Sky Biosciences Announces $40 Million Private Equity Financing

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Loan is expected to fund strategic expansion of obesity clinical development and extend runway beyond 2026

SAN DIEGO, Calif.–(Newsfile Corp. – March 11, 2024) – Skye Bioscience, Inc. (OTCQB: SKYE) (the Company) is a company focused on the discovery, development, and commercialization of new classes of therapeutics. A clinical-stage biotechnology company. The company, a drug that modulates the endocannabinoid system, today sells 4,000,000 shares of its common stock at $10.00 per share to certain investors in a private placement to certain qualified institutional investors (“PIPE”). announced that it had entered into a securities purchase agreement. . Total proceeds from PIPE are expected to be $40 million before deducting introducing agent commissions and recruitment-related expenses. The PIPE financing is expected to close on March 13, 2024, subject to customary closing conditions.

Investors in this funding include Perceptive Advisors, Velan Capital and Schonfeld Strategic Advisors, as well as Skye’s existing institutional shareholders including life science focused investors, 5AM Ventures, Altium Capital and Sphera Healthcare. Also included.

Piper Sandler & Co. is acting as the lead introducing agent and Oppenheimer & Co. is acting as the introducing agent for the PIPE financing.

“The January PIPE funding has funded our immediate Phase 2 clinical development plans in obesity and glaucoma. The addition of additional capital supports the strategic development of our proprietary peripheral CB1 inhibitor nimasimab for obesity This monoclonal antibody provides a differentiated antibody.”We look forward to characterizing the mechanisms of this class and broadly evaluating its therapeutic potential.” ” said Punit Dhillon, CEO and Chairman of Skye. “We are also pleased to grow our healthcare-focused institutional investor base.”

The securities issued and sold by PIPE have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state and may not be offered or sold in the United States. You can’t. unless pursuant to a valid registration statement or an applicable exemption from the registration requirements of the Securities Act. The Company has agreed to file a registration statement with the Securities and Exchange Commission within 60 days after signing to register the resale of the common stock issued in this PIPE.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities mentioned herein, and does not constitute an offer to sell or a solicitation of an offer to buy any securities mentioned herein, nor shall this press release constitute an offer to sell or a solicitation of an offer to buy any securities mentioned herein, nor shall the There shall be no sale of these securities in the jurisdiction. registration or qualification under the securities laws of any such state or jurisdiction;

About Skye Bioscience, Inc.

Skye focuses on unlocking the pharmaceutical potential of the endocannabinoid system to treat diseases involving metabolic, inflammatory and fibrotic processes. Sky’s strategy, supported by leading life science venture investors, features substantial human proof of mechanism for the development of first-in-class therapeutics with significant clinical and commercial differentiation. It takes advantage of biological targets. Nimasimab, a negative his allosteric regulatory antibody that inhibits peripheral CB1, showed a good safety and tolerability profile in a phase 1 trial. Skye plans to begin a Phase 2 clinical trial in obesity comparing nimasimab and GLP-1R agonist monotherapy and combination therapy in mid-2024. Registration has been completed for the Phase 2 clinical trial of SBI-100 ophthalmic emulsion, a CB1 agonist currently being studied in patients with glaucoma and ocular hypertension. Top line data is expected to be released in the second quarter of 2024. For more information, please visit https://www.skyebioscience.com.

contact:
PR for investors
ir@skyebioscience.com
(858) 410-0266

Mike Moyer, LifeSci Advisor
mmoyer@lifesciadvisors.com
(617) 308-4306

Forward-looking statements

This release contains forward-looking statements, including statements regarding the timing of the closing of the PIPE and whether closing conditions will be satisfied, the use of proceeds from the PIPE, the Company’s financing path, and expected timelines and milestones. Contains description. the Company’s product development programs, business strategy and anticipated plans with respect to clinical trials, including the timing of patient enrollment and updates to clinical trial data; Such statements and other statements in this press release that are not statements of historical fact are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. Masu. If any such risks or uncertainties materialize, or if such assumptions prove incorrect, our business, results of operations, financial condition and stock price could be materially adversely affected. In some cases, forward-looking statements include statements such as “anticipates,” “plans,” “goals,” “focus,” “objectives,” “intends,” “believes,” “could,” ” It may be identified by terms such as ‘able to do’. “challenge,” “foreseeable,” “will,” “will,” “may,” or the negative of these terms, or other equivalent terminology. We operate in a rapidly changing environment and new risks arise from time to time. As a result, it is impossible for our management to predict all risks and the impact of all factors on our business and the possibility that any factor or combination of factors could cause actual results to differ materially. It is also not possible to assess the extent of These statements are included in forward-looking statements made by the Company. Risks and uncertainties that could cause actual results to differ materially include uncertainties regarding the Company’s capital resources, the results of future testing and development efforts, and the Company’s most recent annual or quarterly reports. Includes other risks listed in the Risk Factors section of. Filed with the Securities and Exchange Commission. We disclaim any intention or obligation to update these forward-looking statements, except as expressly required by law.