PRESS RELEASE                       LIFE SCIENCES RESEARCH, INC.
                                    (OTCBB: LSRI)

                                    PO Box 2360
                                    Mettlers Road
                                    East Millstone, NJ 08875-2360

                                    For Further Information:
                                    Richard Michaelson
                                    Phone:   US: (732) 649-9961
                                    e-mail: LifeSciencesResearch@LSRinc.net

For Immediate Release

March 25, 2003

                           LSR ANNOUNCES 2002 RESULTS

East  Millstone,  New Jersey,  March 25,  2003 - Life  Sciences  Research,  Inc.
("LSR")  announced  today that net revenues in the year ended  December 31, 2002
were $115.7  million,  an  increase of 17% on revenues of $99.2  million for the
year ended December 31, 2001. The underlying  increase,  after adjusting for the
impact of the  movement in exchange  rates,  was 13%.  The Company  reported net
income for the year ended December 31, 2002 of $2.7 million  compared with a net
loss of $9.6 million the previous year.

Earnings for the year ended  December 31, 2002 were $0.24 per share on a diluted
basis,  compared  with loss per share of $1.64 in the year  ended  December  31,
2001,  including Other Income of $4.9 million in 2002 and Other Expenses of $4.5
million  in  2001.  In  2002,  Other  Income  included  a gain of  $1.2  million
associated with the repurchase of $2.4 million principal amount of the Company's
outstanding  convertible bonds;  non-cash foreign exchange  transaction gains of
$5.0 million on accounting for the Company's dollar  denominated bonds converted
into UK pound sterling; offset by expenses associated with the Exchange Offer of
$1.3  million.  Other  Expenses in 2001 included  $3.1 million  associated  with
refinancing and the LSR Exchange Offer and $1.4 million associated with non-cash
foreign  exchange  transaction  losses on accounting  for the  Company's  dollar
denominated  bonds converted into UK pound sterling.  Earnings before  Interest,
Taxes,  Depreciation  and  Amortization  ("EBITDA"),   exclusive  of  the  items
discussed  above,  were $12.4  million  for full year  2002,  or 10.7% of sales,
compared to $6.7  million,  or 6.7% of sales,  for the prior  year.  The Company
advises  that the trend in  earnings  should be viewed on a GAAP and an adjusted
EBITDA basis.


For the quarter ended December 31, 2002,  revenues were $31.1 million,  compared
to  $26.8  million  during  the same  period  last  year.  Excluding  the  Other
Income/Expenses  referred to above,  net income before taxes for the quarter was
$22 thousand,  compared to a net loss before taxes of $753 thousand in the prior
year  period.  On the same basis,  EBITDA was $3.8  million,  or 12.1% of sales,
compared to $3.0 million, or 11.0% of sales in the same period last year.

Net cash  provided  by  operating  activities  totaled  $14.0  million  in 2002,
compared to cash used of $2.1 million in 2001. Capital expenditures totaled $4.2
million  in 2002  compared  with $3.3  million  in 2001.  Year end cash and cash
equivalents  were $14.6 million  compared to $2.2 million in the prior year, and
total debt was $84.1 million,  a decrease of $4.0 million from December 31, 2001
of $88.1 million.

Net new business  signings  totaled $37 million for the fourth  quarter of 2002,
and $135 million for the full year, an increase of 30% and 25% respectively from
the prior  year.  At December  31, 2002  backlog  (booked-on  work)  amounted to
approximately $95 million.  Net days sales outstanding were 9 days compared with
45 days at the end of 2001.

"This has been a very significant year for Life Sciences Research",  said Andrew
Baker, LSR's Chairman and CEO,  "achieving two important  financial  milestones.
We've seen  meaningful  positive  cash flow  throughout  the year,  and achieved
positive net income from operations in our most recent quarter. These combine to
strengthen our balance sheet,  including  allowing us to repurchase $2.4 million
of our convertible  subordinated  bonds, and a further $1 million  subsequent to
year-end.  We are also  completing our first full year as an American  domiciled
public  company,  and are more  convinced than ever that it was an important and
positive strategic step for LSR."

