International Biotechnology Trust plc invests in EyeTech Pharmaceuticals Inc

WEDNESDAY 8 AUGUST 2001

INTERNATIONAL BIOTECHNOLOGY TRUST PLC
INVESTS IN EYETECH PHARMACEUTICALS INC

International Biotechnology Trust Plc (LSE: IBT) announced today that it has invested US$5 million in EyeTech Pharmaceuticals as part of the company's US$108.5 million Series C financing round. Eyetech Pharmaceuticals Inc. is a privately held US-based biotechnology company focused on developing and commercialising innovative treatments to reduce and prevent vision loss caused by eye diseases. This is one of the largest private financing rounds ever raised in the life sciences sector.

The syndicate was led by JP Morgan Partners. Schroder Ventures International Life Sciences Fund II, the lead investor in EyeTech's former financing round, also invested a further $5 million in this round.

Eyetech is currently conducting Phase II/Phase III pivotal clinical trials in age-related macular degeneration (AMD) at 120 of the world's leading medical centres. AMD and DME are two of the leading causes of blindness in the adult population. Studies suggest that Vascular Endothelial Growth Factor (VEGF) causes the abnormal blood vessel growth and leakage that result in AMD and DME. Eyetech's anti-VEGF aptamer may inhibit the biological pathway that results in vision loss in AMD and DME. Eyetech's compound may also result in improved vision and an enhanced quality of life for patients suffering from AMD, DME and related retinal diseases.

Kate Bingham, General Partner at Schroder Ventures Life Sciences, Investment Advisor to IBT, commented on the investment:
"EyeTech has a proven track record in the area of opthalmic diseases - an extremely large and poorly served market and we believe this investment adds significant value to IBT's portfolio. This substantial round will provide the company with the resources to begin pivotal Phase 2/3 clinical trials of its core product, EYE001."

Dr David Guyer, Chief Executive Officer of EyeTech and a leading retinal specialist, added:
"This series C financing represents a strong vote of confidence in Eyetech's management team and a validation of its lead compound by a group of world-class investors."

-ENDS-

For further information, please contact:

International Biotechnology Trust
Andrew Barker, Chairman
Tel: 020 7658 3206
Fax: 020 7658 2422
Email: john.spedding@schroders.com

Schroder Ventures Life Sciences
Jodie Van Elst
Tel: 020 7421 7070
Fax: 020 7421 7077
Email: jodie.vanelst@svlifesciences.com

GCI Financial
Annabel O'Connor
Tel: 020 7398 0800
Fax: 020 7398 0888
Email: aoconnor@gcifinancial.com

Notes to Editors:

International Biotechnology Trust Plc
http://www.internationalbiotrust.com

International Biotechnology Trust Plc (IBT) was launched to take advantage of the investment opportunities arising in mid-stage life science companies, with emphasis on investing in relatively few companies, and involving a close working relationship with investee companies through the provision of strategic management support and sector expertise.

International Biotechnology Trust Plc ~ Key Data

Founded in 1994

Net asset value £112.5 million at 31 July 2001

NAV per share of 231.44p as at 31 July 2001

Listed on London Stock Exchange (IBT.L)

Advised by Schroder Ventures Life Sciences Advisors (UK) Ltd and managed by Schroders Investment Management Ltd

Schroder Ventures Life Sciences
http://www.svlifesciences.com

Schroder Ventures* has been investing in life science companies since 1983. Schroder Ventures Life Sciences** (SVLS) was established in 1994, as the dedicated life sciences arm of Schroder Ventures. SVLS has established itself as a leading international life sciences investor with a team of 18 dedicated professionals in London and Boston. SVLS advises funds of approximately $600m and has invested in more than 100 life sciences companies world-wide.

* Schroder Ventures is a leading international private equity group advising 25 funds world-wide with committed capital totalling $7 billion. To date, Schroder Ventures' funds have invested in over 400 companies in a mixture of early stage transactions and buy-outs.

** Schroder Ventures Life Sciences Advisers (UK) Limited is regulated by IMRO.

Eyetech

Founded in early 2000 and based in New York City, Eyetech Pharmaceuticals is a privately-held biopharmaceutical company formed to discover, develop and commercialise new drugs to reduce and prevent serious vision loss caused by eye disease and to develop new technologies to safely and conveniently deliver drugs to the back of the eye. It has brought together a world-class team of thought leaders in ophthalmology from medical centres such as Harvard, Stanford, the University of Chicago, Johns Hopkins and Columbia and experienced pharmaceutical industry executives. Their extensive clinical and management experience to the design, testing and commercialisation of products to treat diseases of the eye is unmatched. In addition, the Company has entered into a number of collaborative arrangements with leading research institutions, such as the Massachusetts Eye and Ear Institute of the Harvard Medical School and New York University School of Medicine. The Company has also in-licensed other promising compounds in development for treating diseases of the back-of-the-eye.