Tryp Therapeutics (OTCMKTS:TRYPF) Stock In Focus After Recent News
Clinical-stage biotechnology firm focusing on developing psilocybin-based compounds for diseases, Tryp Therapeutics (OTCMKTS:TRYPF), on October 4, 2022, announced that World Intellectual Property Organization published their international patent application.
Market Stats
On Tuesday, TRYPF stock moved down 3.69% to $0.12 with more than 34k shares, compared to its average volume of 86K shares. The stock moved within a range of $0.1146 – 0.1240 after opening trading at $0.1240.
Tryp Therapeutics Announces Publication of International PCT Patent Application for the Intravenous Administration of Psilocin and Psilocybin
The application covered intravenous administration of psilocin and psilocybin. Titled “Improved Methods For The Use of Psychedelics”, the application looks at strengthening the IP related to the firm’s development of TRP-8803, an IV formulation of psilocin.
The patent includes a novel and proprietary formulation. Oral administration has some limitations as well as challenges that TRP-8803 can address.
Jim Gilligan, Chief Executive Officer of Tryp Therapeutics said that the oral administration of psilocybin has resulted in significant progress in the joint use of psychedelics. Gilligan expressed excitement about introducing the novel and proprietary IV administration of TRP-8803.
TRP-8803 enables an overall shorter clinical session. The CEO also said that the ability to lower in-clinic experience from 8 hours to about 2 hours, is appealing to patients and will create a more scalable model for the efficient rollout of psychedelic treatment.
The CEO further stated that the firm is focused on expanding its patent portfolio as it continues to develop scalable, psychedelic, and psychotherapy treatments for broader indications.
Robin Carhart-Harris, Ph.D., Chairman of Tryp Therapeutics’ scientific advisory board said that through quick initiation of the psychedelic experience, Harris believes that TRP-8803 has robust potential to shift the treatment paradigm for fibromyalgia.
Key Quote
Jim Gilligan, Chief Executive Officer of Tryp Therapeutics, commented, “The oral administration of psilocybin has yielded valuable progress in the combined use of psychedelics and psychotherapy but oral therapies also have acknowledged limitations. We are excited to introduce the unique and proprietary IV administration of TRP-8803, which we believe can change the landscape for psilocybin-based therapies.”
Traders Corner
TRYPF stock is trading below the 50-Day and 200-Day Moving averages of $0.12 and $0.13 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.12.
