Greetings from EGB Ventures,
As the first quarter of 2024 comes to a close, we are excited to share some of the latest developments and milestones in our portfolio. As always, the beginning of the year was highlighted by our annual J.P. Morgan/Biotech Showcase dinner, which saw attendance beyond the capacity of our venue. This annual gathering exemplifies our commitment to fostering a community of innovative thinkers and trailblazers, facilitating valuable connections across our ecosystem that catalyze growth and advancement within our own portfolio and beyond. As the year is now fully underway, we are happy to provide a few of our portfolio company highlights from Q1 below.
Tryp Therapeutics (CSE: TRYP, OTCQB: TRYPF)
We're pleased to announce that Tryp Therapeutics remains on track for a Q2 closing of its previously announced merger with Exopharm Limited and subsequent listing on the Australian Securities Exchange (ASX) as Tryptamine Therapeutics Australia Limited. Concurrent with finalization of the merger, the combined company is conducting a public offering of up to A$6.5M in common stock.
In addition to its financing activities, Tryp has announced that it expects to initiate its Phase 1 study of TRP-8803 in Australia shortly after completion of the anticipated merger and capital raise, taking immediate advantage of the Australian government's 43.5% cash rebate on R&D activities. TRP-8803 is Tryp's proprietary formulation of IV-infused 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 time frame. In addition to successful completion of a pilot study in Binge Eating Disorder using TRP-8802 (oral psilocybin), TRP-8802 is also currently being studied in fibromyalgia at the University of Michigan and pain related to irritable bowel syndrome (IBS) at Massachusetts General Hospital/Harvard University.
Island Pharmaceuticals (ASX: ILA)
Island Pharmaceuticals remains at the forefront of addressing the burgeoning global health challenge of dengue fever with its lead program, ISLA-101. The recent emergency declaration in Puerto Rico, amid rising cases across the Americas and other parts of the world, highlights the urgent need for effective prevention and treatment solutions. Island recently completed its Phase 1 single ascending dose study of ISLA-101. Based on a review of preliminary data, ISLA-101 was deemed safe and well-tolerated by the Safety Review Committee across all three dose levels. Following a full analysis of the Phase 1 results, Island intends to launch its Phase 2a PEACH trial, which will study ISLA-101's ability to prevent dengue fever. Ahead of the study launch, Island recently initiated a fully-underwritten A$1.95 million financing, which is anticipated to close this quarter.
A Look Ahead
The achievements and strategic initiatives of our portfolio companies reflect an unwavering commitment to nurturing innovation and excellence in the life sciences sector. As we navigate the year ahead, we remain committed to supporting our partners and stakeholders in realizing the vast potential of these endeavors.
We extend our deepest gratitude for your continued partnership and support. Should you wish to discuss these developments further or explore collaboration opportunities, we invite you to reach out.