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Life Medical Sciences (CHAI) Receives Additional State Funding



10/19/2005 5:12:32 PM

OCEANPORT, N.J., Jan. 20 /PRNewswire-FirstCall/ -- Life Medical Sciences, Inc. (Bulletin Board OTC: CHAI.OB), today announced that it received approximately $300,000 through the sale of certain accumulated state tax net operating losses. The Company has participated in the Technology Business Tax Certificate Transfer Program administered by the Economic Development Authority of the State of New Jersey since the inception of the program in 1999 during which time the Company has received a total of $2.3 million in grants. Participating companies in this program are competitively chosen based, in part, on their being recognized as emerging high technology companies and their potential economic benefit to the state through the creation of jobs and the enhancement to the state's reputation as a center for emerging high technology.

Life Medical Sciences, Inc. is a biomaterials company engaged in the development and commercialization of anti-adhesion and drug delivery products. The Company is developing a broad range of bioresorbable polymer products to prevent/reduce post-operative adhesion formation.

Certain statements in this Press Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Reference is made to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2003 for a description of some of these risks and uncertainties.

Life Medical Sciences, Inc.

CONTACT: Robert P. Hickey of Life Medical Sciences, Inc.,+1-732-728-1769, rhickey@lifemedicalsciences.com


Read at BioSpace.com


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