Algae Biosciences Corporation Grants Incentive Stock Options

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2012) - Algae Biosciences Corporation (the “Company”) (TSX-V: ABV) announced today that it has granted an incentive stock option to purchase an aggregate of 400,000 common shares without par value to an employee who is also an officer of one of the Company’s subsidiaries. The stock option will be exercisable for a period of 5 years expiring on May 3, 2017 at a price of $0.20 per common share. 100,000 of the incentive stock options issued are fully vested and 100,000 will vest annually over the next 3 years.

The granting of the foregoing incentive stock options is subject to acceptance by the TSX Venture Exchange.

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ABOUT ALGAE BIOSCIENCES CORPORATION: Algae Biosciences Corporation (“AlgaeBio”) is a Canadian biotechnology company that researches, develops, and manufactures ultra-pure products from micro and macro algae such as nutraceuticals, food additives, and pharmaceuticals. With access to near-perfect algae growing conditions, exclusive aquaculture access to a pristine brine water supply, and advanced proprietary technology, AlgaeBio produces superior human and animal consumable products, as well as offering advanced algae-based products and technologies for distribution into the agribusiness, biofuel, and aquaculture markets. AlgaeBio owns and operates large-scale production facilities near Holbrook, Ariz., and is listed on the TSX Venture Exchange (TSX.V:ABV).

For more information:

Robert J. Thompson
Chairman of the Board
Algae Biosciences Corporation
Phone: 602.909.9728
E-mail: r.thompson@algaebio.com 

Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release. This news release may contain assumptions, estimates, and other forward-looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.