Osta Receives Notice of Allowance From USPTO on Key Patent

THE ISSUE OF THIS PRESS RELEASE IS LIMITED TO CANADA ONLY. THIS PRESS RELEASE
SHOULD NOT BE ISSUED IN THE UNITED STATES THROUGH U.S. NEWS WIRE AGENCIES.


Osta Biotechnologies Inc. (TSX VENTURE:OBI) today announced that it has received
a Notice of Allowance from the United States Patent and Trademark Office (USPTO)
for one of the key patents entitled "Compounds and methods for treating cancer
and diseases of the central nervous system". The company is advancing the
preclinical development of novel therapeutic agents for the treatment of cancer
and Alzheimer's disease. To date, the company has obtained promising in-vivo
results on the effectiveness of its novel molecules for the treatment of hormone
refractory prostate cancer and metastatic melanoma. Subject to the availability
of funds, the company plans to complete the preclinical toxicology studies
required for filing an IND application to initiate Phase-I human clinical trials
in North America.


About Osta Biotechnologies Inc.

Osta is a biopharmaceutical company listed on the TSX Venture Exchange currently
focusing on developing therapeutics for Cancer and Alzheimer's disease.


The issue of this press release is limited to Canada only. This press release
should not be issued in the United States through U.S. news wire agencies.