SOURCE: Lightlake Therapeutics

February 01, 2012 11:01 ET

Lightlake Therapeutics Inc. Comments on Unusual Trading Activity

LONDON--(Marketwire - Feb 1, 2012) - Lightlake Therapeutics Inc. (OTCBB: LLTP) (the "Company" or "Lightlake"), an early stage biopharmaceutical company developing modern addiction treatments based on its expertise using opioid antagonists, announced today that there have been no material changes to its operations or its business affairs, and the Company is not aware of any undisclosed developments that would account for the recent unusual trading activity of its shares.

Dr. Roger Crystal, Chief Executive Officer of Lightlake, stated: "Ordinarily we do not comment on atypical market activity or market rumors, however due to the recent unusual trading activity of Lightlake stock, I would like to take this opportunity to convey to the investment community that our operations are progressing as expected. We are completing the Phase II trials of an opioid antagonist nasal spray treatment for Binge Eating Disorder, which we have fully funded, and we are planning to begin Phase II testing of an opioid antagonist nasal spray treatment for Bulimia Nervosa later this year at King's College London. Moreover, we have made arrangements with Europe's largest center for research and post-graduate education in psychiatry, the Institute of Psychiatry at Maudsley Hospital, to develop a new treatment for opiate overdose and are planning to apply our patented technology to create treatments for opioid, cocaine and amphetamine addictions, and will also launch a study to investigate Premenstrual Overeating Syndrome. One of our top priorities is maximizing shareholder value and I am confident that as we head into the future, we will be better able to reward Lightlake investors who stay the course."

About Lightlake Therapeutics Inc.

Lightlake Therapeutics Inc. is a developing biopharmaceutical company aiming to build a platform of biopharmaceutical solutions to common addictions and related disorders. Currently, the Company is focused on providing a safe, effective and simple treatment for patients who are obese or overweight as a result of Binge Eating Disorder in addition to those patients suffering from Bulimia Nervosa. Lightlake recently acquired patents that will allow it to widen its product pipeline to address patients with addictions to opioid painkillers, methadone, cocaine and amphetamine. The Company anticipates launching a development program for each of these purposes in the future.

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This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward- looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this presentation to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.

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