Lobe Sciences Provides Corporate Update
Lobe Sciences (LOBEF) has provided a comprehensive corporate update detailing several key transactions and operational developments. The company issued multiple convertible notes throughout 2024, including C$678,450 in March, C$1,462,716 in May, and US$250,000 in December, all bearing 10% annual interest.
The company settled various debts through share issuances, including 16.4M shares to Clearway Global, 10.8M shares to former directors and officers, and implemented a director compensation agreement involving 7M shares per director. Additionally, 3.5M restricted share units were issued to a subsidiary officer.
On the operational front, Lobe Sciences highlighted progress with Conjugated Psilocin™, securing two US patents and filing international applications. The company published Phase 1 clinical trial results and received pre-IND feedback from the FDA, marking significant steps toward human clinical trials.
Lobe Sciences (LOBEF) ha fornito un aggiornamento aziendale completo che dettaglia diverse transazioni chiave e sviluppi operativi. L'azienda ha emesso molteplici note convertibili durante il 2024, tra cui C$678.450 a marzo, C$1.462.716 a maggio e US$250.000 a dicembre, tutte con un interesse annuale del 10%.
L'azienda ha regolato vari debiti attraverso emissioni di azioni, tra cui 16,4 milioni di azioni a Clearway Global, 10,8 milioni di azioni a ex direttori e funzionari, e ha implementato un accordo di compenso per i direttori che prevede 7 milioni di azioni per direttore. Inoltre, sono state emesse 3,5 milioni di unità di azioni riservate a un funzionario di una sussidiaria.
Dal punto di vista operativo, Lobe Sciences ha evidenziato progressi con Conjugated Psilocin™, ottenendo due brevetti statunitensi e presentando domande internazionali. L'azienda ha pubblicato i risultati della fase 1 degli studi clinici e ha ricevuto feedback pre-IND dalla FDA, segnando passi significativi verso le sperimentazioni cliniche umane.
Lobe Sciences (LOBEF) ha proporcionado una actualización corporativa completa que detalla varias transacciones clave y desarrollos operativos. La empresa emitió múltiples notas convertibles a lo largo de 2024, incluyendo C$678,450 en marzo, C$1,462,716 en mayo y US$250,000 en diciembre, todas con un interés anual del 10%.
La empresa saldó diversas deudas a través de emisiones de acciones, incluyendo 16.4 millones de acciones a Clearway Global, 10.8 millones de acciones a exdirectores y funcionarios, y se implementó un acuerdo de compensación para directores que involucra 7 millones de acciones por director. Además, se emitieron 3.5 millones de unidades de acciones restringidas a un funcionario de una subsidiaria.
En el ámbito operativo, Lobe Sciences destacó avances con Conjugated Psilocin™, asegurando dos patentes en EE. UU. y presentando solicitudes internacionales. La empresa publicó los resultados de la fase 1 de ensayos clínicos y recibió comentarios pre-IND de la FDA, marcando pasos significativos hacia ensayos clínicos en humanos.
Lobe Sciences (LOBEF)는 여러 주요 거래 및 운영 개발을 자세히 설명하는 포괄적인 기업 업데이트를 제공했습니다. 이 회사는 2024년 동안 여러 전환사채를 발행했으며, 3월에 C$678,450, 5월에 C$1,462,716, 12월에 US$250,000를 포함하여 모두 연 10%의 이자를 붙였습니다.
회사는 Clearway Global에 1,640만 주, 전직 이사 및 임원에게 1,080만 주의 주식을 발행하여 여러 부채를 정산했으며, 이사 보상 계약을 통해 이사당 700만 주를 포함했습니다. 또한, 자회사 임원에게 350만 개의 제한 주식 단위가 발행되었습니다.
운영 측면에서 Lobe Sciences는 Conjugated Psilocin™과 관련된 진전을 강조하며, 두 개의 미국 특허를 확보하고 국제 출원을 했습니다. 이 회사는 1상 임상 시험 결과를 발표하고 FDA로부터 사전 IND 피드백을 받으며 인간 임상 시험을 향한 중요한 단계를 기록했습니다.
Lobe Sciences (LOBEF) a fourni une mise à jour complète de l'entreprise détaillant plusieurs transactions clés et développements opérationnels. La société a émis plusieurs obligations convertibles tout au long de 2024, y compris C$678,450 en mars, C$1,462,716 en mai et US$250,000 en décembre, toutes portant un intérêt annuel de 10%.
