Lattice Biologics Eliminates CAN$838,000 in Debt

Lattice Biologics Ltd. (TSX-V: LBL) (OTCBB: LBLTF) (“Lattice Biologics” or the “Company”) is pleased to announce that it has obtained TSX-V approval to issue 16,760,000 common shares of the Company to settle outstanding debt.

Can$838,000 in debt held by Guy Cook has been converted to equity at a price of Can$0.05 per share and the debt has been extinguished. The common shares are subject to a four-month hold period.

The conversion of debt to equity was previously approved by shareholders.

Following completion of the conversion of debt to equity Mr. Cook now holds direct ownership and control over 27,393,705 Common Shares representing 32.38% of the Company’s issued and outstanding Common Shares, and 18,480,141 non-voting restricted shares (“Restricted Shares”) representing 72% of the Company’s issued and outstanding Restricted Shares.

About Lattice Biologics Ltd.:

IMPORTANT RISK FACTORS ASSOCIATED WITH LATTICE BIOLOGICS

Our business is at an early stage of development and we may not develop therapeutic products that can be commercialized.

We do not have any products in late stage clinical trials. We are still in the early stages of identifying and conducting research on potential therapeutic products. Our potential therapeutic products will require significant research and development and pre-clinical and clinical testing prior to regulatory approval in the United States and other countries.

We may not be able to obtain regulatory approvals, enter new and later stage clinical trials for any of our product candidates, or commercialize any products.

Our product candidates may prove to have undesirable and unintended side effects or other characteristics adversely affecting their safety, efficacy or cost effectiveness that could prevent or limit their use. Any product using any of our technology may fail to provide the intended therapeutic benefits, or achieve therapeutic benefits equal to or better than the standard of treatment at the time of testing or production. We have expended substantial funds to develop our technologies, products and product candidates. Based on our financial condition, recurring losses and projected spending, which raise substantial doubts about our ability to continue as a going concern, our independent registered public accounting firm included an explanatory paragraph in its report on our consolidated financial statements as of and for the year ended September 30^th, 2019 regarding this uncertainty. The inclusion of the going concern statement by our auditors may adversely affect our stock price and our ability to raise needed capital or enter into advantageous contractual relationships with third parties.