Final Results

Finsbury Life Sciences Inv Tst PLC
24 June 2004

                                                                    24 June 2004


Preliminary results for the year ended 31 March 2004

Finsbury Life Sciences Investment Trust PLC today announces preliminary results
for the year ended 31 March 2004
                                       (Unaudited)       (Audited)
                                     31 March 2004   31 March 2003   % change

Net Asset Value per share                    111.7p           65.1p     +71.5
Share Price                                   92.0p           44.0p    +109.1
Discount                                      17.6%           32.4%         -
Lehman's UK and European
Biotechnology Index                          170.5           130.2      +31.0
FTSE All Share Index (total return)        2,340.2         1,786.6      +31.0

No final dividend is proposed

For and on behalf of Close Finsbury Asset Management Limited - Secretary

24 June 2004
                                    - ENDS -

The following are attached:

   • Chairman's Statement                      • Consolidated Cash Flow
                                                 Statement

   • Consolidated Statement of Total           • Notes to the Preliminary
     Return                                      Results

   • Balance Sheets of the Group and the
     Company

For further information please contact:

Alastair Smith, Close Finsbury Asset Management Limited          020 7426 6240

Tracey Lago, Close Finsbury Asset Management Limited             020 7426 6219

Eleanor Clarke, Quill Communications                             020 7763 6970

Michael Bourne, Reabourne Technology Investment Management
Limited                                                          020 7426 6290


Chairman's Statement

Performance
During the year ended 31 March 2004 your Board is pleased to report the
Company's net asset value per share (NAV) rose from 65.1p to 111.7p, a rise of
71.5%. This compares with a rise in the Lehman's UK and European Biotechnology
Index of 31.0% and a rise in the FTSE All Share Index (total return) also of
31.0%.

The Company's share price posted an even stronger performance, rising 109.1%
over the year under review leading to a narrowing of the share price discount
from 32.4% to 17.6% as at the year end. Your Board views this more than
satisfactory performance, admittedly from a relatively low base, as vindication
of its recommendation to shareholders to vote for the continuation vote of the
Company at last year's Annual General Meeting on 31 July 2003.

Results and Dividend
The total return for the year ended 31 March 2004 was 46.6p per share (2003:
deficit of 54.0p). This was made up of a revenue deficit of 1.5p per share
(2003: 1.1p) and a capital return of 48.1p per share (2003: deficit of 52.9p).
No dividend is recommended in respect of the year ended 31 March 2004 (2003:
nil).

Corporate Governance
A number of changes to the corporate governance requirements for listed
companies generally, and to the rules governing investment companies in
particular, were announced in late 2003. In the period under review the Company
complied with the requirements of the Combined Code and since the year end the
Board has reviewed its structure, composition and procedures and believes that
the Company complies with best practice, and that the Board continues to contain
the skills and experience necessary to lead the Company effectively.

Outlook
The continued unsettled situation in the Middle East, the highest oil prices for
many years and the prospect of further interest rate rises overhang the market
in general; however, your Board continues to believe that the longer term
prospects for European biotechnology are bright and the Company's investment
portfolio is well positioned to take advantage of future growth in the sector.

In the short term the sector will continue to be volatile and current news in
the sector is somewhat disappointing. However, history teaches us that the times
of greatest uncertainty within the sector have often represented the best
investment opportunities.

Annual General Meeting
The Annual General Meeting of the Company will be held at 10 Crown Place, London
EC2A 4FT, on 6 August 2004 at 12 noon and I hope as many shareholders as
possible will be able to attend. This will be an opportunity to meet the Board
and to hear presentations from the two investment advisers to the Company. A map
showing the location of 10 Crown Place can be found at the back of the Annual
Report.

John Sclater
Chairman
24 June 2004



Consolidated Statement of Total Return
Incorporating the revenue account for the year ended 31 March 2004

                                         (Unaudited)                           (Audited)
                           Revenue   Capital    Total        Revenue   Capital     Total
                              2004      2004     2004           2003      2003      2003
                             £'000     £'000    £'000          £'000     £'000     £'000
------------------           -------   -------  -------        -------   -------   -------

Return/(losses) on
investments                      -    14,906   14,906              -   (15,593)  (15,593)
Exchange losses                  -       (37)     (37)             -        (8)       (8)
on currency balances
Income (see note 2)             97         -       97             28         -        28
Investment management
fee (see note 3)                 -      (386)    (386)             -      (284)     (284)
Other expenses                (556)        -     (556)          (352)        -      (352)
------------------           -------   -------  -------        -------   -------   -------

Net (loss)/return
before finance costs
and taxation                  (459)   14,483   14,024           (324)  (15,885)  (16,209)
------------------                                                                 -------
Interest payable                 -        (6)      (6)            (6)      (47)      (53)
and similar charges
------------------           -------   -------  -------        -------   -------   -------
(Loss)/return on
ordinary activities
before taxation               (459)   14,477   14,018           (330)  (15,932)  (16,262)
Taxation on ordinary
activities                      (4)        -       (4)            (6)        -        (6)
------------------           -------   -------  -------        -------   -------   -------

(Loss)/return on
ordinary activities
after taxation                (463)   14,477   14,014           (336)  (15,932)  (16,268)
------------------           -------   -------  -------        -------   -------   -------

Transfer (from)/to
reserves                      (463)   14,477   14,014           (336)  (15,932)  (16,268)
------------------           -------   -------  -------        -------   -------   -------

(Loss)/return per
Ordinary share (see
note 4)                       (1.5)p    48.1p    46.6p          (1.1)p   (52.9)p   (54.0)p

All revenue and capital items in the above statement derive from continuing
operations.



