LSN Life Sciences Institute Inc.

Further to the October 19, 2010 press release of LIFE SCIENCES INSTITUTE INC.
(the "Corporation" or "Life Sciences") (TSX VENTURE:LSN), the Corporation wishes
to provide an update on the status of its Change of Business ("COB").


The COB is comprised of two parts, being the acquisition of certain oil and gas
assets (the "Acquisition"), and the disposition of the non-oil and gas assets of
the Corporation (the "Disposition"), each as set out in the October 19, 2010
press release. The COB remains subject to the concurrent closing of the two
previously announced offerings, the FT Offering and the SFOD Offering, each as
defined in the October 19, 2010 press release. There is no assurance that the
SFOD Offering, the FT Offering or the COB will be completed. 


On December 29, 2010, the Corporation filed an annual information form ("AIF").
The AIF is available on SEDAR (www.sedar.com). The filing of the AIF is a
requirement in order for the Corporation to pursue the SFOD Offering through the
short-form offering document ("SFOD") of the TSX Venture Exchange ("TSXV").


The Corporation is pleased to announce that it intends to file the SFOD with the
TSXV prior to the end of January. Once conditional approval of the SFOD is
obtained from the TSXV, Wolverton Securities Ltd., as agent, will commence
marketing the SFOD offering. As per TSXV policy 4.6, once TSXV approval is
received for the SFOD, the agent will have 60 days to market and sell the SFOD
Offering. After the 60 day period is complete, the Company will have until April
29, 2011 to submit final documentation to the TSXV in respect of the COB and the
related transactions. In order to proceed with the COB and related transactions,
the Corporation requires a minimum of $2,850,000 in gross proceeds from the
offerings.


The Corporation intends to use the net proceeds received from the SFOD Offering
to cover certain general administrative expenses and certain expenses relative
to maintaining certain of the oil and gas assets acquired. In addition, the
Corporation intends to use the FT Offering proceeds to complete the 3D/3C
seismic survey over the Corporation's land holdings in Saskatchewan and complete
the drilling of two of the highest ranked oil targets previously identified with
2D seismic. The Corporation's intended use of proceeds may be varied if doing so
is deemed by management to be in the best interests of the Corporation. 


The COB and related matters were approved by the shareholders of the Corporation
at the June 3, 2010 shareholders meeting. Details about the COB and related
matters can be found in the Corporation's Information Circular dated April 30,
2010, as filed on SEDAR (www.sedar.com).


Forward Looking Statements

Statements in this press release contain forward-looking information within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. In particular, forward-looking
information in this press release includes, without limitation, statements with
respect to: timing and completion of the COB, the closing of the FT Offering and
the SFOD Offering and the approval of the TSX Venture Exchange. Readers are
cautioned that assumptions used in the preparation of forward-looking
information may prove to be incorrect. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We cannot guarantee
future results, level of activity, performance or achievements. Consequently,
there is no representation that the actual results achieved will be the same, in
whole or in part, as those set out in the forward-looking information.


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors (many of which are beyond the control of the
Corporation) that could cause actual events or results to differ materially from
those anticipated in the forward-looking information. Some of the risks and
other factors could cause results to differ materially from those expressed in
the forward-looking information include, but are not limited to: general
economic conditions in Canada, the United States and globally, the risks
associated with the oil and gas industry, commodity prices and exchange rate
changes. Industry related risks could include, but are not limited to:
operational risks in exploration, development and production; delays or changes
in plans; competition for and/or inability to retain drilling rigs and other
services; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands, skilled personnel and supplies; risks associated to
the uncertainty of reserve estimates; governmental regulation of the oil and gas
industry, including environmental regulation; geological, technical, drilling
and processing problems and other difficulties in producing reserves; the
uncertainty of estimates and projections of production, costs and expenses;
unanticipated operating events or performance which can reduce production or
cause production to be shut in or delayed; incorrect assessments of the value of
acquisitions; the need to obtain required approvals from regulatory authorities;
stock market volatility; volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations; access to capital; and
other factors. Readers are cautioned that this list of risk factors should not
be construed as exhaustive. 


The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. The Corporation does not undertake any
obligation to update or revise any forward-looking statements to conform such
information to actual results or to changes in our expectations except as
otherwise required by applicable securities legislation. Readers are cautioned
not to place undue reliance on forward-looking information.


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.

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