Tryptamine Therapeutics Ltd is the newest psychedelic-focused biotech on the ASX, having run the bell today and listed under the ticker TYP following the completion of a binding plan of arrangement between Exopharm Limited and Tryp Therapeutics Inc (ASX:TYP).
The company is a clinical-stage biotech with a focus on developing proprietary, transformative and scalable intravenous (IV) infused psilocin formulation that “targets precise blood levels in patients undergoing psychedelic-assisted therapy”.
Tryptamine has two core programs with established clinical pathways – TRP-8803 (IV-infused psilocin formulation) and TRP-8802 (oral psilocybin).
TYP raised A$6.5 million in a public offering of shares, arming the company with plenty of funding to pursue its clinical goals.
Targeting unmet needs
“Tryp’s commencement of trading follows a strongly supported capital raise, that will provide the company with exceptional financial flexibility as it progresses its defined pipeline of clinical trials, all of which will be subject to the favourable R&D tax rebate programs in Australia,” Tryptamine Therapeutics CEO Jason Carroll said.
“Each clinical trial has been designed to target medical conditions with high, unmet treatment needs.
“This provides the company with access to a number of significant market opportunities, as well as multiple opportunities to validate the potential for its innovative IV-infused formulation of psilocin.
“We are very confident that TRP-8803 will show that it can address a number of critical limitations of oral psilocybin dosing and that near term trial results will highlight the solution’s broad applicability and out-licencing potential.”
TYP’s ultimate goal is to develop its IV-infused psilocybin treatment into a viable and commercially scalable alternative to oral dosing of psilocybin which has a number of limitations for both patients and healthcare providers.
The global psychedelic drug market was estimated to be worth US$2.24 billion in 2023, expected to grow at an impressive compounding annual growth rate of 15% to US$6.5 billion in 2030.
Multiple target markets
While much as been made of the use of psylocibin and MDMA in therapeutic settings, the focus has mainly been around mental health conditions such as post traumatic stress disorder and generalised anxiety disorder.
TYP is targeting other mental and physical health disorders, such as binge eating, fibromyalgia and irritable bowel syndrome.
The company recently completed a Phase 2a clinical trial at the University of Florida which demonstrated an average reduction in binge eating episodes of greater than 80%.
Tryptamine has also begun patient dosing in a Phase 2a 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 Harvard University’s Massachusetts General Hospital for the treatment of abdominal pain and visceral tenderness in patients suffering from irritable bowel syndrome.
Finally, TYP is finalising preparations for the first clinical trial of IV-infused psilocin in Australia, anticipated to begin towards the end of the current quarter.
“To maximise the company’s chances for success, Tryp has assembled an exceptional board and management team as well as an industry-leading scientific advisory board chaired by psychedelics expert, Robin Carhart-Harris,” Jason Carroll highlighted.
“Work associated with the company’s first TRP-8803 clinical trial, being undertaken at CMAX in association with the Royal Adelaide Hospital, is progressing well and we look forward to sharing updates around our world-first initiatives over the coming months.”