Lobe Sciences closes $950,000 private placement for drug development

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

The biopharmaceutical company plans to use the funds for working capital and general corporate purposes, with a portion directed toward advancing its S-100 drug candidate for sickle cell disease treatment. Some proceeds will support its subsidiary, Applied Lipid Technologies, Inc., in developing the S-100 program toward human clinical trials.

The company stated it has obtained the active pharmaceutical ingredient required for the studies, allowing the program to proceed. Securities issued in the private placement are subject to a four-month hold period under Canadian securities laws.

Lobe Sciences operates as a biopharmaceutical company focused on diseases with unmet medical needs through its subsidiaries, including a majority interest in Cynaptec Pharmaceuticals, Inc. and wholly owned Applied Lipid Technologies Inc.

Cynaptec develops therapies for neurological and psychiatric disorders, with its initial program centered on proprietary L-130 compound for chronic cluster headache treatment. The company describes L-130 as a stable analog of psilocin designed to enhance bioavailability and therapeutic efficacy.

The information is based on a company press release statement. The securities have not been registered under U.S. securities laws and cannot be offered or sold in the United States without registration or applicable exemption.

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