Cynapsus Therapeutics Inc. (TSX VENTURE:CTH), a specialty pharmaceutical company
developing an improved dosing formulation of an approved drug used to treat the
symptoms of Parkinson's disease, today announced its results for the three
months ended March 31, 2012. Unless specified otherwise, all amounts are in
Canadian dollars.


"In the first quarter our team continued to make significant progress on our
lead drug candidate, APL-130277," said Anthony Giovinazzo, President and Chief
Executive Officer of Cynapsus. "In particular, the first quarter was highlighted
by the announcement of the completion of the first human clinical trial for
APL-130277. Building on this success, we remain focused on the completion of a
second dose escalation study in the next 60-90 days, as well as preparations for
an Investigational New Drug Application to the US FDA for a clinical
BioEquivalence study later in the year. The BEQ study is the next critical
de-risking milestone that we believe will drive significant shareholder value." 


Financial Highlights



--  Cash at March 31, 2012 of $477,444 (December 31, 2011: $294,812). 
--  On March 9, 2012, the Company announced the completion of a debenture
    financing in aggregate principal amount of $1,075,865, for net proceeds
    of $936,000. 
--  Net loss of $603,408 for the three months ended March 31, 2012 (March
    31, 2011: Net loss of $603,701) 
--  Report 135,487,219 common shares outstanding at March 31, 2012 (December
    31, 2011: 131,743,219). 



Recent Developments

The following achievements were made during the quarter:

Cynapsus Completed the First Human Volunteer Pilot Proof-of-Concept Clinical
Trial For APL-130277. On January 10, 2012, Cynapsus announced positive headline
data from its recently completed human volunteer pilot proof-of-concept trial
for APL-130277, a sublingual thin film strip formulation of apomorphine. The
study showed a pharmacokinetic (PK) profile that compared favorably to injected
apomorphine with a mean T-max of 25 minutes and good tolerability, and therefore
confirms that APL-130277 has the potential to treat motor fluctuations or "off
episodes" in Parkinson's disease. This was a significant milestone and
de-risking event for the project.


Cynapsus Obtained Independent Research Coverage. In February 2012, the Company
announced that Loewen, Ondaatje, McCutcheon Limited ("LOM") initiated analyst
coverage of the Company. LOM's biotech analyst initiation of research coverage
provides further independent opinion and view of the strengths, risks and
commercial potential of APL-130277. 


Cynapsus Added an Additional Expert to the Clinical Advisory Board ("CAB").
During the quarter, Management initiated a search for new CAB candidates that
have extensive experience in the clinical management of Parkinson's patients. In
April 2012, subsequent to the end of the quarter, the Company announced that it
has appointed Dr. Abraham Lieberman to the CAB. Dr. Lieberman is the current
Director of the Muhammad Ali Parkinson Center and Movement Disorder Clinic of
the Barrow Neurological Institute at St. Joseph's Hospital and Medical Center in
Phoenix, Arizona. 


Cynapsus Initiated Discussions to Strengthen the Board of Directors. During the
quarter, the Board initiated a search for new Board candidates. In May 2012,
subsequent to the end of the quarter, the Company announced that Dr. Perry
Molinoff, Dr. Thomas Picone, and Anthony Giovinazzo, were named as candidates to
join its Board of Directors at the May 30, 2012 Annual and Special Meeting of
Shareholders. Mr. Giovinazzo and Dr. Molinoff were nominated and elected to the
Board at the meeting held earlier in the day, along with Mr. Ronald Hosking, Dr.
Julia Levy, Dr. Alan Ryley, Ms. Rochelle Stenzler and Mr. Alan Torrie. Dr.
Picone was not nominated today for personal reasons, however his candidacy is
still in process and he may join the Board of Directors in the next three
months, subject to Board and Exchange approval.


Cynapsus Commenced Work on the Second Human Volunteer Pilot Proof-of-Concept
Clinical Trial For APL-130277.  During the quarter, the Company began work on a
second Phase 1 healthy human volunteer pilot study to provide additional
insights related to a two dose comparison, as well as some minor changes to the
prototype composition. This pilot study commenced in May 2012, subsequent to the
end of the quarter, with results expected to be announced in July or August
2012.


In addition, effective May 30, 2012, the Company granted stock options to
acquire 260,000 common shares. The stock options were granted to a director and
an employee of the Company at an exercise price equal to $0.10 per share and
with an expiry of 5 years. 


About Cynapsus Therapeutics

Cynapsus is a specialty pharmaceutical company developing an improved dosing
formulation of an approved drug used to treat the symptoms of Parkinson's
disease. Over one million people in the United States and an estimated 5 million
people globally suffer from Parkinson's disease. Parkinson's disease is a
chronic and progressive neurodegenerative disease that impacts motor activity,
and its prevalence is increasing with the aging of the population. It is
estimated that between 25 percent and 50 percent of patients experience "OFF
episodes" in which they have impaired movement or speaking capabilities. Current
medications only control the disease's symptoms, and most drugs become less
effective over time as the disease progresses.


Cynapsus' lead drug candidate, APL-130277, is an easy-to-administer, fast-acting
and oral reformulation of an approved drug, apomorphine, used to rescue patients
from OFF episodes. Cynapsus is focused on rapidly maximizing the value of
APL-130277 by completing pivotal studies in advance of a New Drug Application
expected to be submitted in 2013 or 2014. Cynapsus anticipates out-licensing to
an appropriate pharmaceutical partner before such an application is submitted.


More information about Cynapsus (TSX VENTURE:CTH) is available at
www.cynapsus.ca and at the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com.


Forward Looking Statements

This announcement contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Cynapsus to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to those risks and uncertainties relating
to Cynapsus' business disclosed under the heading "Risk and Uncertainties" in
"Management's Discussion and Analysis of Operating Results and Financial
Condition" for the year ended December 31, 2011, and its other filings with the
various Canadian securities regulators which are available online at
www.sedar.com. Although Cynapsus has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Cynapsus
does not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.