La société a réglé diverses dettes par le biais d'émissions d'actions, y compris 16,4 millions d'actions à Clearway Global, 10,8 millions d'actions à d'anciens directeurs et dirigeants, et a mis en place un accord de rémunération pour les directeurs impliquant 7 millions d'actions par directeur. De plus, 3,5 millions d'unités d'actions restreintes ont été émises à un dirigeant d'une filiale.
Sur le plan opérationnel, Lobe Sciences a mis en avant des progrès avec Conjugated Psilocin™, en obtenant deux brevets américains et en déposant des demandes internationales. L'entreprise a publié les résultats des essais cliniques de phase 1 et a reçu des retours pré-IND de la FDA, marquant des étapes significatives vers les essais cliniques humains.
Lobe Sciences (LOBEF) hat ein umfassendes Unternehmensupdate bereitgestellt, das mehrere wichtige Transaktionen und betriebliche Entwicklungen detailliert. Das Unternehmen hat im Jahr 2024 mehrere wandelbare Anleihen ausgegeben, darunter C$678.450 im März, C$1.462.716 im Mai und US$250.000 im Dezember, alle mit einem jährlichen Zinssatz von 10%.
Das Unternehmen hat verschiedene Schulden durch Aktienausgaben beglichen, darunter 16,4 Millionen Aktien an Clearway Global, 10,8 Millionen Aktien an ehemalige Direktoren und Führungskräfte, und hat eine Vergütungsvereinbarung für Direktoren implementiert, die 7 Millionen Aktien pro Direktor umfasst. Darüber hinaus wurden 3,5 Millionen beschränkte Aktieneinheiten an einen Mitarbeiter einer Tochtergesellschaft ausgegeben.
Im operativen Bereich hob Lobe Sciences Fortschritte mit Conjugated Psilocin™ hervor, sicherte sich zwei US-Patente und reichte internationale Anträge ein. Das Unternehmen veröffentlichte die Ergebnisse der Phase-1-Studien und erhielt Vor-IND-Feedback von der FDA, was bedeutende Schritte in Richtung klinischer Studien am Menschen markiert.
- Secured two US patents for psilocin mucate (Conjugated Psilocin™)
- Successfully completed and published Phase 1 clinical trial results
- Received FDA pre-IND feedback, advancing toward human clinical trials
- Successfully restructured debt through share issuances and convertible notes
- Significant debt settlement through share issuances may lead to dilution
- Multiple convertible notes with 10% interest rate indicate high cost of capital
- Related party transactions and compensation agreements suggest substantial share dilution
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / April 4, 2025 / Lobe Sciences Ltd. ("Lobe" or the "Company") (CSE:LOBE)(OTCQB:LOBEF)(FWB:LOBE.F), a commercial stage biopharmaceutical company focused on developing products using lipid technology to treat diseases with significant unmet medical needs is providing a corporate update with respect to certain recent transactions. The Company wishes to provide notice of the following transactions:
On March 14, 2024, the Company issued C
$678,450 (US$500,000) principal amount of convertible notes (the "Notes"). The Notes were secured against the Company's intellectual property. The security interest has since been released. The Notes bear interest at10% per annum and mature on March 15, 2027. The Notes are convertible into common shares in the capital of the Company ("Common Shares") upon listing of the Common Shares on the Australian Securities Exchange Ltd. or another recognized securities exchange in the United States or Australia (collectively, a "Designated Stock Exchange") prior to maturity at any initial public offering price. The Company and the holder of the Notes have agreed to amend the Notes to comply with the policies of the Canadian Securities Exchange (the "CSE") and to provide that the conversion price shall be equal to the lowest price permitted by the policies of the CSE.
On April 4, 2024, the Company issued 16,424,220 Common Shares in settlement of C
$318,782 owing by the Company to Clearway Global, LLC ("Clearway"), a related party.
