Lobe Sciences plans $2.1M private placement to fund S-100 development

Lobe Sciences Ltd. (CSE: LOBE, OTCQB: LOBEF, FSE: LOBE.F) announced a non-brokered private placement of 24,705,880 common shares at $0.085 per share, for aggregate gross proceeds of approximately $2,100,000.

According to a press release, the company intends to use the net proceeds to fund cash reserves, advance clinical development of the S-100 molecule being developed by its subsidiary Applied Lipid Technologies Inc., and for working capital and general corporate purposes.

S-100 is Applied Lipid Technologies' lead asset, currently targeting sickle cell disease as its initial indication. The company has stated it intends to evaluate S-100's potential eligibility for orphan-drug designation and for the U.S. Food and Drug Administration's Rare Pediatric Disease Priority Review Voucher Program.

The private placement remains subject to regulatory approvals, including acceptance by the Canadian Securities Exchange. Securities issued will be subject to a four-month hold period from the closing date under applicable Canadian securities laws. The securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.

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