Exopharm Ltd. (AU:EX1) has released an update.
Exopharm Ltd., an Australian biotech firm, has signed a binding agreement to acquire Tryp Therapeutics, a Canadian company specializing in neuropsychiatric treatments using synthetic psilocybin and psilocin. The acquisition, approved by the Supreme Court of British Columbia and Tryp’s shareholders, is part of Exopharm’s strategic shift to focus on transformative medicines. To finance this endeavor, Exopharm has issued a prospectus to raise up to A$6.5 million and will rename itself to Tryptamine Therapeutics Limited.
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