Brian Cass, LSR's President and Managing Director, said, "We continue to enjoy a
strong  market for our services  and  excellent  support  from our  clients,  as
reflected  by,  amongst  other  things,  record  orders and a historic  level of
booked-on  work.  In 2002 we signed up several  record  study  values which will
stand us in good stead for the coming years."

Life  Sciences  Research,  Inc.  is  a  global  Contract  Research  Organization
providing product development  services to the pharmaceutical,  agrochemical and
biotechnology  industries.  LSR brings  leading  technology  and  capability  to
support its clients in  non-clinical  safety  testing of new  compounds in early
stage development and assessment.  The purpose of this work is to identify risks
to humans, animals or the environment resulting from the use or manufacture of a
wide  range of  chemicals  which  are  essential  components  of LSR's  clients'
products.   The  Company's   services  are  designed  to  meet  the   regulatory
requirements of governments  around the world. LSR operates research  facilities
in the United States (the Princeton  Research Center, New Jersey) and the United
Kingdom  (Huntingdon and Eye,  England).  Information on LSR's business,  recent
press  releases,  and  SEC  filings  can be  obtained  through  its  website  at
www.lsrinc.net.

This announcement  contains statements that may be forward-looking as defined by
the USA's Private Securities Litigation Reform Act of 1995. These statements are
based  largely on LSR's  expectations  and are  subject to a number of risks and
uncertainties,  certain  of  which  are  beyond  LSR's  control,  as more  fully
described in LSR's Registration  Statement on Form S-1, dated July 12, 2002, and
the  Company's  Form 10-K for the fiscal year ended  December 31, 2001,  each as
filed with the US Securities and Exchange Commission.

                              - tables to follow -
<PAGE>
<TABLE>

                  Life Sciences Research Inc. and Subsidiaries
                      Consolidated Statements of Operations
                                   (unaudited)
                  Dollars in (000's), except per share amounts
<CAPTION>

                                                              Year Ended December 31,

                                                                  2002                  2001
<S>                                                        <C>                    <C>
Revenues                                                      $115,742               $99,206
Cost of sales                                                 (93,403)              (84,133)
                                                    -------------------     -----------------
Gross profit                                                    22,339                15,073
Selling and administrative expenses                           (18,075)              (15,966)
Other operating expense                                              -                 (750)
                                                    -------------------     -----------------
Operating income / (loss)                                        4,264               (1,643)
Interest income                                                     66                   104
Interest expense                                               (6,304)               (6,614)
Other income/(expense)                                           4,922               (4,471)
                                                    -------------------     -----------------
Income/(loss) before income taxes                                2,948              (12,624)
Income tax (expense)/benefit                                     (251)                 2,996
                                                    -------------------     -----------------
Net income/(loss)                                               $2,697              $(9,628)
                                                    ===================     =================
Income/(loss) per share
 -basic                                                          $0.25               $(1.64)
 -diluted                                                        $0.24               $(1.64)

Weighted average number of common stock outstanding
 -basic                                                     10,678,890             5,868,421
 -diluted                                                   11,083,416             5,868,421

</TABLE>

<PAGE>
<TABLE>

                  Life Sciences Research Inc. and Subsidiaries
                           Consolidated Balance Sheets
                                   (unaudited)
                  Dollars in (000's), except per share amounts
<CAPTION>
                                                                       December 31,
ASSETS                                                                 2002             2001
<S>                                                               <C>             <C>
Current assets:
Cash and cash equivalents                                           $14,644           $2,240
Accounts receivable, net of allowance of
  $287 and $164 in 2002 and 2001 respectively                        20,176           18,257
Unbilled receivables                                                  9,108           13,920
Inventories                                                           1,556            1,275
Prepaid expenses and other current assets                             3,075            2,850
                                                               -------------   --------------
                                                               -------------   --------------
Total current assets                                                $48,559          $38,542
                                                               -------------   --------------
                                                               -------------   --------------
Property and equipment, net                                          94,574           90,353
Investments                                                             248              202
Unamortized capital bonds issue costs                                   563              691
Deferred income taxes                                                 4,466            4,176
                                                               -------------   --------------
Total assets                                                       $148,410         $133,964
                                                               -------------   --------------
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable                                                     $8,574           $9,899
Accrued payroll and other benefits                                    1,773            2,323
Accrued expenses and other liabilities                               12,990           10,494
Fees invoiced in advance                                             26,066           17,722
                                                               -------------   --------------
                                                               -------------   --------------
Total current liabilities                                           $49,403          $40,438
                                                               -------------   --------------
                                                               -------------   --------------
Long-term debt                                                       83,717           59,302
Related party loans                                                     358           28,821
Pension liabilities                                                  17,712              174
Deferred income taxes                                                 5,024            9,953
                                                               -------------   --------------
Total liabilities                                                  $156,214         $138,688
                                                               -------------   --------------

