Greetings from EGB Ventures,
As we close out 2023, we look back on a year marked by significant challenges and inspiring advancements in the life sciences sector. Despite economic fluctuations and industry-specific hurdles, we have seen encouraging signs of resilience and innovation. Our portfolio companies, including Tryp Therapeutics and Island Pharmaceuticals, have demonstrated remarkable progress and adaptability, highlighting the sector's potential for breakthroughs in healthcare. As we step into 2024, we are energized by the possibilities ahead and remain dedicated to supporting these trailblazing endeavors. If you are attending the J.P. Morgan Healthcare Conference or Biotech Showcase next week, feel free to reach out so that we can set up a time to meet in person. In the meantime, we are pleased to highlight some of the significant achievements made by our portfolio companies in 2023 below.
Tryp Therapeutics (CSE: TRYP OTCQB: TRYPF)
Capital Markets
Tryp Therapeutics recently announced its intention to redomicile in Australia and list on the Australian Securities Exchange (ASX) via a reverse merger with Australian-based shell Exopharm Ltd. Concurrently with the closing of the merger, Tryp anticipates completing a financing of approximately A$6 million. The decision to redomicile and list in Australia is propelled by several factors, including the Australian government's generous R&D cash rebate of 43.5%; the Therapeutic Goods Administration's progressive stance on psilocybin-related treatments for neuropsychiatric disorders; and a robust investor base that is growing increasingly receptive to companies undertaking a classic drug development approach to psychedelic molecules. EGB Ventures' established network in Australia, solidified by the success of Race Oncology, positions us to support Tryp in maximizing these opportunities over the coming months. In anticipation of this move, Tryp completed two financings during 2023 totaling approximately A$6 million, with significant participation by EGB. The Company also welcomed two Australia-based team members with extensive life science expertise: Director Chris Ntoumenopoulos and CEO Jason Carroll.
Clinical Programs
On the clinical front, Tryp has made significant strides. In addition to preparing for its Phase 1 study of TRP-8803 in Australia, Tryp also announced earlier this year that FDA provided confirmation to proceed with its Phase 2a study investigating the effect of oral psilocybin on patients with Irritable Bowel Syndrome (IBS). This study will be conducted in collaboration with Massachusetts General Hospital and is expected to begin dosing in 2024. Tryp also just announced that the first patient has been dosed in a Phase 2a study investigating the effect of oral psilocybin on patients with fibromyalgia, which is being conducted in collaboration with University of Michigan.
TRP-8803 is an IV-infusion of psilocin (the active metabolite of psilocybin), which Tryp believes will alleviate numerous shortcomings of orally delivered psychedelic molecules, including significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible timeframe.
Island Pharmaceuticals (ASX: ILA)
Island Pharmaceuticals continues to progress its clinical program, recently completing the second cohort in its Single Ascending Dose study of ILA-101. The Safety Review Committee's positive feedback on dosage tolerance paves the way for the third cohort's commencement in January 2024. Completion of this study is a critical step towards Island’s Phase 2 PEACH study for dengue fever. ILA-101 is Island’s candidate for the potential prevention and treatment of dengue fever and other mosquito-borne diseases.
As we reflect on the year, we are invigorated by the resilience and progress of our portfolio companies. Their achievements are a testament to the unwavering commitment and ingenuity in our sector. We remain steadfast in our support of these trailblazing ventures, confident in their potential to bring groundbreaking advancements to healthcare.
We thank you for your continued partnership and support. Please feel free to reach out with any questions or to catch up. Here is to a promising 2024, filled with breakthroughs and success.