On May 15, 2024, the Company issued C
$1,462,716 (US$1,072,609) principal amount of convertible notes (the "Settlement Notes") in satisfaction of outstanding accounts payable. The Settlement Notes bear interest at10% per annum and mature on May 15, 2027. The Settlement Notes are convertible upon a change of control or upon listing of the Common Shares on a Designated Stock Exchange prior to maturity at the greater of: (i) C$0.02 4; and (ii) the initial public offering share price, if applicable; provided that in no case shall the conversion price be less than the minimum price permitted under applicable law or the rules of any exchange on which the Common Shares are then listed for trading, which shall be not less than$0.05 while the Common Shares are listed on the CSE, without the prior consent of the CSE.Effective September 1, 2024, the Company entered into a compensation agreement (each, a "Compensation Agreement") with each director of the Company providing for the issuance of 7,000,000 Common Shares to each director (the "Compensation Shares"). One third of the Compensation Shares were issued upon signing of the Compensation Agreements, one third of the Compensation Shares are to be issued on the one-year anniversary of signing the Compensation Agreements and the remaining Compensation Shares are to be issued on the two-year anniversary of signing the Compensation Agreements.
On November 13, 2024, the Company issued an aggregate of 10,828,400 Common Shares to a former director, a current officer and Clearway, in settlement of
$246,572 owing to such person.On December 12, 2024, the Company issued a convertible note to a private investor for gross proceeds of US
$250,000. T he convertible note bears interest at10% per annum and matures on December 12, 2027. The note is convertible into Common Shares upon completion of a transaction as defined in the convertible note agreement at a30% discount to the prevailing market price at the time of conversion. The Company and the holder of the convertible note intend to amend the convertible note to comply with the policies of the CSE and to provide that the conversion price shall be equal to the lowest price permitted by the policies of the CSE.On December 13, 2024, the Company issued an aggregate of 850,000 Common Shares to a former officer and director in settlement of
$17,000 owing to such person.
On January 29, 2025, the Company issued an aggregate of 9,413,333 Common Shares to current officers and directors of the Company in settlement of
$188,267 owing to such persons.
On January 31, 2025, the Company issued 3,500,000 restricted share units to an officer of one of the Company's subsidiaries, with 1/3 of such restricted share units vesting on issuance, and 1/3 vesting on each of the first and second anniversaries of issuance.
In connection with the above transactions, an aggregate of 36,015,952 Common Shares and 3,500,000 restricted share units were issued to "related parties" (within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")), and such issuances were considered "related party transactions" for the purposes of MI 61-101. Such related party transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to the related parties nor the consideration paid by the related parties exceeded
The Company also wishes to provide the following corporate update on its current operations:
The Company continues to make significant progress in its businesses, notably Conjugated PsilocinTM and Altemia. As previously reported, the Company has obtained two patents issued by the US patent office for psilocin mucate (Conjugated PsilocinTM). The Company has also filed patent applications in multiple key international pharmaceutical markets as a follow-up step.
The Company published the results of a key clinical study: "Phase 1, First-in-Man Clinical Trial and Pharmacokinetics of Psilocin Mucate (L-130)" in the peer reviewed Journal of Clinical Pharmacology and Therapeutics (2024;5(3):1061.
The Company has received pre-IND "Investigational New Drug" feedback from the FDA. This key consultative step with the US regulator allows the Company to confirm the steps necessary to complete the pre-clinical program to file and obtain an IND to initiate human clinical trials. The Company is now actively finalizing the development plan based upon this feedback.
About Lobe Sciences, Ltd. - Lobe Sciences, Ltd. is a commercial stage biotechnology company focused on using lipid technology developing solutions for unmet medical needs. Lobe Sciences is developing patented drug candidates to treat chronic cluster headache and innovative medical foods to address deficiencies commonly seen in sickle cell disease (Altemia®).
Dr. Fred D. Sancilio, CEO
Lobe Sciences Ltd.
Investor and Media
Info@Lobesciences.com
www.lobesciences.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including, without limitation: expectations regarding the Company's ability to achieve its current business objectives are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" or occur.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including, among other things, that: the Company's planned activities will be able to create shareholder value and address serious unmet medical needs; the Company will continue to pursue its planned research and development activities, that the Company will be able to raise funds among others. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that: the Company's planned activities will be unable to create shareholder value or address the targeted unmet medical needs; the Company is unable to obtain the desired results from its current research and development activities; and the Company is unable to raise funds or to do so on the timelines anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Lobe Sciences Ltd.
View the original press release on ACCESS Newswire
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