Tryptamine raises $6 million to advance world-first IV psilocin drug

Tryptamine has firm commitments to raise $6m in a placement to advance clinical development of its novel IV-infused psilocin formulation TRP-8803.

Tryptamine has received firm commitments to raise $6m. Pic: Getty Images.

• Tryptamine receives firm commitments to raise $6m in placement strongly supported by new and existing stakeholders

• Placement cornerstoned by Merchant Biotech Fund and biotech investor Dr Daniel Tillett, who will join the board

• Funds to accelerate clinical trial strategy for lead program IV-infused psilocin formulation TRP-8803

Special Report: Clinical stage biotech Tryptamine Therapeutics has secured firm commitments from new and existing professional, sophisticated, and institutional investors to raise $6 million to accelerate development of its novel IV-infused psilocin formulation TRP-8803.  

Tryptamine Therapeutics (ASX:TYP) said the placement was being cornerstoned by the high conviction Merchant Biotech Fund and seasoned biotech investor Dr Daniel Tillett.

The placement is also being supported by existing major shareholders Dr Bill Garner, Herwig Janssen and Ludwig Criel, along with CEO Jason Carroll and company director Chris Ntoumenopoulos.

TYP said the placement of 300 million new shares at 2c came at no discount to the 15-day and 30-day volume-weighted average price.

Placement funds will accelerate TYP’s development of its lead program TRP-8803, which is a novel and scalable IV-infused psilocin solution with potential advantages over oral dosing.

With the potential to treat multiple conditions and delivered through intravenous methods, TRP-8803 has been floated as a faster acting, more precise alternative to oral psilocybin, which is more controllable in its dosing and has less side effects.

Funds to accelerate trial program

Among the benefits suggested for TRP-8803 are a significant reduction in time to the psychedelic state, precise control of the depth and duration of the experience, and a reduction in intervention duration to a commercially feasible timeframe.

In October, TYP announced the Safety Review Council (SRC) for its Phase 1b had deemed that TRP-8803 was generally safe and well-tolerated in healthy volunteers at doses that achieve plasma levels of psilocin associated with beneficial effects in various patient populations treated with oral psilocybin.

The safety finding for TRP-8803 follows completion of the company’s Phase 1b study in healthy volunteers at CMAX Clinical Research in Adelaide in August.

The open-label study, which commenced in June 2024, was conducted with therapist support and TYP said it was believed to be the only time that an IV-infused psilocin solution had been used anywhere in the world.

TYP said new funds would support additional, larger clinical trials using TRP-8803 in specific indications.

The trials are expected to provide pivotal clinical data before product registration in the Australian market.

Tillett to join board

As part of the placement Dr Daniel Tillett will be appointed as a non-executive director of TYP.

Tillett is the CEO of Race Oncology (ASX:RAC) and is also the founder of Australian biotech Nucleics, which is focused on development of software tools that improve DNA sequencing and genomics.

Tillett holds a PhD in Biochemistry and Molecular Biology from UNSW and brings nearly 30 years of biotechnology experience to TYP.

He will assist in the ongoing development of the TYP’s clinical trial strategy and commercialisation opportunities.

Non-executive director Clarke Barlow will step down from their board roles.

“I am honoured to join the TYP team as they advance TRP-8803 in the clinic for a range of difficult-to-treat psychiatric illnesses,” Tillett said.

“Psilocin has a long history of utility in serious psychiatric disease, but it has lacked a viable delivery method that is safe and controllable for patients and clinicians.

“The ability to precisely dose psilocin and safely induce the required neuroplasticity state to affect long-term benefit is a potential game changer for patients who have few or no other treatment options.”

‘Positioned with financial flexibility’

Carroll said the strategic placement, provided TYP with added balance sheet strength to accelerate the clinical pathway for TRP-8803.

“The funds raised come at an important juncture, with key safety milestones reached in our Phase 1b study and progress in TRP-8802’s pathfinder trials,” he said.

“With these funds, Tryp is now positioned with financial flexibility to execute the next phase of our clinical trial program.

“We remain committed to clinically backed solutions for psychedelic treatments, in accordance with the highest quality and safety standards.”

Non-executive chairman Mark Davies said the heavily bid placement highlighted TYP’s significant near-term opportunity as a leading psychedelic drug developer.

“On behalf of the board and management, I would like to welcome new investors and thank existing participants for their ongoing support,” he said.

“I welcome Daniel to the board, who has demonstrated considerable support through his placement participation, and we look forward to leveraging his expertise.

“I extend thanks to Clarke, who has provided dedicated service to the company. We wish him well for the future.”

This article was developed in collaboration with Tryptamine Therapeutics, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Tryptamine raises $6 million to advance world-first IV psilocin drug