Tryp Therapeutics Appoints New Chief Operating Officer

June 23, 2022
News

Sid Taubenfeld with Extensive Experience in the Financial Markets and as a Biotech Executive Joins Tryp as Company Prepares to Expand Patient Access to Psilocybin-Based Treatments

SAN DIEGO, June 23, 2022 /PRNewswire/ -- Tryp Therapeutics, Inc. (CSE: TRYP) (OTCQB: TRYPF) ("Tryp" or the "Company"), a clinical-stage biotechnology company focused on developing psilocybin-based compounds for diseases with unmet medical needs, announced today that Sid Taubenfeld, a seasoned executive with healthcare and biotech expertise, has joined the Company's senior leadership team as Chief Operating Officer.

Taubenfeld is a forward-thinking leader with over 20 years of significant experience in senior leadership roles and a deep understanding of scientific, financial, and commercial strategy. Most recently, he served as the CEO of Tikun Olam Pharma (TOP), a leading medical cannabis company based in Israel.Investor Relations:

Jim Gilligan, Interim CEO

Tryp Therapeutics

jgilligan@tryptherapeutics.com

Media Relations:

Francesca DeMauro

KCSA Strategic Communications

TRYP@KCSA.com

Forward-Looking Information

Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans," "targets," "expects" or "does not expect," "is expected," "an opportunity exists," "is positioned," "estimates," "intends," "assumes," "anticipates" or "does not anticipate" or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might," "will" or "will be taken," "occur" or "be achieved." In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Tryp as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors'' section of Tryp's final prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Tryp; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and Tryp expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

"Sid brings to his new role a wealth of expertise in building and growing emerging biotech companies and a strong reputation for developing people and inspiring teams," said Jim Gilligan, Interim CEO and Chief Scientific Officer, Tryp Therapeutics. "Furthermore, his national and international experience will be a valuable asset as we continue to drive growth through our clinical trials, filed patents, and previously announced strategic actions."

Sid's primary responsibilities will include developing the organization's long-term vision and strategy alongside the CEO and Board; ensuring that the company operates effectively and efficiently in all areas; and helping ensure a high-performing portfolio and psychedelic medicine advancements at Tryp.

Previously, Taubenfeld gained extensive pharmaceutical experience in a variety of executive management roles in the United States and Israel. He graduated from Brooklyn College of Pharmacy with a B.S. in Pharmacy and completed his graduate studies at New York Medical College in the area of Pharmacology.

About Tryp Therapeutics

Tryp Therapeutics is a clinical-stage biotechnology company focused on developing psilocybin-related molecules, including TRP-8803, 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-related molecules as a new class of drug for the treatment of binge eating, chronic pain, and other indications. The Company has begun enrolling patients in its Phase II trial for the treatment of binge eating disorder at the University of Florida and recently announced an upcoming Phase IIa clinical trial with the University of Michigan to evaluate TRP-8802 for fibromyalgia. TRP-8803 is a proprietary psilocybin-based product that uses a novel formulation and route of administration to potentially improve efficacy, safety and the patient experience. For more information, please visit www.tryptherapeutics.com.

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