OBI Osta Biotechnologies Inc.

Osta Biotechnologies Inc. (TSX VENTURE:OBI) announces that at the annual meeting
held on June 22, 2010, Osta's shareholders re-elected a Board of Directors
comprised of Dr. Ajay Gupta, Dr. Andrew Karaplis, Dr. Aldo Baumgartner, Mr. Paul
L'Archeveque and Mr. Leontis Teryazos. Dr. Gupta is the Chairman of the Board
and Chief Executive Officer of Osta and Dr. Karaplis is the President.


The shareholders also re-appointed WSBG LLP, Chartered Accountants, as auditors
of the corporation.


Osta is also pleased to announce the appointment of Mr. William Waks as
Vice-President, Finance and Chief Financial Officer, effective June 22, 2010.
Mr. Waks was previously the consulting Chief Financial Officer of the
corporation. Dr. Gupta stated "We are thrilled to have Mr. Waks as part of our
senior management team and are confident that he will have a positive impact on
the corporation as we continue to look for financing and partnership
opportunities and ways in which to advance our technologies."


Osta also announces that its Board of Directors has granted an aggregate of
1,375,000 options pursuant to the corporation's stock option plan to its
directors, officers and a consultant. The options vest immediately and may be
exercised at a price per share of $0.10 for a period of 10 years.


There are currently 43,786,528 common shares of Osta issued and outstanding.

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.

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