Tryp Therapeutics (CSE:TRYP) is a pharmaceutical company focused on developing psilocybin-based compounds for the treatment of diseases with unmet medical needs through accelerated regulatory pathways. Tryp's Psilocybin-For-Neuropsychiatric Disorders (PFN™) program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of chronic pain and other indications.
This morning, TRYP announced that it has received confirmation from the FDA that its review of Tryp's IND application is complete and that TRYP may proceed with its clinical study in fibromyalgia. The Phase 2a study will begin next year and TRYP will be working with Kevin Boehnke, Ph.D. from the University of Michigan. The study will evaluate TRYP's oral formulation of synthetic psilocybin, TRP-8802, in combination with psychotherapy.
The administration of psilocybin is expected to increase neuroplasticity and to address disrupted neural connections that have been reported for nociplastic pain indications. The clinical trial will be one of the first evaluations of synthetic psilocybin for fibromyalgia in a Phase 2 study.
TRYP now has two upcoming Phase 2a Clinical Trials: One with the University of Florida (to study the administration of TRYP's oral formulation of synthetic psilocybin, TRP-8802, in combination with psychotherapy for overeating disorders), and the other with the University of Michigan (to study the administration of TRYP's oral formulation of synthetic psilocybin, TRP-8802, in combination with psychotherapy for fibromyalgia).
TRYP is also developing a proprietary psilocybin-based product, TRP-8803, that uses a novel formulation and route of administration to improve the patient experience.
TRYP will definitely need to raise money to fund these two Phase 2a studies, however, the current C$15 million market cap based on yesterday's $.235 closing price on the CSE does not adequately value the potential upside from being one of the only companies investigating psilocybin formulations for unmet medical needs such as chronic pain and overeating disorders. The novel formulation and route of administration of TRYP's TRP-8803 psilocybin-based product, by itself, could be worth 10x its current market cap.
TRYP is likely to trade back above $.50 per share at some point in Q1 2022 but it's important to remember that we are still in the midst of one of the worst tax loss selling seasons that I've ever seen in Canadian microcaps.
I recently took a starter position in TRYP at $.30. If the market continues to give it away I am likely to buy more.
Author owns TRYP Therapeutics shares at the time of publishing and may choose to buy or sell at any time without notice.
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