Mr. Scott Sneddon reports

SHARP THERAPEUTICS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Sharp Therapeutics Corp. has closed its previously announced non-brokered private placement of common shares in the capital of the company for aggregate gross proceeds of $1,365,000 through the issuance of 1.5 million common shares at a price of 91 cents per common share. The net proceeds of the offering will be used for general working capital purposes.

Newlin Investment Company 1 LLC, an entity wholly owned by William R. Newlin, subscribed for $200,000.45 (U.S.) as part of the offering. As a director and chairman of the company, Mr. Newlin is considered an insider.

The participation of Newlin Investment Company 1 in the offering constitutes a related-party transaction for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insider participation in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued, exceeds 25 per cent of the company's market capitalization (as calculated in accordance with MI 61-101).

The common shares were offered in each of the provinces and territories of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws. The common shares were also offered for sale in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and in those other jurisdictions outside of Canada and the United States provided that no prospectus filing or comparable obligation arises in such other jurisdiction.

The common shares issued will be subject to a four-month-plus-one-day hold period from the date of issuance and subject to TSX Venture Exchange approval.

No bonus, finder's fee, commission or other compensation was paid in connection with the offering.

About Sharp Therapeutics Corp.

First-choice therapies for genetic diseases

Sharp Therapeutics is a preclinical-stage company developing first-choice small-molecule therapeutics for genetic diseases. The company's discovery platform combines novel high-throughput screening technologies, with compound libraries computational optimized based on the physics and biology of cellular trafficking defects and allosteric activation of proteins. The platform produces small molecule compounds that restore activity in mutated proteins giving the potential to treat genetic disorders with conventional pill-based medicines.

We seek Safe Harbor.