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MushroomStocks.com Deep Dive: Tryp Therapeutics (CSE:TRYP)

Mar 29, 2021 • 8:57 AM EDT
13 MIN READ  •  By Michael Berger
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Over the past year there has been a significant increase in interest in companies that are focused on the psychedelic therapy market–a trend that we are following closely. Interest in these companies has been steadily rising in 2021, and we are focused on identifying businesses that have staying power.

Tryp Therapeutics (CSE: TRYP, OTC:TRYPF) is an emerging drug development company focused on developing compounds that have known activity and safety profiles for diseases with unmet medical needs.

Since inception, Tryp has built a team with proven track records of success in the biotech space. The process of bringing a new therapy from development through rigorous clinical trials and to commercialization is complex, and we prefer companies that are led by executives with the necessary expertise.

In late 2020, Tryp completed an initial public offering and commenced trading on the Canadian Securities Exchange (CSE).   Tryp possesses the traits that we look for in a psychedelic drug development company and want to provide an update on the opportunity. We are excited about Tryp due to the following:

  1. Tryp has recently reported several major developments and has been executing on key growth initiatives
  2. The company is executing on a strategy that is centered around creating a large intellectual property (IP) portfolio that covers key aspects of the psychedelic therapy market
  3. Tryp represents a differentiated opportunity when compared to its peers
  4. 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 certain neuropsychiatric-based disorders
  5. The company recently announced a collaboration with Dr. Jennifer Miller of the University of Florida for the use of psychedelics for eating disorders
  6. We are favorable on the recent additions to the management team and their collective expertise
  7. When compared to other companies operating in the psychedelic space, we believe that Tryp is trading at a considerable discount and find the risk-reward profile to be favorable

About Tryp Therapeutics 

Tryp Therapeutics is a clinical stage drug development company that is creating a diversified portfolio of product candidates that target neuropsychiatric and oncology indications for large, unmet medical needs. Tryp has reported a number of strategic developments and additions to its leadership team.

One of the ways Tryp has been able to differentiate itself from other operators is through its PFN program. The program is focused on the development of synthetic psilocybin as a new way to treat certain neuropsychiatric-based disorders.

Through the PFN program, Tryp is developing a proprietary psilocybin drug therapy for certain neuropsychiatric disorders that have distinct advantages over other therapies that are available or are in development. Currently, the company has two active development programs:

  1. TRP-8802 – Tryp’s lead PFN candidate that will target fibromyalgia and eating disorders
  2. Razoxane (TRP-1001) – The program is for soft tissue sarcoma (STS) and is a late stage Phase 2 asset which is an important key differentiator for the company.

A key aspect of the Tryp story is related to the management team. The company is led by a team with experience bringing drugs through the clinical trial process and have created significant value for shareholders over their careers. This is something that we rarely see with small cap companies and is unique amongst its peers in this space.

Going forward, we are excited about Tryp and believe that it has an attractive pipeline of therapies that are in various stages of development.

PFN is Expected to Lower Costs and Speed Up the Clinical Trial Process

Going forward, Tryp intends to combine the US Food and Drug Administration’s section 505(b)(2) regulatory pathway with available third-party preclinical and clinical data to shorten timelines for marketing approval and to lower the cost of its development programs. We are favorable on how the PFN program has positioned Tryp for long-term growth and consider it to be a key pillar of the story.

Tryp’s lead PFN drug candidate is TRP-8802, which is expected to treat fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the US, as well as certain eating disorders. In addition to the PFN Program, Tryp is developing TRP-1001, an oral formulation of razoxane for the treatment of soft tissue sarcoma. Based on the prevalence of soft tissue sarcomas in the US, Tryp expects TRP-1001 to qualify for Orphan Drug Designation (ODD) status.

One of the Few Companies Nearing Phase 2 Clinical Trials

Last month, Tryp announced a collaboration with Dr. Jennifer Miller of the University of Florida. She will act as the Principal Investigator for a clinical trial that is focused on treating certain eating disorders.

Dr. Miller has an impressive track record Professor in the division of pediatric endocrinology at University of Floridawhere she received her M.D. and her M.S. in Clinical Investigation. Dr. Miller specializes in the care and treatment of individuals with Prader-Willi syndrome and other genetic causes of early-onset excessive weight gain.

