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) announces that as a result of
limited financial resources, it will not be in a position to file its audited
financial statements as at and for the year ended December 31, 2011,
accompanying management's discussion and analysis, and related CEO and CFO
certification for the year ended December 31, 2011 within the prescribed 120 day
period as prescribed under National Instrument 51-102 and National Instrument
51-109, respectively (the "2011 Annual Filings"). Osta cannot presently estimate
when it will be in a position to file the 2011 Annual Filings.


Management has spent significant effort during the last several months reviewing
all aspects of the Company's affairs in an effort to identify and secure
additional financial resources, including by way of debt, equity or strategic
partnership. Unfortunately, none of these efforts have been successful so far
and there can be no guarantee that such efforts will be successful in future.
Management and the Board of Directors have concluded that it is in the best
interests of the Company to reduce expenses and limit operations with a view
toward conserving all available cash until such time as adequate funding can be
secured or an acceptable alternative is identified. Accordingly, the Company
must delay the preparation and filing of audited financial statements for the
time being.


Pursuant to Osta's disclosure policies and procedures, employees and insiders of
the Company are prohibited from trading until the second day following the
issuance of a news release disclosing the Company's annual results for the year
ended December 31, 2011. If the Company is not able to secure additional
financing allowing it to prepare and file its 2011 Annual Filings, then the
securities of Osta will likely be subject to a cease trade order and,
consequently, trading of the common shares on the TSX Venture Exchange will be
suspended.


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. 


Forward looking statements:

Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of the
Company or the industries in which it operates to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the words
"estimate", "believe", "anticipate", "intend", "expect", "plan", "may",
"should", "will", the negative thereof or other variations thereon or comparable
terminology are intended to identify forward-looking statements. Such statements
reflect the current expectations of the management of the Company with respect
to future events based on currently available information and are subject to
risks and uncertainties that could cause actual results, performance or
achievements to differ materially from those expressed or implied by those
forward-looking statements. These risks and uncertainties include, but are not
limited to, economic, competitive, governmental and technological factors
affecting the Company's operations, markets, products, prices and other factors
as are detailed from time to time, including, without limitation, under the
heading "Risk Factors", in documents filed by the Company with the Canadian
securities regulatory authorities which are available at www.sedar.com and to
which readers of this press release are referred for additional information
concerning the Company, its prospects and the risks and uncertainties relating
to the Company and its prospects. New risk factors may arise from time to time
and it is not possible for management to predict all of those risk factors or
the extent to which any factor or combination of factors may cause actual
results, performance and achievements of the Company to be materially different
from those contained in forward-looking statements. Although the forward-looking
statements contained in this press release are based upon what management
believes to be reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with these forward-looking statements. Given
these risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. 


The forward-looking information contained in this press release is current only
as of the date of the press release. The Company does not undertake or assume
any obligation to release publicly any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as required by law.

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