MONTREAL, QUEBEC--(CCNMatthews - Dec. 11, 2006) - 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 it has held a closing of a private placement by issuing 4,361,000 units at a price of $0.25 per unit, for gross proceeds to Osta of $1,090,250. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share for a period of two years from the closing date of the placement, at a price of $0.40. The proceeds from the private placement will be applied by Osta toward the furtherance of its research and development activities, as well as working capital and general corporate purposes.