Since the formation of the collaboration, Tryp and Dr. Miller have started to design a Phase 2a clinical study that utilizes TRP-8802 in patients who suffer from rare over-eating disorders. According to Dr. Miller, there are limited treatment options and no approved drugs for rare over-eating disorders.

While working with the Tryp team, Dr. Miller will explore the use of psilocybin as a potential treatment for the symptoms associated with these over-eating disorders. Dr. Miller is considered to be an expert in treating patients with rare eating disorders. We consider this initiative to be a major potential catalyst for Tryp and will monitor how the study advances from here.

Tryp’s leadership team is excited about the opportunity to advance its PFN program in a new indication, and we will monitor how the story advances from here. The study represents an important advancement in patient care and a significant commercial opportunity for Tryp in rare eating disorders.

Focused on Creating a Portfolio of Valuable IP

Tryp recently reported an important development to its IP portfolio:  the submission of a provisional patent in the US to improve how psychedelics are being administered across a broad range of indications.

The provisional patent describes novel methods for the formulation, delivery, and dosing of psychedelics. The patent should result in a reduction in the amount of time that patients spend in a dissociative state. These proprietary methods are the foundational elements of the comprehensive medical treatment program that Tryp is developing for a wide variety of indications.

Some of the activities that are covered by Tryp’s patent application filing include, but are not limited to, the following:

  1. Provides a method to measure the response to psychedelic therapeutics that supports the plan to conduct a more controlled psychedelic experience
  2. Covers unique methods to manufacture the active pharmaceutical ingredient (API) for novel formulations
  3. Covers methods to enhance the safety profile of treatments as well as methods to reduce the risk of abuse and addiction.

Going forward, we expect Tryp to file a series of patent applications that are meant to enhance the effectiveness of psychedelic treatments. As it relates to Tryp’s IP portfolio, the management team is executing on a strategy to further differentiate its IP position in psychedelics by making significant improvements to the formulating, delivery, and dosing of active ingredients.

The company’s world-class team of scientists and advisors are innovating and empowering the operation to expand the availability of treatment options for patients with unmet medical needs by demonstrating the safety and efficacy of its psychedelic drug programs.

Attracts a Strategic Investor in a $2 Million Private Placement

Last month, Tryp received a strategic investment from Marc Lustig, the founder and former Chairman of Origin House. His investment was the lead order in a non-brokered private placement of up to $2 million worth of units. We believe that Lustig’s investment is a strong endorsement of the company and we expect his success in highly regulated industries to benefit Tryp.

Tryp plans to use the proceeds from the private placement offer to advance its research and development (R&D) programs and for general working capital purposes. We expect the capital to play a crucial role in Tryp’s PFN program and will monitor how the management team is able to use the proceeds to advance the business.

The capital from Lustig further strengthens Tryp’s balance sheet and we are favorable on his involvement. Based on his success with Origin House, Lustig has access to invaluable resources with regards to partnerships, capital markets, and strategic human capital. Due to the success that he had with Origin House,Lustig has a large following and expects his involvement to attract other investors from his network to Tryp.

Growing Through the Formation of Strategic Partnerships

On a comparative basis, there are not many companies in the psychedelic therapy market that have executed as strategically as Tryp. By initially focusing on creating strategic intellectual property (IP) and hiring world-class executives, the company has built a platform with substantial growth potential.

We believe Tryp is well positioned to execute on several key growth initiatives and believe that our readers need to be aware of this aspect of the story. We are particularly enthused with the agreement that it has with Albany Molecular Research Inc. (AMRI). Under that agreement AMRI will provide Current Good Manufacturing Practice (cGMP) manufacturing capabilities for a proprietary psilocybin active pharmaceutical ingredient (API) to support the development of the TRP-8802, TRP-8803 and TRP-8804 programs.

The relationship between Tryp and AMRI was formed in late 2020. AMRI is considered to be a leading global contract research, development and manufacturing organization. AMRI tends to partner with emerging pharmaceutical and biotech firms to try to help develop treatments that would improve that quality of life for patients. In regards to the relationship with AMRI, we believe that it provides Tryp with significant long-term growth prospects and are favorable on the potential synergies that are associated with it.