  Balance Sheets of the Group and the Company
  as at 31 March
                             (Unaudited)     (Audited)     (Unaudited)     (Audited)
                                   Group         Group         Company       Company
                                    2004          2003            2004          2003
                                   £'000         £'000           £'000         £'000
--------------------              --------       -------       ---------       -------

Fixed assets -
investments                       33,748        20,752          33,748        20,752
Group undertaking                      -             -               -             -
--------------------              --------       -------       ---------       -------

Current Assets
Debtors                               42            14              42            14
Cash at Bank                         289            12             289            12
--------------------              --------       -------       ---------       -------
                                     331            26             331            26

Creditors
Amounts
falling due
within one
year                                (462)       (1,175)           (462)       (1,175)
--------------------              --------       -------       ---------       -------
Net current
liabilities                         (131)       (1,149)           (131)       (1,149)
                                  --------       -------       ---------       -------
Net assets                        33,617        19,603          33,617        19,603
--------------------              --------       -------       ---------       -------

Capital and reserves
Called up
share capital                      7,525         7,525           7,525         7,525
Share premium                          -        21,679               -        21,679
Capital
reserve -
realised                           8,079        11,667           8,071        11,664
Capital
reserve -
unrealised                        (2,920)      (20,985)         (2,920)      (20,985)
Special
reserve                           21,679             -          21,679             -
Revenue
reserve                             (746)         (283)           (738)         (280)
--------------------              --------       -------       ---------       -------
Total
shareholders'
funds                             33,617        19,603          33,617        19,603
--------------------              --------       -------       ---------       -------
--------------------              --------       -------       ---------       -------
Net asset
value per
Ordinary                           111.7p         65.1p          111.7p         65.1p
share (see note 5)
--------------------              --------       -------       ---------       -------



Consolidated Cash Flow Statement
For the year ended 31 March
                                              (Unaudited)                (Audited)
                                                     2004                     2003
                                                    £'000                    £'000
  --------------------                          -----------              -----------

  Net cash outflow from operating                    (858)                    (715)
  activities

  Servicing of finance
  Bank overdraft and loan interest                     (6)                     (31)
  paid

  Taxation
  Withholding tax recovered                             1                        -

  Financial investment
  Purchases of investments                        (15,713)                  (3,497)
  Sales of investments                             17,655                    2,785
  --------------------                          -----------              -----------
  Net cash inflow/(outflow) from                    
  financial investment                              1,942                     (712)
  --------------------                          -----------              -----------
  Net cash inflow/(outflow) before                  
  financing                                         1,079                   (1,458)
  (Repayment)/drawdown of loans                    (1,000)                   1,000
  --------------------                          -----------              -----------
  Net cash (outflow)/inflow from                   (1,000)                   1,000
  financing                                    
  --------------------                          -----------              -----------
  Increase/(decrease) in cash                          79                     (458)
  --------------------                          -----------              -----------

  Reconciliation of net cash flow to
  movement in net funds/(debt)
  Increase/(decrease) in cash as                       79                     (458)
  above
  Cashflow from financing                           1,000                   (1,000)
  Exchange movements                                  (37)                      (8)
  --------------------                          -----------              -----------
  Movement in net funds/(debt)                      1,042                   (1,466)
  Net (debt)/funds at 1 April                        (988)                     478
  --------------------                          -----------              -----------
  Net funds/(debt) at 31 March                         54                     (988)
  --------------------                          -----------              -----------



Notes

1   Revenue Account

The revenue column of the Consolidated Statement of Total Return is the profit
and loss account of the Group.

2   Income

Income for the year was derived from the following sources:

                                                           2004          2003
                                                          £'000         £'000

Income from listed investments                               
Unfranked interest                                           45             - 
Franked dividends                                             5             -
Overseas dividends                                           37            26
Other operating income                                       
Interest receivable                                          10             2
---------------------                                     -------       -------
                                            Total            97            28


3 Investment Management Fee

                   Revenue    Capital    Total    Revenue    Capital    Total
                      2004       2004     2004       2003       2003     2003
                     £'000      £'000    £'000      £'000      £'000    £'000
      -----------    -------    -------  -------    -------    -------  -------

Periodic fee             -        329      329          -        245      245
Irrecoverable VAT
thereon                  -         57       57          -         39       39
-----------          -------    -------  -------    -------    -------  -------
Total                    -        386      386          -        284      284

4 (Loss)/return per Ordinary share

Revenue loss per Ordinary share is based on revenue attributable to equity
shareholders of £463,000 (2003: £336,000 loss).

Capital return per Ordinary share is based on the capital return attributable to
equity shareholders of £14,477,000 (2003: £15,932,000 loss).

Both the revenue loss and the capital return are based upon 30,100,000 Ordinary
shares in issue throughout the year (2003: 30,100,000).


Notes (continued)

5 Net Asset Value per Ordinary share

The net asset value per Ordinary share is based on the net assets attributable
to equity shareholders of £33,617,000 (2003: £19,603,000) and on 30,100,000
(2003: 30,100,000) Ordinary shares in issue at 31 March 2004.

6 Comparative information

This preliminary statement is not the Company's statutory accounts. The above
results for 2004 have been agreed with the Auditors and are an abridged version
of the Company's full draft accounts, which have not yet been approved, audited
or filed with the Registrar of Companies. They have been prepared using the same
accounting policies as those adopted in the financial statements for the year
ended 31 March 2003.

The statutory accounts for 2003 have been delivered to the Registrar of
Companies and those for 2004 will be despatched to shareholders shortly. The
2003 accounts received an audit report which was unqualified and did not contain
statements under Section 237 (2) and (3) of the Companies Act 1985.



Close Finsbury Asset Management Limited
Company Secretary
24 June 2004

                                      ENDS



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