Lobe Sciences closes $2.1M private placement for sickle cell program

Lobe Sciences Ltd. (CSE: LOBE, OTCQB: LOBEF, Frankfurt: LOBE) has closed a non-brokered private placement, issuing 24,705,880 common shares at $0.085 per share for gross proceeds of approximately $2,100,000, according to a company statement.

The Vancouver-based clinical-stage biopharmaceutical company said proceeds will be used for working capital and general corporate purposes, with a portion directed to its wholly owned subsidiary, Applied Lipid Technologies, Inc., to advance its S-100 drug candidate for sickle cell disease toward human clinical trials. The company said it has already procured the active pharmaceutical ingredient required for those studies.

All securities issued under the placement are subject to a four-month hold period under Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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