Life Science Developments : Annual Report and Financial Statements for the year ended 31 December 2015

Microsoft Word - LIFE RNS 31 12 2015 FINAL CLEAN 29.06.2016.docx For immediate release 30 June 2016 Life Science Developments Limited

("LSD" or "the Group")

Annual Report and Financial Statements for the year ended 31 December 2015

Life Science Developments Limited, the biotechnology and life sciences group, today announces its audited results and the publication of its 2015 Report and Accounts ("Accounts") for the year ended 31 December 2015, extracts from which are set out below.

The Accounts are being posted to shareholders and will be available on the Group's website www.lifesciencedevelopments.com.

Financial and operational highlights

• On 10 February 2015, the Company relinquished its interest in the Basay Project on Negros Island in the Philippines by selling for a nominal price its 70% holding in Basay Copper Limited, a BVI company, to Solfotara Mining Holdings (BVI) Limited, its joint venture partner in that company.

  The joint venture agreement with Solfotara Mining Holdings (BVI) Limited required the Company relinquish a 45% interest in Basay on 8 April 2015 if a pre-feasibility study on the project had not been completed. By relinquishing the full 70% holding, the Company has no further costs in maintaining the Basay property on a care and maintenance basis or any future liability that could arise therefrom.

• Following the General Meeting held on the 5 October 2015 the Company completed the sale of its interest in the Hinoba-an Copper Project in the Philippines for a consideration of US$500,000. Together with the earlier release of the Basay Project, the Hinoba-an disposal constituted a fundamental change of business, and the Company's assets are now principally its cash and loan receivable balances of US$1.325 million.

  At the same meeting the Company received approval to change its name to Life Science Developments Limited and adopt a new investment policy that involves seeking to invest in or acquire companies within the biotechnology, life sciences and related sectors and the appointment of Jim Mellon to the Board as a non- executive Director. As a result of the above changes to the Company, a new corporate website was created as follows: http://lifesciencedevelopments.com/.

• The Company recognised an unrealised loss on investment in Crazy Horse Resources Inc. of US$14,208 during the year. The total market value of this investment therefore decreased from US$32,208 to US$18,000.

• All existing options and warrants expired during the year and there were no new options or warrants issued.

• Cash reserves decreased during the year due to operational costs which purely relate to the care and maintenance cost of the two Philippine projects up to the date of disposal as well as corporate salary and administration costs, all of which have been cut down to a bare minimum.

• Total number of shares in issue as at 31 December 2015 was 37,501,033. No new shares were issued during the year.

• Loss per share at 31 December 2015 is 14.56 cents (31 December 2014: 42.20 cents).

  -Ends- For further information: Life Science Developments Tel: [phone] Mitch Alland - Chairman / Denham Eke - CFO Beaumont Cornish Limited Tel: [phone] Roland Cornish/James Biddle Chairman's statement

  Dear Shareholders,

  In 2015 the Company exited the copper sector because our cash resources, even under our minimum expense care and maintenance regime, were only enough to last two or three years. That was unlikely to be long enough to assure a more attractive sale of our copper project in the light of the continued poor market prospects for copper. Accordingly, in October we sold our interest in the Hinoba-an Copper Project in the Philippines, following our February release of the Basay Project. In contrast to the prospects for copper, we believe the opportunities in the life science sector will offer prospects for maximizing value for our shareholders.

  The General Meeting of 5 October 2015 approved the Hinoba-an sale and adopted a new investment policy that involves seeking to invest in or to acquire companies within the biotechnology, life sciences and related sectors. The shareholders also approved changing the name of the Company from Copper Development Corporation to Life Science Developments Ltd. The Company appointed Jim Mellon to the Board as a non-executive director to provide guidance on our new path of biotech investments. Jim has not only been highly successful in pioneering ventures in biotech and life sciences, but is also well known as a knowledgeable and effective entrepreneur and as an author of widely read books on investment.

  We are currently working together with Jim Mellon to consider various options for investment in the life sciences sector. We anticipate that the Company's cash and loan receivable balance of US$1.325 million will provide the necessary working capital for day-to-day business and for the due diligence in connection with any investments and / or acquisitions currently being considered, in accordance with the new investment policy.

  Mitchell Alland

  Executive Chairman 29 June 2016

  Directors' report

  The Directors present their annual report and the consolidated financial statements for Life Science Developments Limited (the Company) for the year ended 31 December 2015.

  Principal activity

  The Group was initially formed to engage in the exploration, development, mining and processing of minerals, petroleum and other mineral oils. At a General Meeting held on the 5 October 2015 a resolution was passed to dispose of the Company's remaining mining interests and to change its name to Life Science Developments Limited. The Company has subsequently adopted a new investment policy that involves seeking to invest in or acquire companies within the biotechnology, life sciences and related sectors.

  Results and transfers to reserves

  The results and transfers to reserves for the year are set out on pages 9 to 12 of the financial statements.

  The Group made a total comprehensive loss attributable to equity shareholders for the year after taxation of US$5,357,510 (2014: US$15,831,321).

  Dividend

  The Directors do not propose the payment of a dividend for the year (2014: US$nil).

  Directors

  The Directors who served during the year and to date are:

  Denham Eke Mitchell Alland

  Appointed

  James Mellon 5 October 2015

  By order of the Board

  Denham Eke

  Secretary Craigmuir Chambers

  Road Town

  29 June 2016 Tortola

  British Virgin Islands

  Statement of Directors' responsibilities in respect of the Directors' report and the financial statements

  The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. In addition, the Directors have elected to prepare the Consolidated financial statements in accordance with International Financial Reporting Standards, as adopted by the EU.

  The financial statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that year.

  In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable International Financial Reporting Standards, as adopted by the EU, have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

  The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Group and to allow for the preparation of financial statements. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

  The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation governing the preparation and dissemination of financial statements may differ from one jurisdiction to another.

  Report of the Independent Auditors, KPMG Audit LLC, to the members of Life Science Developments Limited

  We have audited the financial statements of Life Science Developments Limited (the Company) for the year ended 31 December 2015 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs), as adopted by the EU.

  This report is made solely to the Company's members, as a body. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

  Respective responsibilities of Directors and Auditor

  As explained more fully in the Directors' Responsibilities Statement set out on page 7, the Directors are responsible for the preparation of financial statements that give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

  Scope of the audit of the financial statements

  An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Director's report, Chairman's Statement and financial and operational highlights and consolidated financial statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

  Opinion on the financial statements

  In our opinion the financial statements:

• give a true and fair view of the state of the Group's affairs as at 31 December 2015 and of its loss for the year then ended; and

• have been properly prepared in accordance with IFRSs, as adopted by the EU.

KPMG Audit LLC Chartered Accountants Heritage Court

41 Athol Street Douglas

Isle of Man IM99 1HN 29 June 2016

Consolidated statement of comprehensive income