Mr. Peter Molloy reports

TRYP THERAPEUTICS OBTAINS INTERIM ORDER FOR PLAN OF ARRANGEMENT AND PROVIDES DETAILS OF SHAREHOLDER MEETING

Further to Tryp Therapeutics Inc.'s press releases of Dec. 11, 2023, and Jan. 26, 2024, Tryp has obtained an interim order of the Supreme Court of British Columbia in connection with the proposed arrangement between Tryp and Exopharm Ltd. ACN 163 765 991 to be implemented under a statutory plan of arrangement pursuant to Section 288 of the Business Corporations Act (British Columbia). The interim order provides for the holding of an annual general and special meeting of Tryp securityholders to, among other things, consider and vote on a special resolution approving the arrangement. The meeting is scheduled to be held at First Canadian Place, 100 King St. West, suite 1600, Toronto, Ont., on Friday, March 8, 2024, at 10 a.m. Eastern Time and the record date for determining shareholders entitled to receive notice of and vote at the meeting has been fixed as at the close of business on Jan. 9, 2024.

Meeting materials

In connection with the meeting, Tryp will be mailing a notice of meeting, a management information circular, letter of transmittal and related meeting materials to applicable Tryp securityholders. Securityholders are urged to carefully review all meeting materials as they contain important information concerning the arrangement and the rights and entitlements of the securityholders in relation thereto. The meeting materials will also be available under Tryp's profile on SEDAR+ once they have been mailed to securityholders in the coming days.

Final order and completion date

An application for the final order of the court approving the arrangement is currently expected to take place on or about March 11, 2024. Subject to obtaining the final order, the required approvals from Tryp's securityholders at the meeting, required regulatory approvals and the satisfaction of all other conditions to implementing the arrangement as set out in the arrangement agreement entered into between Tryp and Exopharm on Dec. 8, 2023, as amended on Jan. 25, 2024, the arrangement is anticipated to be completed in March, 2024.

Voting requirements

The arrangement resolution must be approved by not less than 66.67 per cnet of the votes cast by the Tryp shareholders (as defined in the circular) present in person or represented by proxy at the meeting and 66.67 per cent of votes cast by Tryp securityholders (as defined in the circular) present in person or represented by proxy at the meeting, voting together as a single class.

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.