Tryptamine Therapeutics Ltd (ASX:TYP) is aiming to raise $6 million through a Placement to support acceleration of a clinical trial strategy for the company’s IV-infused psilocybin treatment, or TRP-8803.

The company has received commitments from new and current investors – these including sophisticated and institutional investors – wanting to take part in the Placement, which will involve the issue of 300 million new fully paid shares priced at 2 cents each.

The funds from the capital raising will be plugged into pushing ahead with a trial strategy for TRP-8803, which has been shown to have improved results compared to psilocybin taken orally.

In particular, it significantly reduces the amount of time it takes for onset of the psychedelic state, allows for better control of the depth and duration of this state, and lowers the overall duration of the intervention to a commercially feasible timeframe.

CEO Jason Carroll said the Placement would boost Tryptamine’s efforts to progress assessment of TRP-8803.

“The funds raised come at an important juncture, given Tryp has now established earlymomentum in a Phase 1b study with the achievement of key safety milestones, as well as through TRP-8802 focused pathfinder clinical trials,” he said.

“With these funds raised, Tryp is now well positioned with added financial flexibility to execute on the next phase of our clinical trial program.

“In announcing this raise, we are pleased to maintain the strong support of our cornerstoneinvestor groups and new Company Director, while also welcoming some new sophisticated investors to the register.”

In addition to the Placement, Tryptamine has announced the appointment of Dr Daniel Tillett as non-executive director, with Clarke Barlow stepping down from the board.