AMRI is led by a management team that combines scientific expertise and state-of-the-art technology to provide a comprehensive suite of solutions in discovery, development, analytical services as well as API and drug product manufacturing. AMRI will act as Tryp’s US-based API supplier and will play a key role in supporting its clinical programs.

By working with AMRI, Tryp will be able to create additional IP that is centered around the manufacturing and use of its proprietary psilocybin API. As part of the agreement, AMRI will leverage its core expertise in process development and cGMP manufacturing to help advance Tryp’s clinical pipeline.

Focused on Making Strategic Additions to the Leadership Team

One of the key aspects of the Tryp story is the strength and expertise of the management team. The clinical stage drug development company is led by a management team with extensive drug development experience, and we expect this to play a key role in the company’s success.

The company has installed a management team that has a proven track record of success in the

pharmaceutical and biotech industry. From drug development to capital markets expertise, we believe the leadership team has the necessary experience to become a leader in the psychedelic biotech market.

Tryp is led by its Chief Executive Officer, James Kuo. He has a proven track record of success for bringing FDA approved drugs to market and led the team at Pfizer that licensed Lipitor and brought it to market. After Pfizer, Jim was the CEO of BioMicro Systems and Discovery Laboratories, which trade on Nasdaq.

Another key member of the leadership team is Chief Operating Officer Tom D’Orazio. He has extensive experience leading the development and commercialization of vaccines, drugs, radiopharmaceuticals, and biologics. His leadership experience has been in commercial planning, business development, marketing and partnership management roles.

Last month, Tryp reported a major development on the human capital side of the business and reported to have executed an advisory agreement with Dr. Joel Castellanos to join its Scientific Advisory Board. He is a chronic pain physician at UC San Diego Medical Center specializing in the treatment of chronic pain and will contribute to the clinical development of TRP-8802 for neuropathic pain indications.

Dr. Castellanos is considered to be a leading physical pain physician and will play an important role in how Tryp can treat neuropathic pain. The indications that Tryp is focused on with Dr. Castellanos are particularly challenging to treat with current available therapies.

Tryp’s Scientific Advisory Board includes Dr. Robin Carhart-Harris, Dr. Rachel Wevrick, Dr. William Schmidt, and Dr. Derek Ott. We are favorable to the experience that they add to the company and believe the company’s focus on human capital will play an important role in the drug development process.

An Emerging Growth Story With Substantial Upside Potential

From a valuation standpoint Tryp is trading at a considerable discount to its peers, and we find the risk-reward profile to be favorable.

When compared to leading psychedelic therapy companies like Compass Pathways (CMPS: Nasdaq), Mind Med (MMED:NASDAQ) or Cybin (CYBN:NEO), Tryp has a substantially lower valuation. We believe that Tryp is poised to execute on a multi-faceted growth strategy that could make it one of the world’s leading psychedelic therapy companies and will be monitoring how the story advances from here.

Over the next year, we expect to see Tryp build on its established IP portfolio. We believe the company will benefit from the experience of the management team and its focus on developing a diversified pipeline of differentiated product candidates. When it comes to the emerging psychedelic market, we often do not see management teams that have this level of experience.  We consider Tryp to be a truly unique opportunity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuant to an agreement between StoneBridge Partners LLC and Tryp Therapeutics Inc. we have been hired for a period of 180 days beginning January 1, 2020 and ending July 1, 2021 to publicly disseminate information about (TRYP) including on the Website and other media including Facebook and Twitter. We are being paid $7,500 per month (TYRP) for or were paid “0” shares of restricted common shares. We own zero shares of (TRYP), which we purchased in the open market. We plan to sell the “ZERO” shares of (TRYP) that we hold during the time the Website and/or Facebook and Twitter Information recommends that investors or visitors to the website purchase without further notice to you. We may buy or sell additional shares of (TRYP) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information.

This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws, including statements related to the Company’s ability to support its continued growth and fund the business’ sales and financial goals for at least the remainder of fiscal 2021 with proceeds remaining from its recent offering. While these forward-looking statements represent the Company’s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially, including risks and uncertainties associated with market conditions. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company’s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: “potential,” “expect”, “look forward,” “believe,” “dedicated,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements.

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Authored By

Michael Berger

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