Commitments and contingencies
Shareholders' equity/(deficit)
Common Stock, issued and outstanding 12/ 31/02:
    11,932,338 (12/31/01: 5,870,305)                                    119               59
Paid in capital                                                      75,098           66,035

Less: Promissory notes for issuance of common stock                   (684)                -
Accumulated comprehensive loss, including minimum pension
    liability of $(13,507) in 2002 ($0 in 2001) associated
    with deficiency on UK defined benefit pension
    plan, net of deferred tax                                      (18,576)          (4,360)
Accumulated deficit                                                (63,761)         (66,458)
                                                               -------------   --------------
                                                               -------------   --------------
Total shareholders' (deficit)                                      $(7,804)         $(4,724)
                                                               -------------   --------------
                                                               -------------   --------------
Total liabilities and shareholders' equity/(deficit)               $148,410         $133,964
                                                               -------------   --------------
</TABLE>
<PAGE>
<TABLE>

                  Life Sciences Research Inc. and Subsidiaries
                      Consolidated Statements of Cash Flows
                                   (unaudited)
                               Dollars in (000's)
<CAPTION>

                                                                   Year Ended December 31,

                                                                       2002           2001
<S>                                                               <C>            <C>
Cash flows from operating activities:
Net income/(loss)                                                     $2,697       $(9,628)
Adjustments to reconcile net loss to net cash from operating
activities
Depreciation and amortization                                          8,108          8,307
Foreign exchange (gain)/loss on Capital Bonds                        (4,977)          1,272
Deferred income taxes/(benefits)                                         188        (2,996)
Gain on repurchase of Capital Bonds                                  (1,191)              -
Provision for losses on accounts receivable                              123             80
Amortization of capital bonds issue costs                                191            157
Amortization of warrants                                                 156              -
Changes in operating assets and liabilities:
Accounts receivable, unbilled receivables and prepaid expenses         4,605        (8,329)
Inventories                                                            (127)             44
Accounts payable, accrued expenses and other liabilities             (1,728)          7,131
Fees invoiced in advance                                               5,988          1,898
                                                                 ------------   ------------
Net cash provided by/(used in) operating activities                  $14,033       $(2,064)
                                                                 ------------   ------------

Cash flows from investing activities:
Purchase of property, plant and equipment                            (4,177)        (3,295)
                                                                 ------------   ------------
Net cash used in investing activities                               $(4,177)       $(3,295)
                                                                 ------------   ------------

Cash flows from financing activities:
Proceeds from issue of common shares                                   6,039             84
Proceeds from issue of warrants                                            -            680
Proceeds from long-term borrowings                                       334          4,321
Repayments of long-term borrowings                                   (4,627)           (93)
                                                                 ------------   ------------
                                                                 ------------   ------------
Net cash provided by financing activities                             $1,746         $4,992
                                                                 ------------   ------------
Effect of exchange rate changes on cash and cash equivalents             802          (679)
                                                                 ------------   ------------
Increase/(decrease) in cash and cash equivalents                      12,404        (1,046)
Cash and cash equivalents at beginning of year                         2,240          3,286
                                                                 ------------   ------------
Cash and cash equivalents at end of year                             $14,644         $2,240
                                                                 ------------   ------------
                                                                 ------------   ------------

Supplementary disclosures:
Interest paid                                                       $(6,110)       $(6,267)

Non-cash transactions:
Conversion of debt to equity                                          $2,400             $-
Issuance of shares for promissory notes                                 $684             $-

</TABLE>