Stellar Biotechnologies Closes CDN $3.7M Private Placement

PORT HUENEME, CA--(Marketwire - November 15, 2010) - Stellar Biotechnologies, Inc. (the "Company" or "Stellar") (TSX-V: KLH) (PINKSHEETS: SBOTF) is pleased to announce that it has closed the non-brokered private placement announced on October 25, 2010, as amended November 3, 2010, by the issuance of 6,213,000 units at a price of $0.60 per unit to raise gross proceeds of $3,727,800. Management elected to close on this amount despite receiving expressions of interest for well in excess of the $3,960,000 previously announced because Stellar's corporate current financial requirements were fulfilled at the $3.7278M level.

Each unit consists of one common share in the capital of the Company and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the Company on or before November 14, 2012, at an exercise price of $0.90 per share if exercised on or before November 14, 2011 and $1.15 per share if exercised from November 15, 2011 to November 14, 2012.

In connection with the private placement, Global Market Development LLC ("Global") received a cash finder's fee of $207,360, representing 9% of the gross proceeds raised in the private placement by Global, as well as a non-transferable option (the "Global Option") to acquire 345,600 units of the Company (the "Global Units") equivalent to 9% of the units sold by Global in the private placement. The Global Option is exercisable into Global Units on or before November 14, 2012 at an exercise price of $0.60 per Global Unit. Each Global Unit consists of one common share and one non-transferable share purchase warrant, each warrant entitling Global to purchase one common share in the capital of the Company on or before November 14, 2012, at an exercise price of $0.90 per share if exercised on or before November 14, 2011 and $1.15 per share if exercised from November 15, 2011 to November 14, 2012.

All securities issued by the Company pursuant to the private placement are subject to a hold period of four months and one day and cannot be resold until March 16, 2011.

Proceeds of the private placement will be used for corporate purposes, including the completion of the development and regulatory process for IMG KLH and the Stellar KLH/IMG-based primary immune diagnostic product as envisioned in the Company's Filing Statement dated December 22, 2009, as well as the commercial launch of the new, KLH-based product line. Given current plans, Stellar expects this funding to fulfill the Company's capital needs into 2012.

Stellar Biotechnologies, Inc. (TSX-V: KLH) (PINKSHEETS: SBOTF) (www.StellarBiotechnologies.com) is a world leader in sustainable manufacturing of pharmaceutical grade immune carrier proteins (ICP), particularly with regard to the present most important pharmaceutical protein in this class, KLH (Keyhole Limpet Hemocyanin). This ancient evolutionary protein has a highly complex structure that makes it ideal for use in human and animal vaccines and diagnostic products. With partners and customers, its flagship Stellar KLH products are in the clinic, and on the way to being established as the only sustainable, long-term pharmaceutical source.

www.StellarBiotechnologies.com

This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. person or person in the United States. Neither 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.

Contact Information:

Contact:
Darrell Brookstein
Executive VP
dbrookstein@stellarbiotech.com