Tryptamine Therapeutics Raises $6.1m at 3.4c to Fast-Track TRP-8803 Development
Tryptamine Therapeutics has raised $6.1 million to fast-track clinical development of its IV-infused psilocin drug TRP-8803, targeting binge eating disorder and other neuropsychiatric conditions.
- Raised $6.1 million via placement at $0.034 per share
- Strong backing from co-founder Dr William Garner and board members
- Funds to accelerate clinical trials including a world-first binge eating disorder study
- Advances planned in drug manufacturing and regulatory engagement
- Placement led by Taurus Capital Group with director participation pending shareholder approval
Capital Raise to Propel Clinical Progress
Melbourne-based clinical-stage biotech Tryptamine Therapeutics Limited (ASX, TYP) announced a $6.1 million capital raise through a share placement priced at 3.4 cents each. The fresh funding aims to accelerate the clinical development of TRP-8803, an intravenous formulation of psilocin, the active metabolite of psilocybin, which the company is developing for neuropsychiatric disorders.
The placement attracted strong support from existing investors, notably co-founder and largest shareholder Dr William Garner, who committed $572,000. Additionally, the current board members collectively pledged $470,000, subject to shareholder approval, signaling confidence in the company’s strategic direction.
Focus on Binge Eating Disorder and Beyond
TRP-8803 is poised to enter a world-first clinical trial in collaboration with Swinburne University targeting binge eating disorder, a condition with significant unmet medical needs. This trial follows promising Phase 2a results from earlier studies using oral psilocybin formulations, which showed an average reduction of over 80% in binge eating episodes.
Beyond binge eating disorder, the company plans to expand clinical investigations into other high-value neuropsychiatric indications, leveraging TRP-8803’s potential advantages such as faster onset and controlled duration of psychedelic effects compared to oral psilocybin.
Advancing Commercial Readiness
Funds will also support critical drug manufacturing scale-up and regulatory engagement efforts, essential steps toward commercialisation. CEO Jason Carroll emphasized that the capital injection strengthens the company’s balance sheet, enabling a sharper focus on clinical milestones and operational execution.
The placement was managed by Taurus Capital Group, which will receive a 6% fee and options subject to shareholder approval. The director share placement awaits approval at an upcoming general meeting, with allotment and trading expected in early 2026.
Outlook and Market Implications
Tryp’s strategy to develop IV-infused psilocin formulations addresses key limitations of oral psilocybin therapies, potentially offering more precise control over treatment effects and duration. The successful capital raise and strong insider participation underscore market confidence in the company’s innovative approach and clinical pipeline.
As the company advances its clinical trials and regulatory interactions, investors will be watching closely for data readouts and progress updates that could validate TRP-8803’s therapeutic promise and commercial viability.
Bottom Line?
Tryp’s $6.1 million raise sets the stage for pivotal clinical milestones that could reshape neuropsychiatric treatment paradigms.
Questions in the middle?
- When will initial data from the Swinburne binge eating disorder trial be available?
- How will regulatory agencies respond to the novel IV-infused psilocin formulation?
- What are the next indications targeted after binge eating disorder and how soon?
