Life Science Developments shares rise despite lack of investment

Life Science Developments posted its unaudited interim results for the six months to 30 June on Thursday, with its loss before tax widening significant;y to $0.33m from $0.28m in the first half of 2015.

It did report an unrealised gain on investment of $10,908 and finance income of $17,736 for the period.

“We continue to focus on our new investment policy of investing in or acquiring suitable companies in the biotechnology and life sciences sectors,” said executive chairman Mitchell Alland.

“With the guidance of our new non-executive director, Jim Mellon, we have directed all our efforts to seeking an acquisition in this field.”

Alland said Mellon has been highly successful in pioneering ventures in biotech and life sciences, and is also well known as a knowledgeable and effective entrepreneur and as an author of widely read books on investment.

“After studying several possibilities, we hope to update shareholders on progress before the suspension provisionally scheduled for 0730 BST on 6 October 2016 in accordance with the AIM Rules for Investing Companies which apply to the company following the disposal of its interest in the Hinoba-an Copper Project and adoption of the new investment policy.”

At 1403 BST, shares in Life Science Developments were up 12.45% at 2.25p.