• Providing a Proven Track Record of Driving Growth and Innovation

VANCOUVER, British Columbia / May 31, 2024 / Business Wire / Lobe Sciences Ltd. (OTCQB: LOBEF) (CSE: LOBE) ("Lobe" or the "Company"), a biopharmaceutical company focused on developing transformative medicines to treat rare diseases today announced that Frederick D. Sancilio Ph.D. has agreed to join its Board of Directors. Dr. Sancilio brings over four decades of successful experience in pharmaceutical sciences and biopharmaceutical research, further strengthening Lobe Sciences' commitment to pioneering advancements in mental health and wellness.

Dr. Sancilio completed his B.S., M.S., and Ph.D. in Physical and Analytical Chemistry at Rutgers, The State University of New Jersey. His career has been marked by significant achievements, including founding aaiPharma, Inc., where he led the company to become the world's largest dosage form development company with over 1,000 US FDA and 500 European drug approvals. Dr. Sancilio has a proven track record of driving growth and innovation, having founded multiple successful pharmaceutical companies and contributed to the biopharmaceutical industry's development in North Carolina.

“We are delighted to welcome Dr. Sancilio to our Board of Directors,” said Philip J. Young, Chairman and CEO of Lobe Sciences. “I have enjoyed collaborating with Fred and his team for the last 3 years building the program to develop L-130, our stable oral psilocin. Working with Fred we plan to build upon the recently completed clinical and non-clinical studies with L-130 and expand the commercial reach of Altemia, our Medical Food for treating Sickle Cell Disease.”

As a serial entrepreneur Dr. Sancilio is largely responsible for helping to define the modern Contract Research and Development Organization marketplace with the founding of aaiPharma, Inc. which focused on providing drug product development services to both entrepreneurial and established pharmaceutical companies. The company became a NASDAQ publicly traded company in 1996 and grew to a market capitalization of nearly $1BB by 2001. Dr. Sancilio retired from aaiPharma in June 2002. The company was reorganized in 2005, privatized and renamed Alcami, Inc., and continues to dominate its business segment.

“I am excited to join Lobe Sciences and contribute to its innovative approach to mental health treatment," said Dr. Sancilio. "The company's dedication to exploring the potential of non-psychedelic treatments addressing unmet medical needs aligns with my passion for pioneering new therapies. I look forward to working with the team to advance these transformative treatments,” said Dr. Sancilio.

Following his retirement as CEO of aaiPharma in 2002, Dr. Sancilio established a family office in Jupiter, Florida and affiliated with several investment and merchant banks in South Florida including Comvest Partners and the Noble Capital Markets. In 2007, he founded Sancilio & Company, Inc. (SCI), a specialty pharmaceutical company located in Palm Beach County, Florida. SCI’s primary focus was to develop drug products for diseases with unmet medical needs. The Company’s 150,000 square foot facility in Riviera Beach, Fl was approved as a drug manufacturing site by the US FDA in 2017 and received its first prescription drug approval in that facility in early 2018 making it the first US FDA approval of a drug product in Palm Beach County in over 2 decades. Facilities, products and intellectual property were acquired in early 2018 and are now operated by Procaps Group SA, a NASDAQ listed Company.

In early January 2018, Dr. Sancilio and his wife Carolyn Sancilio founded Clearway Global, Inc., a consulting and product development company that is wholly owned by Sancilio & Company, located in Stuart, Fl. He continues to do research and development work in sickle cell disease, broad spectrum anti-viral drugs and neurological disorders including Alzheimer’s Disease, substance abuse and addiction. He is also involved in guiding the development of several new drug candidates for Clearway Global’s international client companies where he serves in a variety of positions.

In July 2019, Dr. Sancilio accepted a position as a Research Professor and Managing Director, Translational Development & Commercialization in the Division of Research at Florida Atlantic University, Boca Raton, Fl and continues today as a Research Professor in the Department of Chemistry and Biochemistry.

About Lobe Sciences Ltd.

Lobe Sciences is a biopharmaceutical company focused on developing transformative medicines to treat rare diseases. The Company, through collaborations with industry-leading partners, is additionally engaged in drug research and development using non-hallucinatory doses of stabilized psilocin based compounds to address unmet medical needs in orphan neurological therapeutic applications.

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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 news release (including, without limitation, 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.