EXHIBIT 20.01

                     EXHIBIT 20.01 TO MAY 24, 2001 FORM 8-K

[company logo-type omitted]                 FOR IMMEDIATE RELEASE - MAY 24, 2001

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                                          FOR FURTHER INFORMATION CONTACT

                                            Alex Burns at Life Sciences

                                                  (727) 345-9371

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                     LIFE SCIENCES FORMS CHINA JOINT VENTURE

Life Sciences, Inc. (NASDAQ BB: LFSC), a St. Petersburg, Florida based
biotechnology company, announced the formation of a US$1 million initial
capitalization joint venture with two China-based companies, Foshan Vamed
Medical Instrument Co. Ltd. (Vamed) and Beijing Erda Organism Technology Co.,
Ltd. The joint venture will continue Vamed's production and export to the United
States of a medical device used in the treatment of certain cardiovascular
ailments, and will also develop and introduce into the Chinese market, nucleic
acid amplification based diagnostic tests for rapid detection of HIV, Hepatitis
and other infectious diseases. Life Sciences holds a controlling interest in the
joint venture.

Vamed is the worldwide leader in the production of devices used in the
administration of a cardiac therapy designated external counter pulsation (ECP).
This therapy has been demonstrated to produce increased blood flow to the heart
through stimulation of the growth of new blood vessels. This ECP device is
approved by the United States Food and Drug Administration for treatment of
angina, and studies in the use of the therapy in the treatment of congestive
heart failure and other cardiovascular ailments have been undertaken by the
Company's U.S.-based, worldwide distributor, Vasomedical, Inc.

Life Sciences is a 35 year old manufacturer of nucleic acid modifying enzymes.
It has assembled in the past three years a family of technologies, primarily
through licensing, to support worldwide sales of diagnostic products to be used
in the detection of waterborne and food borne pathogens, as well as sales in
China of tests of human body fluids for the presence of pathogens involved in
human disease. Based upon a proprietary, isothermal amplification technology
designated "NASBA" that is licensed from the Organon Teknika, B.V., the method
of diagnosis employs enzymes that have historically been the primary products of
Life Sciences. For the past three years Life Sciences has been the primary
provider of the enzymes used in NASBA-based clinical diagnostic tests sold by
Organon Teknika.

Other than enzymes produced by Life Sciences at its St. Petersburg, Florida
facilities, it is expected that the production of all components, including
instrumentation, of the joint venture's diagnostic tests will take place in
China. In this manner, the venture's pricing of its products is expected to be
competitive in the anticipated market for the estimated 200 million tests
carried out annually in China for communicable diseases. The joint venture's
expected output of NASBA-based tests for non-clinical applications will be sold
worldwide by Life Sciences.

Some of the statements in this letter are "forward-looking statements" and are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Readers are cautioned that these forward-looking statements
reflect numerous assumptions, known and unknown risks, uncertainties and other
factors that may affect the business and prospects of Life Sciences, Inc. and
cause the actual results, performance or achievements of the Company to differ
materially from those expressed or implied by the forward-looking statements.
These factors include longer product development lead times, delays in product
roll outs, failure to obtain anticipated contracts with third parties or orders
from customers, or less favorable contracts with third parties or lower than
expected volumes from customers, higher material and labor costs, unfavorable
patent or other technology decisions, the availability of adequate sources of
working capital and cash flow, and economic, competitive, technological,
diplomatic, governmental and other factors.

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