Mr. Peter Molloy reports

TRYP THERAPEUTICS PROVIDES UPDATE ON PLAN OF ARRANGEMENT WITH EXOPHARM LIMITED AND ANNOUNCES VOLUNTARY TRADING HALT

The shareholders of Exopharm Ltd. have approved the previously announced plan of arrangement between Exopharm and Tryp Therapeutics Inc.

The company has confirmed that all conditions precedent to the completion of the arrangement have been satisfied or waived (with the exception of the conditional approval of the Australian Securities Exchange, which is expected to be received on April 30, 2024) and the parties anticipate that the arrangement will be completed on or about May 1, 2024, with the combined company's shares to commence trading on the ASX under the name Tryptamine Ltd. and the ticker symbol TYP on or about May 15, 2024, following the combined company's satisfaction of the ASX admission conditions.

In anticipation of the closing of the arrangement, Tryp has voluntarily requested that trading in its common shares on the Canadian Securities Exchange and on the OTCQB Venture Market be halted effective April 29, 2024. Subsequent to the completion of the arrangement, the Tryp shares are expected to be delisted from the CSE and to cease trading on the OTCQB.

In order to receive the consideration to which they are entitled for their Tryp shares, all registered shareholders of the company must complete, sign, date and return the letter of transmittal, which has been previously mailed and is available under the company's SEDAR+ profile, with accompanying Tryp share certificate(s) or DRS advice statement(s) (if applicable) to Computershare Investor Services Inc. Non-registered shareholders should contact their brokers or other intermediaries for instructions and assistance in receiving the consideration in respect of their Tryp shares.

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 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.