Genesis Biopharma closes private offerings to purchase 845,000 shares of common stock

Genesis Biopharma, Inc. (OTC Bulletin Board: GNBP), a biotechnology company developing targeted cancer therapies, today announced that it closed private offerings in December and October 2010 pursuant to which it entered into definitive agreements with accredited investors to purchase a total of 845,000 shares of the Genesis Biopharma common stock for a purchase price of $1.00 per share.  Investors in both financings were granted registration rights, with certain exceptions, relating to the shares purchased in the private offerings.

"We raised almost $2 million in 2010, including the proceeds from the October and December private financings," said Robert Brooke, President and CEO of Genesis Biopharma.  "We believe our ability to raise these funds, particularly given current market conditions, reflects the potential of our anti-CD55 cancer therapeutic program.  We expect 2011 to be a pivotal year in our corporate development as we progress toward clinical testing and remain active in our business development efforts."