HLS raises 4m in trans-Atlantic shift


15-02-2002

Huntingdon Life Sciences, now known as Life Sciences Research Inc, has raised 4 million to help reduce its debt and provide extra cash for the business.

The company has sold four million shares at $1.50 per share via a private placement.



A spokesman for the company said: 'HLS shares were at between 2p and 4p when we de-listed from the London Stock Exchange last month. For every 50 old HLS shares, holders receive one LSR share.'



The transatlantic move was made to get away from animal rights protestors in the UK and an investment community cowed by their actions.



'The move was to protect our shareholders and to be in a market where there is more understanding of what we are doing, and where it is far easier to raise money.



'The last time HLS raised any funds was in 1998 when Andrew Baker rescued it.'



The spokesman went on: 'These new investors some of them are new, while existing investors have also bought more shares obviously have confidence in the management and the future of the company.'



LSR has yet to start trading on the New York stock market, but the company says it is just a matter of going through the final formalities and should happen soon.



LSR consists of the same people who owned and ran HLS. The company still has its main business based near Huntingdon.