Lobe Sciences Enters into LOI with Core One Labs to Form a Joint Venture for the Clinical Development of Biosynthetic Psilocybin

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Vancouver, British Columbia–(Newsfile Corp. – April 28, 2021) –  Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company“) is pleased to announce it has entered into a non-binding letter of intent dated April 27, 2021 (the “Agreement“) with Core One Labs Inc. (CSE: COOL) (“Core One Labs“) to pursue the formation of a joint venture involving the development, regulatory approval and marketing of biosynthetic psilocybin and other psychedelic compounds (the “Joint Venture“). 

“Lobe is pleased to pursue a partnership with Core One Labs, as we continue our business expansion efforts within the rapidly growing psilocybin and psychedelics space,” said Philip Young, CEO of Lobe. “A joint venture is the logical next step for us as it has the potential to provide cGMP grade psilocybin for use in clinical studies we plan to initiate in the future.”

The Agreement proposes that Core One Labs would develop and manage the cGMP production and delivery of biosynthetic psilocybin and Lobe would be responsible for the clinical development, and commercialization of the product(s). Vocan Biotechnologies Inc. (“Vocan“), a wholly-owned subsidiary of Core One Labs, would produce the biosynthetic psilocybin and other psychedelic compounds to be used. Vocan has identified a patentable method of producing psilocybin, the active ingredient in psychotropic mushrooms.

The structure and terms of the Joint Venture remains subject to negotiation between the parties. The Joint Venture is subject to a number of other conditions, including but not limited to, legal and regulatory due diligence by the parties, negotiation and execution of a definitive agreement (the “Definitive Agreement“) with binding terms and conditions for the Joint Venture, including, but not limited to, customary representations and warranties, royalty structure for payments by Core One Labs for product sales initiated by Lobe, the price of biosynthetic psilocybin to Lobe, the production schedule of Core One Labs and the timeframe for product order fulfillment and delivery, which shall supersede the Agreement and receipt of applicable corporate and regulatory approvals. There can be no assurance that the Joint Venture will be completed as proposed herein or at all.

About Lobe Sciences Ltd.

Lobe 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.

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