Interim Results

Finsbury Life Sciences Inv Tst PLC
19 December 2000


                                                                  NEWS RELEASE


                                                     Tuesday, 19 December 2000



FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC


                 PRELIMINARY RESULTS FOR THE HALF YEAR ENDED

                              30 SEPTEMBER 2000


Finsbury Life Sciences Investment Trust PLC, which invests in European life
science companies with particular emphasis on biotechnology, today announces
preliminary results for the six months ended 30 September 2000.


                        Six months ended 30/09/00  year ended 31/03/00
                                      (unaudited)            (audited)
                                                                              %
                                                                       increase
                                                                              /

                                                                       decrease
Net assets (£m)                              63.0                 54.6   +15.4%
Net asset value per                         209.2                181.3  + 15.4%
share (pence)
Share price (pence)                         233.5                165.0  + 41.5%
(Premium)/discount                        (11.6)%                 9.0%      N/A
Market capitalisation                        70.3                 49.7  + 41.5%
(£m)
FTSE-All Share Index                      3,029.4              3,110.6   - 2.6%
Lehman's UK/Europe                          248.8                238.5   + 4.3%
Biotechnology Index

No interim dividend is proposed.

For and on behalf of Close Finsbury Asset Management - Secretary


* 19 December 2000

                                   - ENDS -


The following are attached:

*      Chairman's Statement

*      Statement of Total Return

*      Balance Sheet

*      Cash Flow Statement

*      Notes to the preliminary results


For further information please contact:

Dr Andrew Clark, Reabourne                                  020 7426 6288

Colin Edge, Close Finsbury Asset Management                 020 7426 6233

Fiona Harris, Quill Communications                          020 7618 8905

FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC



Chairman's Statement


Performance


During the six months to 30 September 2000 the Trust's net asset value per
share ('NAV') rose from 181.3p to 209.2p, an increase of 15.4%. This compares
with an increase of 4.3% in the Lehman's UK and European Biotechnology Index
and a fall of 2.6% in the FTSE All-Share Index, which is our benchmark index.
Since the Trust was launched in June 1997 NAV has increased by 115.7% against
a gain of 28.1% in the Lehman's UK and European Biotechnology Index and 38.7%
in the FTSE All-Share Index.


Results and Dividend


The total return for the half-year ended 30 September 2000 was 27.9p per share
(1999: 5.5p). This was made up of a revenue return of 0.2p per share (1999:
deficit of 0.2p) and a capital return of 27.7p per share (1999: 5.7p).



The companies in which the portfolio invests typically yield little, if any,
income and accordingly no dividend has been declared (1999: nil).



Review and outlook



The announcement in June 2000 that the human genome had been sequenced was
perhaps the most significant event in the history of the biotechnology
industry. Data from the decoding of the human genome will enable scientists to
develop treatments which are both more effective and less toxic than existing
medicines. Whilst it will take time and ingenuity for these new products to
obtain approval, the sequencing of the human genome nonetheless provides
immense commercial opportunities for companies within the biotechnology
sector.



Since 31 March 2000 the Trust has made investments in two additional unquoted
companies, LiDCO and XTL Biopharmaceuticals. LiDCO is a leader in cardiac
output monitoring equipment and is expected to seek an IPO during 2001. XTL
Biopharmaceuticals is an Israeli based company and floated in September,
shortly after we made our investment.  In November (shortly after the
period-end) ReNeuron became the first investment held within the Merlin Fund
to achieve an IPO. The flotation occurred at a considerable premium to our
book cost and at current prices the IPO has led to an uplift in the carrying
value of the Merlin Fund of over £2m.



It is pleasing that the progress being made by the biotechnology industry is
gaining wider recognition within the investment community. There has been a
re-rating of biotechnology shares over the last 12 months and we believe the
sector continues to provide the prospect of significant long-term capital
gains.



John Sclater

Chairman


19 December 2000




FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC


Statement of Total Return

incorporating the revenue account for the six months ended 30 September 2000

                   (unaudited)           (unaudited)            (audited)
                   Six months to       Six months ended         Year ended

                30 September 2000     30 September 1999       31 March 2000
              Revenue Capital Total Revenue Capital Total Revenue Capital Total

                 £000    £000  £000    £000    £000  £000    £000    £000  £000
Gains on           -  10,372 10,372       -   1,877 1,877       -  34,011 34,011
investments
(Losses)/          -    (40)  (40)       -        1     1       -      21     21
gains on
currency
balances
Investment       230       -   230      37        -    37      58       -     58
income
Other income      51       -    51       9        -     9      21       -     21
Investment         - (1,994)(1,994)       -   (163) (163)      - (4,058) (4,058)
management
fees
Other           (149)       - (149)   (106)       - (106)   (223)       -  (223)
expenses
Net return        132   8,338 8,470    (60)   1,715 1,655   (144)  29,974 29,830
before
finance costs
and taxation


