Lobe Sciences Provides Company Review of 2023

12-month data confirming that L-130 is the first reported stable oral psilocin

First-in-Man clinical data demonstrates the superior PK profile of L-130

2023 sales of $1.1M (CAD) for Altemia®

Lobe Sciences Ltd. (OTCQB: LOBEF) (CSE: LOBE) ("Lobe" or the "Company"), a biopharmaceutical company focused on developing transformative medicines to treat rare diseases today provided an update from the Company on its progress and achievements in 2023.

Philip Young CEO commented, “2023 was a remarkable year that witnessed the company make important advancements in clinical development of our proprietary pharmaceutical products and the acquisition and commercial launch of Altemia, our novel medical formulation for Sickle Cell Disease.”

Major Achievements In 2023

• Transitioned to a focus on treating Orphan Diseases
• Acquired Altemia in April of 2023
• Appointed Baxter Phillips III as COO of Lobe and President of Altemia
• Signed Exclusive Collaboration with Pentec Health for the launch and distribution of Altemia®
• Recorded revenue of $1.1M CAD for Altemia®
• Completed of the first Phase 1 study evaluating the PK and safety of L-130
• Demonstrated L-130 12 Month shelf stability
• Confirmed the improved pharmacokinetics of L-130 delivered as a shelf-stable capsule over its inactive prodrug, psilocybin

“2023 was truly a transformative year for Lobe Sciences. With the completion of the first-in-man clinical work on L-130 we have demonstrated that we have a very valuable pharmaceutical product with a more predictable PK stability profile that we believe the preferred drug candidate for any Company pursuing the development of serotonin targeted therapeutics, including psychedelic uses and non-psychedelic dosing as we are pursuing.” Young continued, “We believe the initial sales of Altemia portend a promising 2024 for the use of Altemia by the patient and physician Sickle Cell Disease community. The company plans to build on this momentum in 2024 and I look forward to updating our investors throughout 2024.”

Management will be meeting with prospective investors and corporate partners during the 42^nd Annual J.P. Morgan Healthcare Conference in San Francisco on January 8-11. To schedule a meeting please contact ir@lobesciences.com

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.

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.

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.

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