Tryptamine Therapeutics Limited (ASX: TYP), a clinical-stage biotechnology company focused on developing proprietary formulations for the administration of psilocin in combination with psychotherapy, has announced it has secured $6.1 million in funding. The company will issue 179,411,764 new fully paid ordinary shares at $0.034 per share to sophisticated, professional, and institutional investors via a placement.
The placement saw strong support from existing investors, including Tryp’s co-founder and largest shareholder, Dr William Garner, who committed $572,000. Furthermore, existing board members Mr Herwig Janssen, Mr Jason Carroll, Dr Daniel Tillett, and Mr Chris Ntoumenopoulos have collectively committed a further $470,000, subject to shareholder approval. This funding will expedite the world-first clinical trial with Swinburne University, utilising TRP-8803 for the treatment of Binge Eating Disorder. Funds will also bolster additional clinical trials across other high-value neuropsychiatric indications, and advance TRP-8803’s drug manufacturing and regulatory engagement programs.
Mr Herwig Janssen, Chairman of Tryp Therapeutics, expressed confidence in the company’s strategy, highlighting the strong investor participation, including the board and Tryp’s co-founder. CEO Jason Carroll noted the funding marks a crucial step in advancing the clinical and operational roadmap for TRP-8803, allowing the company to focus on accelerating its trial in Binge Eating Disorder and broadening clinical trials into neuropsychiatric indications.
The placement will occur in a single tranche using the company’s existing capacity under Listing Rule 7.1. Taurus Capital Group acted as lead manager, receiving a 6% fee on funds raised and 20 million options priced at $0.045 each, subject to shareholder approval. The indicative settlement of Placement Shares is scheduled for 17 November 2025, with allotment and trading on 18 November 2025.
