Life Sciences Announces Re-Pricing of Short Form Offering Document

Life Sciences Institute Inc. (TSX VENTURE:LSN) ("LSN" or the "Corporation")
announces that it has received TSX Venture Exchange ("TSXV") consent to re-price
its previously announced short form offering document ("SFOD"). The amended SFOD
will, upon filing and subsequent approval from the TSXV, allow the Corporation
to complete its previously announced financing (the "SFOD Offering") of up to
$2,000,000 in units of the Corporation. The Units are being offered at a price
of $0.05 per unit (each, a "Unit") and each Unit will be comprised of: (i) one
common share in the capital of the Corporation (a "Common Share"); and (ii) one
non-transferable Common Share purchase warrant (a "Warrant"). Each Warrant will
entitle the holder thereof to purchase one Common Share for a period of
twenty-four (24) months from the closing date at an exercise price of $0.10 per
Common Share with an accelerated expiry date, subject to notice from the
Corporation, of thirty (30) days from the date such notice is provided, if the
Common Shares trade and if the closing price of the Common Shares on the TSXV
for any fifteen (15) consecutive trading days is equal or above $0.15 per Common
Share.


As previously announced, Wolverton Securities Ltd. ("Wolverton") will act as the
lead agent on the SFOD Offering. Wolverton will receive a commission equal to
8.0% of the gross proceeds received by the Corporation from sales pursuant to
the Offering. Wolverton will also receive an option to acquire up to that number
of units ("Agent's Units") that is equal to 8.0% of the aggregate number of
Units sold pursuant to the SFOD Offering, at price of $0.05 per Agent's Unit for
a period of 36 months from the date of issue. Each Agent's Unit will consist of
one Common Share and one Warrant. The Warrants issuable upon the exercise of the
Agent's Units will expire twenty-four (24) months from the date of issuance of
the option.


The Corporation has also received TSXV consent to re-price its previously
announced flow-through financing (the "FT Offering, and together with the SFOD
Offering, the "Offerings") at $0.06 per unit ("FT Unit"). Each FT Unit will be
comprised of: (i) one flow-through Common Share; and (ii) one-half of one
non-transferable common share purchase warrant (each whole warrant, a "FT
Warrant"). Each FT Warrant will entitle the holder thereof to purchase one
Common Share for a period of twenty-four (24) months from the closing date at an
exercise price of $0.10 per Common Share with an accelerated expiry date,
subject to notice from the Corporation, of thirty (30) days from the date such
notice is provided, if the Common Shares trade and if the closing price of the
Common Shares on the TSXV for any fifteen (15) consecutive trading days is equal
or above $0.15 per Common Share. The Corporation must issue the accelerated
expiry notice to holders of each of the SFOD Warrants and the FT Warrants
concurrently.


The net proceeds to be received by the Corporation from both the SFOD Offering
and the FT Offering will be used by the Corporation primarily for the purposes
of completing drilling programs and acquiring seismic and for general working
capital purposes.


The filing of the amended SFOD with the TSXV will occur within two business days
after the issuance of this press release. As announced on January 26, 2011, the
Offerings must raise aggregate gross proceeds of at least $2,850,000. Once the
TSXV has issued an Exchange Bulletin indicating acceptance of the SFOD, the
Offerings must be closed within 30 days thereof. The Corporation has an
additional 3 business days to submit final documentation to the TSXV. There is
no assurance that such final documentation will be submitted and TSXV approval
granted within that time period.


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 SFOD Offering, the FT 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: a change in
TSXV policies, 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. 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.