Lobe Sciences raises C$341,425 through private placement

Lobe Sciences Ltd. (CSE:LOBE)(OTCQB: LOBEF)(FWB:LOBE.F) announced a non-brokered private placement offering up to 8,535,625 common shares at C$0.04 per share for gross proceeds of up to C$341,425.

The Vancouver-based biopharmaceutical company said it will use the net proceeds for general corporate purposes, including working capital and ongoing operational needs, according to a press release statement.

All securities issued under the offering will be subject to a statutory four-month and one-day hold period. 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 an applicable exemption.

Lobe Sciences develops therapeutics for rare and underserved diseases through its subsidiaries Altemia, Inc. and majority-owned Cynaptec Pharmaceuticals, Inc. The company is advancing a lipid-based delivery platform for sickle cell disease treatment and an oral analog of psilocin for chronic cluster headache.

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