Dr. Frederick Sancilio reports

LOBE SCIENCES LTD. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Lobe Sciences Ltd. has arranged a non-brokered private placement offering of 14,615,384 common shares in the capital of the company at a price of 6.5 cents per common share, for aggregate gross proceeds of approximately $950,000.

The company intends to use the net proceeds of the private placement to finance working capital and general corporate expenses.

The private placement remains subject to receipt of all necessary regulatory approvals, including exchange acceptance. All securities issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

About Lobe Sciences Ltd.

Lobe Sciences is a biopharmaceutical company advancing programs in diseases with unmet medical needs. The company is pursuing strategic development through its subsidiaries, including a majority interest in Cynaptec Pharmaceuticals Inc. and wholly owned subsidiary Applied Lipid Technologies Inc. (formerly Altemia Inc.).

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