Lobe Sciences Successfully Completes Proof-of-Concept of Proprietary Nasal Mist Device

Proprietary spray delivers micro doses of psilocybin or N-acetylcysteine for treatment of PTSD and traumatic brain injury

Vancouver, British Columbia--(Newsfile Corp. - February 18, 2021) -  Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) ("Lobe" or the "Company") announced today the completion and testing of the proof-of-concept prototype of its proprietary nasal mist device. As announced on December 3, 2020, the Company engaged VisionWorks Engineering of San Diego, CA to complete this first phase of development. Lobe's nasal mist device delivers "micro doses" of pharmaceutical agents such as a psilocybin and N-acetylcysteine ("NAC") at preselected dosages.

Philip Young, CEO of Lobe states "Advancing through the initial development and testing of our innovative nasal mist device will position Lobe as the leader in the delivery of effective therapeutics to treat patients suffering from mild traumatic brain injury, post-traumatic stress disorder, and other mental health conditions. We intend to further the development of this device leading to commercialization. Completing the development of this device will enable the patients to easily treat themselves where they live and work."

During the first phase of development of the device, a test platform was built. The platform was then used to quantify key characteristics of the actuator, atomizer, and control system. The testbed was also used to refine the mist volume, quality, and spray pattern. The results reflect a clear path for delivering precise doses of drugs to the upper region of the nasal cavity. The completion of the prototype phase is an important milestone towards the ultimate goal of developing effective delivery methods for commercialization.

Lobe holds several provisional patent applications, including the nasal mist device entitled "Device and Method for the Treatment of Traumatic Brain Injuries and Post-Traumatic Stress Disorder". Once completed, the device design will allow for the precise control and delivery of medicines through the nasal cavity directly to the olfactory bulb for faster and more efficient uptake of psilocybin and other medicines that target the brain.

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.

For further information please contact:

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

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

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, progression with nasal mist device engineering and commercialization, benefits of the nasal mist device for delivery of medicines, the pursuit of M&A initiatives, development of effective delivery methods and commercialization potential of the nasal mist device, research and development using NAC and psilocybin and growth of the business, 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. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations. 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; and that the current Board and management may not be able to attain the Company's corporate goals and objectives. 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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