Cannasat Therapeutics Inc. Announces $600,000 Financing

TORONTO, ONTARIO--(Marketwire - February 06, 2009) - Cannasat Therapeutics Inc. (TSX VENTURE: CTH) announced today that it intends to conduct a non-brokered private placement of up to 6,000,000 Units of Cannasat at a price of $0.10 per Unit, for aggregate gross proceeds of up to $600,000 (the “Offering”). Each Unit will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant shall entitle the holder to acquire one common share at a price of $0.15 for a period of 24 months from the date of closing of the Offering.

The proceeds from the Offering will be used to fund Cannasat’s ongoing CAT 310 and CAT 320 research and development activities as well as working capital and general corporate services.

It is intended that the Offering will be made to “accredited investors” in the Provinces of Ontario, Alberta and British Columbia.

The Offering and closing of the financing is subject to regulatory approval from the TSX Venture Exchange Inc.

ABOUT CANNASAT THERAPEUTICS

Cannasat is a clinical stage pharmaceutical company developing products to treat neurological disorders such as neuropathic pain and schizophrenia. Cannasat currently has two new drugs in its pipeline: CAT 310 and CAT 320. CAT 310 is currently in Phase I clinical trials and CAT 320 is scheduled to begin Phase I trials in mid-2009. More information about Cannasat (TSX VENTURE: CTH) is available at www.cannasat.com.

FORWARD LOOKING STATEMENTS

Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

The TSX Venture Exchange Inc. has not reviewed and do not accept responsibility for the adequacy or accuracy of this press release.