Lobe Sciences Enters into an Exclusive Agreement With iNGENu to Conduct Clinical Trials in Australia

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Vancouver, British Columbia--(Newsfile Corp. - August 10, 2022) - Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) ("Lobe" or the "Company"), a Canadian Biopharmaceutical company committed to discovering and developing psychedelic derived medicines for neurologic and brain disease today announced it has entered into an exclusive agreement with iNGENū Pty Ltd. ("iNGENū"), an Australian based Contract Research Organization (CRO), to design and conduct three or more clinical trials evaluating Lobe's proprietary psilocin analogues L-130 or L-131.

Philip Young, CEO of Lobe Sciences stated, "We are extremely happy to have partnered with iNGENū as we move our proprietary stable psilocin products into human clinical trials. iNGENū is an industry leading, full service CRO providing end-to-end services for companies developing cannabinoid and psychedelic drugs. We evaluated CRO's in multiple geographies and chose iNGENu as their core values match ours and our commitment to discovering transformational therapies for multiple Central Nervous System diseases and trauma."

Dr. Sud Agarwal, CEO of iNGENū commented, "Our team is pleased that Lobe has trusted iNGENū with their clinical development needs and we look forward to working together to design and conduct trials with our partners here in Australia. We are impressed with their development of stable psilocin compounds which potentially offer greater dosing flexibility for multiple patient populations."

Philip Young added, "In addition to the talented team at iNGENū the Australian Federal Government's Research & Development tax incentive program will provide rebates to Lobe for up to 43.5% on eligible expenditures for Research and Development conducted in Australia."

About Lobe Sciences Ltd.

Lobe Sciences is a life sciences company focused on psychedelic medicines. The Company, through collaborations with industry-leading partners, is engaged in drug research and development using psychedelic compounds and the development of innovative devices and delivery mechanisms to improve mental health and wellness.

About iNGENū

iNGENū is a globally-focused Contract Research Organization working exclusively in the cannabinoid and psychedelic space. A full-service CRO performing clinical trials for US, Canadian and European sponsors in Australia. The Australian advantage is the ability to perform FDA registration clinical trials prior to opening an IND, accessing the lucrative 43.5% research and development rebate from the Australian Government on all research expenses, and rapid start-up of clinical trials in under 12 weeks.

For further information please contact:

Lobe Sciences Ltd.
Philip J Young, CEO
info@lobesciences.com
Tel: (949) 505-5623

NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

This does not constitute an offer to sell or a solicitation of offers to buy any securities.

Disclaimer for Forward Looking Statements

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including statements regarding the future plans and objectives of the Company, research and development using psychedelic compounds, and the development of innovative devices and delivery mechanisms to improve mental health and wellness, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that assumptions used in the preparation of the forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including changes to the regulatory environment;, that the Company's drug research and development activities may be unsuccessful; that drugs and medical devices produced by, or on behalf of, the Company, may not work in the manner intended or at all, and may subject the Company to product liability or other liability claims; that the Company may not be able to attain the Company's corporate goals and objectives; and other risk factors detailed in the Company's continuous disclosure filings from time to time, as available under the Company's profile at www.sedar.com. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made only as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as expressly required by applicable Canadian securities laws.

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