Mr. Greg McKee reports

TRYP THERAPEUTICS REPORTS ON KEY MILESTONES FOR 2021

Tryp Therapeutics Inc. has provided an update on the company's significant progress since successfully completing its initial public offering in December, 2020.

Tryp is advancing two drug development platforms: psilocybin for neuropsychiatric disorders (PFN) targeting chronic pain and eating disorders and razoxane for soft tissue sarcomas. Both platforms are based on chemistries with known safety profiles, allowing Tryp to advance directly into phase 2 clinical trials.

Tryp's PFN program is part of a wave of research and development activities in the pharmaceutical industry over the past few years exploring the medical benefits of psychedelic compounds through regulated clinical development. The company expects the administration of psilocybin-based compounds by medical professionals with accompanying psychotherapy to provide a safe and effective treatment option for conditions lacking effective alternatives, including fibromyalgia, complex regional pain syndrome, phantom limb pain and a variety of eating disorders.

A selection of Tryp's achievements in 2021 include the following:

• Expanding the company's roster of world-class scientific advisers: Tryp appointed Dr. Robin Carhart-Harris, PhD, as a member of its scientific advisory board in February, 2021. Dr. Carhart-Harris is the foremost global expert in the administration of psychedelic compounds for medical indications and is the head of the Centre for Psychedelic Research in the department of brain sciences at Imperial College London. Tryp also appointed Dr. Joel Castellanos, MD, as a member of its scientific advisory board in February, 2021. Dr. Castellanos is a leading chronic pain researcher and physician at UC San Diego Medical Center and is the lead author of a breakthrough publication detailing the mechanism of action for the use of psychedelics for chronic pain. Dr. William Schmidt, PhD, joined Tryp's scientific advisory board in January, 2021, and brings a wealth of expertise related to the development of drugs for pain indications.
• Hiring additional members of the company's executive team: Tryp appointed Greg McKee as chairman and chief executive officer in April, 2021. Mr. McKee brings significant prior experience as chief executive officer of publicly traded drug development companies to the role and had been serving as executive chairman of the board of directors of the company since February, 2021. The company also appointed Luke Hayes as chief financial officer in March, 2021. Mr. Hayes has more than 20 years of experience in life sciences in finance, investment, business development and technology transfer positions to help lead the company through this next growth phase.
• Initiating collaboration for clinical trial activity: Tryp announced in February, 2021, a collaboration with Dr. Jennifer Miller, MD, of the University of Florida as the principal investigator for a phase 2a clinical trial to treat the symptoms associated with certain eating disorders using the company's psilocybin product.
• Advancing the company's manufacturing capabilities for synthetic psilocybin: Tryp partnered with Albany Molecular Research Inc. (AMRI) for the manufacturing of the company's synthetic psilocybin using proprietary methods and announced a key milestone in February, 2021, that AMRI had initiated the process of manufacturing a 200-gram non-GMP (good manufacturing practice) demonstration batch of psilocybin.
• Expanding the company's intellectual property portfolio: Tryp filed a new provisional patent in March, 2021, describing novel methods for improving the formulation, delivery and dosing of psychedelic compounds.
• Increasing financing for the company with a strategic investor: Tryp announced in February, 2021, the completion of a $2-million private placement led by Marc Lustig, founder and former chairman of Origin House, acquired by Cresco Labs in 2020.
• Expanded access for purchasing the company's shares: Shares of Tryp began trading on the OTCQB and became DTC (Depository Trust Company) eligible in April, 2021, expanding access for purchasing shares of the company to millions of prospective investors in the United States.

As the company looks ahead to additional milestones for 2021, it expects to achieve the following:

• The initiation of at least two phase 2a clinical trials, placing Tryp in a rare class of psychedelic drug development companies with active phase 2 clinical trials;
• The announcement of several new clinical research collaborations with leading academic research institutes;
• The successful manufacturing and formulation of GMP synthetic psilocybin using Tryp's proprietary methods;
• The filing of additional intellectual property applications.

Commenting on Tryp's progress in 2021, chairman and chief executive officer Greg McKee said, "It has been a dynamic few months for Tryp since our IPO [initial public offering] and is only the start of a highly productive year for the company as we move our primary compounds into the clinic."

About Tryp Therapeutics Inc.

Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and safety profiles for the treatment of rare and other diseases with unmet medical needs. Tryp's psilocybin for neuropsychiatric disorders program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain neuropsychiatric-based disorders. Tryp's lead PFN drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than five million people in the United States. The company is also preparing to initiate a phase 2a clinical study for eating disorders in partnership with Dr. Miller at the University of Florida.

In addition to its PFN program, Tryp is developing TRP-1001, an oral formulation of razoxane for the treatment of soft tissue sarcomas. Soft tissue sarcomas are a rare and diverse group of tumours that account for about 1 per cent of all cancers in adults and 7 per cent in children. Based on the prevalence of soft tissue sarcomas in the United States, Tryp believes it is a rare disease and that TRP-1001 should qualify for orphan drug status.

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