Tryp Therapeutics Partners with Alcami for Proprietary Formulations

The agreement represents another step toward the proprietary manufacturing, formulation, and delivery of products for Tryp’s Psilocybin-For-Neuropsychiatric Disorder (PFN^TM) program.

San Diego, California – May 25, 2021 – Tryp Therapeutics (CSE:TRYP; OTCQB:TRYPF) (“Tryp”), a pharmaceutical company focused on developing compounds for diseases with unmet medical needs through accelerated regulatory pathways, announced today an agreement with Alcami Corporation (Alcami”), a global pharmaceutical contract development and manufacturing organization (CDMO), to support the proprietary formulation of products for Tryp’s Psilocybin-for-Neuropsychiatric Disorders (PFN^TM) program.

Tryp’s collaboration with Alcami will initially focus on developing oral formulations for Tryp’s proprietary psilocybin Active Pharmaceutical Ingredient (“API”) being manufactured by Albany Molecular Research, Inc. (“AMRI”). “The support we have been engaged to provide is a testament to our broad capabilities, technical expertise, and ability to collaborate with customers to consistently deliver high quality results," commented Pat Walsh, Chairman & Chief Executive Officer of Alcami. “We are proud to support Tryp and the transformational work in a variety of indications.”

Tryp expects to manufacture its initial batch of cGMP psilocybin API in July 2021. Alcami and Tryp will then develop the analytical methods and the final formulation of Tryp’s proprietary oral psilocybin product. “Our partnership with Alcami signals the further advancement of our proprietary manufacturing of synthetic psilocybin,” commented Jim Gilligan, Ph.D., President and Chief Science Officer of Tryp. “We have been impressed with Alcami’s expertise with developing both final formulations as well as the analytical methods that will ensure the consistently excellent quality of our products.”

About Tryp Therapeutics

Tryp Therapeutics is a pharmaceutical company focused on developing clinical-stage compounds for the treatment diseases with unmet medical needs through accelerated regulatory pathways. Tryp's Psilocybin-For-Neuropsychiatric Disorders, or PFN™, program is focused on the development of synthetic psilocybin as a new class of drug for the treatment of certain neuropsychiatric-based disorders. Tryp's lead PFN™ drug candidate is TRP-8802 for the treatment of fibromyalgia, a chronic pain syndrome estimated to affect more than 5 million people in the United States. The Company is also preparing to initiate a Phase 2a clinical study for eating disorders in partnership with Dr. Jennifer Miller at the University of Florida.

www.tryptherapeutics.com

About Alcami

Alcami is a contract development and manufacturing organization headquartered in North Carolina with over 40 years of experience advancing products through every stage of the development lifecycle. Leveraging four US-based scientific campuses, Alcami serves biologics and pharmaceutical companies of all sizes providing customizable and innovative solutions for analytical development, clinical to commercial sterile and oral solid manufacturing, packaging, microbiology, and environmental monitoring services. Alcami's private equity ownership includes Madison Dearborn Partners and Ampersand Capital Partners. For more information, please visit alcaminow.com.

Forward-Looking Information

Certain information in this news release, including statements relating to the anticipated closing date of the Placement, 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.

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