Mr. Peter Molloy reports

TRYP THERAPEUTICS ANNOUNCES 99.92% VOTES CAST BY SHAREHOLDERS IN FAVOR OF ARRANGEMENT AGREEMENT AT ANNUAL GENERAL AND SPECIAL MEETING OF SECURITYHOLDERS, AND RECEIPT OF FINAL ORDER

Tryp Therapeutics Inc.'s securityholders overwhelmingly approved the previously announced arrangement involving the company and Exopharm Ltd. (ACN 163 765 991) at the company's annual general and special meeting of securityholders held on March 8, 2024. The Supreme Court of British Columbia issued its final order approving the arrangement on March 11, 2024.

The special resolution approving the arrangement was required to be approved by at least two-thirds (66-2/3 per cent) of the votes cast by: (i) the company's shareholders and (ii) the company's shareholders, option holders and the holders of certain warrants, voting as a class.

A total of 37,738,906 common shares of Tryp were voted at the meeting, representing approximately 39.14 per cent of the common shares entitled to be voted at the meeting. Approximately 99.92 per cent of the votes cast by Tryp shareholders were in favour of the arrangement resolution. All other matters to be determined at the meeting also passed by similar overwhelming majorities of votes cast.

Closing of the arrangement remains subject to satisfaction of certain closing conditions, including receipt of final court, stock exchange and regulatory approvals, and the satisfaction of certain conditions set forth in the arrangement agreement. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the arrangement in late March, 2024.

Further details regarding the arrangement, including the principal closing conditions and the anticipated benefits for shareholders, can be found in the company's management information circular dated Jan. 26, 2024, in respect of the meeting, which can be found under the company's SEDAR+ profile.

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.