Osta Biotechnologies Inc. Announces Results of AGM, Grants Options

MONTREAL, QUEBEC--(Marketwire - July 05, 2010) - 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.