Lobe Sciences Appoints Baxter Phillips III, MBA as Chief Operating Officer

Phillips also named President of Altemia & Co., a Lobe Sciences Company

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) ("Lobe" or the "Company"), a biopharmaceutical company focused on developing transformative medicines to treat rare diseases today announced the appointment of Baxter Phillips III, MBA, to the newly created position of Chief Operating Officer (COO) effective immediately. The position was created to provide additional executive leadership as Lobe Sciences continues its strategic transition to a diversified, fully integrated biopharmaceutical company preparing to launch its first commercial product, Altemia™, a medical food designed for patients with sickle cell anemia. Mr. Phillips will also serve as President, Altemia and Company, LLC, a Lobe Sciences wholly owned subsidiary focused on treatments and support for patients with sickle cell anemia. Phillips will report directly to Chairman and Chief Executive Officer Philip J. Young. In October of 2022, Mr. Phillips was appointed to Lobe Sciences' Board of Directors, where he will also continue to serve the Company.

“We are thrilled to bring Baxter into the Company as we take these major steps forward to continue to grow and strengthen our business, broaden our product portfolio with new and exciting clinical and commercial assets, and ultimately bring these therapies and products to patients with rare diseases. We have welcomed Baxter’s strategic support since he joined as a Board member, and we will continue to leverage Baxter’s 25 years of expertise in business development, licensing, operational strategic management, and commercialization. We know with his demonstrated leadership experience in the pharmaceutical industry he will be a valuable asset to the Company as we continue to move forward building our rare disease portfolios,” stated Philip Young, CEO of Lobe.

“I am honored to join Phil and the Lobe team at this juncture in our growth trajectory,” commented Phillips. “Phil’s leadership and drive to transform the Company is inspiring. I look forward to serving Lobe, and most importantly, the patients throughout the world suffering from rare, and often overlooked diseases such as sickle cell disease. Altemia™ has the potential to offer significant reductions in the frequency of sickle cell crises (SCC) and hospitalizations associated with SCC related pain, and based on clinical trial data, we do not expect to see the poor side effect profile associated with many of the currently available prescription drugs being marketed to treat these events associated with sickle cell. Altemia™ truly has the potential to significantly improve the quality of life for our friends and neighbors who suffer from sickle cell disease,” concluded Phillips.

For the past 10 years of his 25 year career, Baxter has served as an executive officer, including CEO, of several multi-national biopharmaceutical companies including Cambridge Allergy (UK), Neurogastrx (US) and Armata Pharma (AmpliPhi, multi-national). Mr. Phillips has a successful history of acquiring and launching commercial products, leading multiple public and private financing campaigns, establishing cGMP manufacturing, and licensing product portfolios of commercial and development-stage programs. Mr. Phillips began his career as a research scientist with Insmed (INSM) where for ten years he held a range of leadership positions in research, licensing, finance, investor relations, and sales and marketing. He earned his MBA from the College of William and Mary and his Bachelor of Science in Biology from Hampden-Sydney College.

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 sub-hallucinatory doses of 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.

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For further information please contact:

Lobe Sciences Ltd.

Investor and Media

info@lobesciences.com

Tel: (949) 505-5623

Source: Lobe Sciences Ltd.