RNS Number:5392R
Intl. Biotechnology Trust PLC
31 October 2003

                                                                 31 October 2003

                            Investment in CancerVax

The IBT portfolio company, CancerVax, has announced the pricing of its Initial
Public Offering (IPO) at a price of $12 per share. At 31 August 2003, IBT's
holding in the company was valued at the Directors' valuation of #2.2m,
reflecting the price of an August 2003 financing round and the sterling - dollar
exchange rate at that time. As CancerVax is now a publicly listed company, going
forward IBT's holding will be valued based on the mid market quoted share price.
At the IPO price of $12 per share, this would increase the value of IBT's
holding to #2.7m.


However, in accordance with BVCA valuation guidelines, a discount of 25% will be
applied to the mid market quoted price to reflect liquidity constraints on IBT's
holding. At the IPO price of $12 this equates to a valuation of #2.0m.


Enquiries:


Kate Bingham/Jodie Van Elst                              Tel: 020 7421 7067

Schroder Ventures Life Sciences Advisers (UK) Limited

John Spedding

Schroder Investment Management Limited                   Tel: 020 7658 3206


                      This information is provided by RNS
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