SOURCE: New Life Scientific, Inc.

December 15, 2005 07:20 ET

New Life Scientific, Inc. and InvaPharm LLC to Develop Four Additional Pharmaceutical Products

FREEHOLD, NJ -- (MARKET WIRE) -- December 15, 2005 -- NEW LIFE SCIENTIFIC, INC. (OTC BB: NWLF) received a proposal from INVAPHARM LLC ("INVAPHARM"), to jointly develop four additional pharmaceutical products thru joint venture INVAMED PHARMA, INC. ("INVAMED") utilizing New Life's CRO, PharmaTrials International.

At the special meeting of the Board of Directors of NWLF, where the proposal was reviewed, the Board also considered possibility of separating pharmaceutical division from CRO, due to potential conflict of interest between divisions by spinning off division to shareholders and/or IPO.

INVAPHARM has extensive experience in the technical development of pharmaceutical products. The company is the licensee of one pharmaceutical compound which is in Phase II clinical trials and has the rights to other compounds and certain applications for unique drug delivery systems.

Wieslaw J. Bochenek, M.D., Ph.D., F.A.C.P. president of New Life Scientific, Inc., stated: "New Life Scientific, Inc. is excited and looking forward to the range of opportunities presented by Invamed Pharma, Inc., and is poised to assist in the further development of the products, licenses and intellectual properties of the joint venture."

About New Life Scientific, Inc. (NWLF):

New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products, vaccines and genetic treatment modalities and to expand through collaborations, acquisitions, in-licensing and our own research. New Life Scientific utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and under-valued biotechnologies in the countries of Eastern Europe, with the further intent of their commercialization.

NWLF recently acquired Novo Life Scientific (Ukraine), the holder of a cooperation agreement with the Institute of Molecular Biology and Genetics of the Ukrainian Academy of Sciences (IMBG). Novo Life Scientific, in conjunction with IMBG, highly regarded for its extensive knowledge and expertise in the fields of molecular cell biology and molecular genetics research, intends to develop and market certain stem cell related products and therapies. New Life Scientific, Inc. has also recently acquired PharmaTrials International (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical, biotech and medical device companies world wide.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.

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