Lobe Sciences announces $950,000 private placement offering

Lobe Sciences Ltd. (CSE:LOBE)(OTCQB: LOBEF)(Frankfurt:LOBE) announced a non-brokered private placement offering of 14,615,384 common shares at $0.065 per share for aggregate gross proceeds of approximately $950,000.

The biopharmaceutical company stated it intends to use the net proceeds to fund working capital and general corporate expenses.

The private placement remains subject to receipt of regulatory approvals, including exchange acceptance. Securities issued will be subject to a four-month hold period from the closing date under Canadian securities laws.

Lobe Sciences operates through subsidiaries including a majority interest in Cynaptec Pharmaceuticals, Inc. and wholly owned subsidiary Applied Lipid Technologies Inc. Cynaptec is developing therapies for neurological and psychiatric disorders, with its initial program focused on L-130 (psilocin mucate) for chronic cluster headache treatment.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption.

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