Therapix Biosciences and Cyntar Ventures Entered a Non-Binding Letter of Intent for the Distribution of TheraPEA in Canada Therapix's TheraPEA product has all required Canadian approvals for distribution

Therapix Biosciences and Cyntar Ventures

Entered a Non-Binding Letter of Intent for the Distribution of TheraPEA in Canada

Therapix's TheraPEA product has all

required Canadian approvals for distribution

TEL AVIV, Israel, January 5, 2021- Therapix

Biosciences Ltd. (OTCQB: TRPXY), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based

treatments, today announced it has entered a non-binding letter of intent with Cyntar Ventures Inc., an innovative company dedicated

to the development and commercialization of advanced products and therapies in the psychoactive pharmaceutical sphere.

Any transaction between the parties remains

subject to entry into a definitive agreement(s) and such agreement(s) may be subject to closing conditions, including regulatory

approval. Subject to the negotiation of definitive agreement(s), Cyntar will be granted a distribution license, exclusive to Canada

only, to distribute all of the proprietary product varieties relating to TheraPEA, subject to payment to Therapix of those amounts

to be stipulated in the definitive agreement(s), including royalties from the gross profit of TheraPEA.

Therapix has a proprietary product called

"TheraPEA" (CannAmide ) which has been issued

a product license from Health Canada's Natural and Non-prescription Health Products Directorate (NNHPD) for the recommended use

as an anti-inflammatory and to help relieve chronic pain.

Chronic pain is estimated to affect one-third

to fifty percent of the world population, and according to an analysis by the World Health Organization, half of the most prevalent

conditions responsible for those living with a disability can be characterized by the presence of different kinds of pain. With

the NNHPD license, Therapix has the ability to offer crucial and improved access to safe and beneficial non-opiate pain management

products to patients in Canada.

CannAmide is a cannabimimetic compound that

regulates endocannabinoid levels by enhancing receptor sensitivity and inhibiting their metabolism, and is particularly attractive

therapeutically, with external research and studies indicating that the compound may have a high safety profile with low or no

abuse liability. Although numerous clinical trials have shown the favorable effect of PEA, as an analgesic agent it has low solubility.

Using its proprietary TheraPEA, Therapix offers an immediate release formulation to improve bioavailability.

About Therapix Biosciences (OTCQB: TRPXY):

Therapix Biosciences Ltd. is a specialty clinical-stage

pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is creating and enhancing a portfolio

of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in the following

drug development programs based on tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD): THX-110 for the treatment

of Tourette syndrome and for the treatment of obstructive sleep apnea; THX-160 for the treatment of pain; and THX-210 for the treatment

of autism spectrum disorder and epilepsy. Please visit our website for more information at www.therapixbio.com,

the content of which is not a part of this press release.

press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities

Litigation Reform Act of 1995 and other Federal securities laws. For example, Therapix is using forward-looking statements when

it discusses the signing of definitive agreement(s), its ability to offer crucial and improved access to safe and beneficial non-opiate

pain management products to patients in Canada and the high safety profile and abuse liability of CannAmide. The transaction described

here may never be consummated and definitive agreement(s) may not be executed, and, if executed, such agreement(s) may be subject

to conditions before it can be completed. In addition, the market for products contemplated by the letter of intent is in a period

of regulatory and business uncertainty and financial and business results from such businesses are uncertain. Historic results

of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will

suggest identical or even similar conclusions. Because such statements deal with future events and are based on Therapix's

current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Therapix

could differ materially from those described in or implied by the statements in this press release. The forward-looking statements

contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading

"Risk Factors" in Therapix's Annual Report on Form 20-F filed with the SEC on June 15, 2020, and in subsequent

filings with the U.S. Securities and Exchange Commission. Except as otherwise required by law, Therapix disclaims any intention

or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a

result of new information, future events or circumstances or otherwise.