Placement Agent on Skye Bioscience's $40MM Private Placement

Skye Bioscience, Inc. (the “Company”) (OTCQB: SKYE), a clinical stage biotechnology company focused on the discovery, development and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system, announced that it entered into a securities purchase agreement for the sale of 4,000,000 shares of its common stock at $10.00 per share to certain investors in a private placement (the "PIPE") to certain qualified institutional buyers. Gross proceeds from the PIPE are expected to be $40 million before deducting any placement agent fees and offering-related expenses.

Investors in this financing included Perceptive Advisors, Velan Capital and Schonfeld Strategic Advisors, among others, and certain existing institutional Skye shareholders including a life science-focused investor, 5AM Ventures, Altium Capital and Sphera Healthcare. The PIPE financing will enable Skye to proactively expand the strategic development of its unique peripheral CB1 inhibitor, nimacimab, for obesity. Skye plans to start a Phase 2 clinical trial in obesity comparing monotherapy and combination arms of nimacimab and a GLP-1R agonist in mid-2024. Enrollment has been completed for a Phase 2 clinical trial of SBI-100 Ophthalmic Emulsion, a CB1 agonist currently being studied in patients with glaucoma and ocular hypertension. Topline data is expected in Q2 2024.