florida, which demonstrated an average reduction in binge eating episodes of greater than 80 per cent. The company also recently announced commencement of patient dosing in a phase 2a clinical trial for the treatment of fibromyalgia in collaboration with the University of Michigan and is preparing to initiate a phase 2a clinical trial in collaboration with Massachusetts General Hospital for the treatment of abdominal pain and visceral tenderness in patients suffering from irritable bowel syndrome. Each of the studies is utilizing TRP-8802 (synthetic, oral psilocybin) to demonstrate clinical benefit in these indications. Where a positive clinical response 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.