OBI Osta Biotechnologies Inc.

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) has determined today that the
financial statements for the period ended March 31, 2011 that were originally
issued, contained an error with respect to the impact of the transition to IFRS
regarding research funds awarded to the Company in October, 2008.


Under Canadian GAAP, the Company classified the research funds received as a
financial liability held for trading. Under IFRS, the research funds received
must be classified as equity.


As a result of this reclassification, the net loss and comprehensive loss has
decreased from $162,887 to $157,982. The loss per share has decreased from
$0.0037 per share to $0.0036 per share.


The Company is in the process of revising the financial statements for the 3
months ended March 31, 2011 and will reissue and file on SEDAR restated
financial statements and management discussion and analysis for such period as
soon as possible.


In other news, the Company announces that its Board of Directors has granted
stock options in respect of an aggregate of 100,000 common shares to one of its
officers. The options were granted under the Company Stock Option Plan. The
exercise price of the options is $0.10 per share, being higher than the closing
price of the common shares of the Company on the TSX Venture Exchange at the
time of grant. The options will vest in two equal tranches over a twelve-month
period and will expire in ten years.


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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