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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
KELOWNA, BC / ACCESSWIRE / March 12, 2024 / Tryp Therapeutics, Inc. ("Tryp" or the "Company") (CSE:TRYP)(OTCQB:TRYPF) is pleased to announce that the Company's securityholders overwhelmingly approved the previously announced arrangement (the "Arrangement") involving the Company and Exopharm Limited CAN 163 765 991 at the Company's annual general and special meeting of securityholders (the "Meeting") held on March 8, 2024. The Company is also pleased to announce that the Supreme Court of British Columbia issued its Final Order approving the Arrangement on March 11, 2024.
The special resolution approving the Arrangement (the "Arrangement Resolution") was required to be approved by at least two-thirds (66 2/3%) 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% of the Common Shares entitled to be voted at the Meeting. Approximately 99.92% of the votes cast by Tryp shareholders were in favor 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 January 26, 2024 in respect of the Meeting (the "Circular"), which can be found under the Company's SEDAR+ profile at www.sedarplus.ca.
About Tryp
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 timeframe. 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%. 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. For more information, please visit www.tryptherapeutics.com.
Investor & Media Contact
Peter Molloy
Chief Business Officer
Tryp Therapeutics Inc.
pmolloy@tryptherapeutics.com
Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively referred to herein as "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements in this press release include: stock exchange and other regulatory approvals and the satisfaction of conditions to closing the Arrangement; and anticipated timing of the closing of the Arrangement. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tryp to control or predict, that may cause Tryp's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the Company not obtaining stock exchange approvals; all conditions to completion of the Arrangement not being satisfied or waived and the Arrangement not being completed as anticipated; and the risk factors set out in the Circular dated and other filings available for review on the Company's profile at www.sedarplus.ca. Such forward-looking statements represent management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Tryp Therapeutics
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