Cynapsus Therapeutics Completes $25,000,000 Short Form Prospectus Offering

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UNITED STATES


Cynapsus Therapeutics Inc. (TSX VENTURE:CTH) (OTCQX:CYNAF) is pleased to
announce that it has completed its previously announced short form prospectus
offering (the "Offering") of units ("Units") for the maximum aggregate gross
proceeds of $25 million (the "Offering"). Cynapsus intends to use the net
proceeds from the Offering to complete the U.S. clinical development of its
Parkinson's drug candidate, APL-130277. APL-130277 is an easy-to-administer,
fast-acting reformulation of apomorphine, which is the only approved drug (in
the United States, Europe, Japan and other countries) to rescue Parkinson's
patients from "off" episodes.


Anthony Giovinazzo, President and Chief Executive Officer of Cynapsus stated:
"We are pleased that Cynapsus attracted a significant amount of capital,
including from a group of sophisticated biotech institutional investors. The
completion of the Offering will remove short term capital risk considerations
for the Company, and allow it to complete the CMC and clinical development work
for APL-130277 in the United States. We believe the institutional investor
support for the Offering confirms the results of our research to date, the
validity of the 505(b)(2) regulatory path we pursuing for APL-130277, and the
value of the APL-130277 product for patients with Parkinson's disease, if
approved." 


"I am also pleased to announce that Dexcel Pharma, an international specialty
pharmaceutical company and current significant shareholder, has invested a
further $4 million in Cynapsus," continued Mr. Giovinazzo. "Dexcel brings
significant expertise and experience in drug reformulations, approvals,
commercialization and distribution, as well as in the U.S. FDA 505(b)(2)
regulatory pathway, which Cynapsus will be pursuing for APL-130277. The proceeds
of the Offering will allow us to fund our research and development for the next
two years, and is expected to lead to the filing of a U.S. New Drug Application
in 2016. During this time, we believe that achievement of our milestones and
continued focus may attract significant attention and perceived value creation
from our shareholders and potential partners."


The Offering

Pursuant to the Offering, the Company issued an aggregate of 38,461,538 Units
(each, a "Unit", and collectively, the "Units") at a price of $0.65 per Unit for
gross proceeds of $25,000,000. Each Unit consists of one common share (a "Common
Share") in the capital of the Company and one common share purchase warrant (a
"Warrant") of the Company. The Units immediately separated on closing into
Common Shares and Warrants.


Each Warrant entitles the holder to purchase one Common Share (a "Warrant
Share") at a price equal to $0.81 per Warrant Share for a period of 60 months
after the closing of the Offering, except that, subject to certain exceptions,
the Warrants will be cancelled if they are not exercised within 30 days after
written notice from the Company that the closing price of its Common Shares on
the principal stock exchange of the Company has been $1.95 per Common Share or
more for 20 consecutive trading days.


The net proceeds of the Offering will be used to fund research and development
activities for the Company's APL-130277 Parkinson's disease drug candidate and
for general working capital purposes.


The Offering was led by M Partners Inc. (the "Agent") and Noble Financial
Capital Markets (the "U.S. Agent"). The Company paid to the Agent a work fee in
the amount of $65,500, plus HST, and has agreed to reimburse the Agent and the
U.S. Agent for certain expenses incurred in connection with the Offering. In
addition, the Company paid to the Agent and U.S. Agent cash commissions equal to
a total of 7% of the Offering, and issued 2,676,923 non-transferable
compensation warrants, each exercisable to purchase one Common Share on the same
terms as the Warrants issued in the Offering. 


Related Party Transaction

Dexcel Pharma, a strategic pharmaceutical investor and significant shareholder
of Cynapsus, subscribed for 6,153,846 Units having an aggregate subscription
price of $4,000,000, resulting in post-transaction ownership of 17.5% and 19.3%
of all the issued and outstanding Common Shares on a basic and fully diluted
basis, respectively. The Company has determined that exemptions were available
with respect to the issuance of the Units to Dexcel from the formal valuation
and minority shareholder approval requirements of Policy 5.9 of the TSX Venture
Exchange and Multilateral Instrument 61-101 ("Protection of Minority Security
Holders in Special Transactions") of applicable Canadian securities laws. 


U.S. Disclaimer

This press release does not constitute an offer to sell or a solicitation to buy
any of the securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities law and may not be
offered or sold to, or for the account or benefit of, persons in the United
States or "U.S. persons", as such term is defined in Regulation S under the U.S.
Securities Act unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration requirements is
available.


Neither the TSX Venture Exchange nor the OTCQX International has passed upon the
merits of the Offering or approved or disapproved the contents of this press
release.


About Cynapsus Therapeutics

Cynapsus is a specialty pharmaceutical company developing a convenient and easy
to use sublingual (oral) thin film strip for the acute rescue of "off" motor
symptoms of Parkinson's disease. Cynapsus' drug candidate, APL-130277, is an
easy-to-administer, fast-acting reformulation of apomorphine, which is the only
approved drug (in the United States, Europe, Japan and other countries) to
rescue patients from "off" episodes. Cynapsus is focused on maximizing the value
of APL-130277 by completing pivotal studies in advance of a New Drug Application
("NDA") expected to be submitted in 2016.


Over one million people in the U.S. and an estimated 4 to 6 million people
globally suffer from Parkinson's disease. Parkinson's disease is a chronic and
progressive neurodegenerative disease that impacts motor activity, and its
prevalence is increasing with the aging of the population. Based on a recent
study and the results of the Corporation's Global 500 Neurologists Survey, it is
estimated that between 25 percent and 50 percent of patients experience "OFF"
episodes in which they have impaired movement or speaking capabilities. Current
medications only control the disease's symptoms, and most drugs become less
effective over time as the disease progresses.


More information about Cynapsus (TSX VENTURE:CTH) (OTCQX:CYNAF) is available at
www.cynapsus.ca and at the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com.


Forward Looking Statements

This announcement contains "forward-looking statements" within the meaning of
applicable securities laws. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". 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 Cynapsus to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to those risks and uncertainties relating to Cynapsus' business
disclosed under the heading "Risk Factors" in its March 26, 2014, Annual
Information Form and its other filings with the various Canadian securities
regulators which are available online at www.sedar.com. Although Cynapsus has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, 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. Cynapsus does not undertake to update
any forward-looking statements, except in accordance with applicable securities
laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cynapsus Therapeutics
Anthony Giovinazzo
President and CEO
[phone] x225
[e-mail]


Cynapsus Therapeutics
Andrew Williams
COO & CFO
[phone] x253
[e-mail]
www.cynapsus.ca