Interest         (77)       -  (77)     (2)       -   (2)     (6)       -   (6)
payable and
similar
charges
Return/            55   8,338 8,393    (62)   1,715 1,653   (150)  29,974 29,824
(deficit) on
ordinary
activities
before
taxation


Taxation on       (3)       -   (3)     (1)       -   (1)     (2)       -   (2)
ordinary
activities
Return/            52   8,338 8,390    (63)   1,715 1,652   (152)  29,974 29,822
(deficit) on
ordinary
activities
after
taxation
Dividend on         -       -     -       -       -     -       -       -     -
ordinary

shares
(equity)

Transfer to/       52   8,338 8,390    (63)   1,715 1,652   (152)  29,974 29,822
(from)

reserves
Return per       0.2p   27.7p 27.9p  (0.2p)    5.7p  5.5p  (0.5p)   99.6p 99.1p
ordinary
share - pence
(note 1)




FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC


Balance Sheet
as at 30 September 2000

                                 (unaudited)        (unaudited)       (audited)
                                30 September       30 September       31 March
                                        2000               1999           2000
                                                                          
                                       £'000              £'000         £ '000

Fixed asset - investments             58,484             26,578         55,201

Current assets
Debtors                                   20                  5            359
Cash at bank                           8,648                 34          2,846
                                       8,668                 39          3,205

Creditors
Amounts falling due                  (4,197)              (222)        (3,841)
within one year
Net current assets/                    4,471              (183)          (636)
(Liabilities)
Net assets                            62,955             26,395         54,565

Capital and reserves
Called up share capital                7,525              7,525          7,525
Share premium                         21,679             21,679         21,679
Capital reserve -                     12,483               (19)          2,733
realised
Capital reserve -                     21,027            (3,068)         22,439
unrealised
Revenue reserve                          241                278            189

Total shareholders' funds             62,955             26,395         54,565

Net asset value per                   209.2p              87.7p         181.3p
ordinary share



FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC


Cash Flow Statement

For the six months ended 30 September 2000

                                           (unaudited)   (unaudited)  (audited)
                                             Six month    Six months Year ended
                                                 ended         ended
                                                                       31 March
                                          30 September  30 September       2000
                                                  2000          1999
                                                                           
                                                  £000          £000       £000
Net cash flow from operating activities        (3,864)         (219)      (465)

Servicing of finance
Interest paid                                     (68)           (2)        (6)
Net cash flow from servicing of finance

                                                  (68)           (2)        (6)

Taxation

Taxation paid                                        -             -          -
Total taxation paid                                  -             -          -

Financial investment

Purchases of investments                       (8,492)       (1,783)   (13,290)
Sale of investments                             16,266         1,750     16,421
Net cash inflow/(outflow) from financial
investment
                                                 7,774          (33)      3,131

Equity dividends paid                                -         (301)      (301)
Net cash inflow/(outflow) before                 7,774         (334)      2,830
financing

Financing
Loan                                             2,000             -          -
Net cash inflow from financing                   2,000             -          -
Increase/(decrease) in cash                      5,842         (555)      2,359





FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Notes to the preliminary results for the six months ended 30th September 2000


1.   Return per ordinary shares


Revenue return per ordinary share is calculated by dividing the net revenue
return of £52,000 (six months ended 30 September 1999: deficit of £63,000) by
30,100,000 (six months ended 30 September 1999: 30,100,000) being the number
of ordinary shares in issue throughout the period.  Capital return per
ordinary share is calculated by dividing the net capital return available for
ordinary shareholders of £8,338,000 (six months ended 30 September 1999:  £
1,715,000) by 30,100,000 ordinary shares as above.


2.   Investment management fees


                                  Six months         Six months       Year ended
                                          to                 to
                                                                        31 March
                                30 September       30 September
                                                                            
                                        2000               1999             2000
                                       £'000              £'000            £'000


Periodic fee                             369                139              398
Performance fee                        1,333                  -            3,055
Irrecoverable VAT thereon                292                 24              605
                                       1,994                163            4,058


3.   Comparative information

The figures and financial information for the year ended 31 March 2000 are an
extract from the latest published financial statements and do not constitute
statutory financial statements for that year.  Those financial statements have
been delivered to the Registrar of Companies and included the report of the
auditors which was unqualified and did not contain a statement under either
section 237(2) and 237(3) of the Companies Act 1985.  The interim report has
been neither audited nor reviewed by the Company's auditors.


The interim report has been prepared using accounting policies that are
consistent with those adoped in the statutory accounts for the year ended 31
March 2000.