Interim Results

Finsbury Emerging Biotechnology Tst
30 November 2005



                                                                    NEWS RELEASE
To: City Editors
                                                           For immediate release
                                                                30 November 2005

                   Finsbury Emerging Biotechnology Trust PLC

           Interim Results for the six months ended 30 September 2005

Financial Highlights                  30 September      31 March      % Change
                                              2005          2005

Shareholders' Funds                          £32.8m        £30.4m*        +7.9
Net Asset Value per Ordinary share           119.2p        101.2p*       +17.8
Share price                                  110.5p         91.3p        +21.0
Discount                                       7.3%          9.8%            -
NASDAQ Biotechnology Index (sterling
adjusted)                                    444.6         344.3         +29.1
FTSE All-Share Index (total return)        3,071.9       2,704.5         +13.6

* Restated for IFRS (see note 5)

No interim dividend is proposed.


The following are attached:

   • Chairman's Statement
   • Consolidated Income Statement
   • Consolidated Statement of Changes in Equity
   • Consolidated Balance Sheet
   • Consolidated Cash Flow Statement
   • Notes to the Interim Financial Statements


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
Sven Borho, OrbiMed Advisors LLC                                 020 7426 6290
Jo Stonier, Quill Communications                                 020 7763 6976


CHAIRMAN'S STATEMENT

The six months under review have seen a number of important changes to your
Company. At the Extraordinary General Meeting held on 19 May 2005 shareholders
approved a change of name of the Company and a change in the investment policy
to broaden the geographical universe in which the Company can invest to a
worldwide one and to focus the investment portfolio on emerging biotechnology
companies, defined as those companies with a market capitalisation of less than
US$3 billion. The Company has now adopted the NASDAQ Biotechnology Index as its
benchmark, and it was subsequently agreed that the index should be sterling
adjusted with effect from the same date.

In conjunction with the move to a global mandate your Board appointed OrbiMed
Capital LLC as Investment Adviser to the Company and entered into new Management
and Investment Advisory agreements with effect from 19 May 2005. OrbiMed Capital
is a New York based investment management business, which specialises in
pharmaceutical and biotechnology investment and has over US$5billion of funds
under management.

Investment Performance

The Company's net asset value ("NAV") per share increased from 101.2p to 119.2p,
an increase of 17.8% over the six months to 30 September 2005. This compared
with an increase in the Company's benchmark index, the NASDAQ Biotechnology
Index (sterling adjusted) of 29.1%. This underperformance against the benchmark
index arose during the period prior to the adoption of the global mandate and
the new benchmark index.

Over the period 19 May 2005 to 30 September 2005 the NAV per share rose by
19.7%, which compares to a rise in the NASDAQ Biotechnology Index (sterling
adjusted) of 19.2%, an outperformance of some 0.5% in a period when the
investment portfolio underwent significant re-alignment.

Share Price Performance

During the six month period to 30 September 2005, the share price increased by
21.0% from 91.3p to 110.5p resulting in a narrowing in the discount of the share
price to NAV per share from 9.8% to 7.3%.

As part of the proposals put to shareholders the Board has committed to protect
a share price discount to NAV per share at a maximum of 6.0%. Share buy backs
are used to effect the discount protection mechanism and are used if there is an
excess of supply over demand for the Company's shares in the secondary market.
In view of the volatility of the NAV per share it is possible for the share
price discount to move to a level slightly wider than 6.0% as was the case as at
30 September 2005. This does not however affect in any way your Board's
commitment to provide liquidity to shareholders at a 6.0% discount when
necessary.

Results and Dividend

The total return for the six months ended 30 September 2005 was 17.50p per share
(year to 31 March 2005: as restated, loss of 10.18p, six months to 30 September
2004: loss of 17.22p). This was made up of a revenue loss of 1.52p per share
(year to 31 March 2005: as restated, loss of 1.41p, six months to 30 September
2004: loss of 0.47p) and a capital gain of 19.02p per share (year to 31 March
2005: as restated, loss of 8.77p, six months to 30 September 2004: loss of
16.75p).

The investments making up the Company's investment portfolio typically provide
little, if any, income and accordingly no interim dividend has been declared
(2004: nil).

CHAIRMAN'S STATEMENT (continued)


International Accounting Standards

Your Company is required to adopt international accounting standards for the
year ending 31 March 2006 and accordingly these interim accounts are presented
under the new format.


Review and Outlook

The past six months have been very positive for biotechnology stocks with new
products providing support to earnings and revenue growth. Your Board believes
that biotechnology stocks will continue to prosper with new therapeutic advances
and various product approvals likely to occur in late 2005. Additionally, merger
and acquisition activity is strong and continues to support rising valuations.

Your Board believes that the long term investor in this sector of the market
will be well rewarded.

John Sclater
Chairman



Consolidated Income Statement
For the six months ended 30 September 2005

                            (Unaudited)                  (Unaudited)                    (Audited)
                             Six months                   Six months                  Year ended
                                  ended                        ended               31 March 2005
                           30 September                 30 September              
                                   2005                         2004                
                                                       Restated (see                Restated (see
                                                             note 6)                      note 5)

              Revenue   Capital   Total   Revenue   Capital    Total   Revenue   Capital    Total
                £'000     £'000   £'000     £'000     £'000    £'000     £'000     £'000    £'000
---------------------------------------------------------------------------------------------------

Investment
Income
Investment
income (note 2)     9         -       9        47         -       47        75         -       75
---------------------------------------------------------------------------------------------------
Other income       10         -      10        12         -       12        20         -       20
(note 2)
---------------------------------------------------------------------------------------------------
Total income       19         -      19        59         -       59        95         -       95

Gains and
losses on
investments
Gains/(losses)
on investments
held at fair       
value through
profit or loss      -     5,777   5,777         -    (4,850)  (4,850)        -    (2,249)  (2,249)

Expenses
Management
fees (note 3)       -      (505)   (505)        -      (190)    (190)        -      (391)    (391)
Other expenses   (436)        -    (436)     (196)        -     (196)     (508)        -     (508)
Finance costs      (2)      (21)    (23)       (3)        -       (3)       (8)        -       (8)
---------------------------------------------------------------------------------------------------
(Loss)/profit
before tax       (419)    5,251   4,832      (140)   (5,040)  (5,180)     (421)   (2,640)  (3,061)
---------------------------------------------------------------------------------------------------
Taxation            -         -       -        (2)        -       (2)       (2)        -       (2)
---------------------------------------------------------------------------------------------------
(Loss)/profit
for the period   (419)    5,251   4,832      (142)   (5,040)  (5,182)     (423)   (2,640)  (3,063)
---------------------------------------------------------------------------------------------------
Earnings/(loss)
per Ordinary            
share (note 1)                    17.50p                      (17.22)p                     (10.18)p
===================================================================================================

The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Trust Companies. All items in the above statement
derive from continuing operations.

All income is attributable to the equity holders of Finsbury Emerging
Biotechnology Trust PLC, the parent company. There are no minority interests.

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2005

                                                 (Unaudited)
                                        Six months ended 30 September 2004
                                               Restated (see note 6)

             Ordinary Share         Special    Capital         Capital        Retained          Total 
                    Capital         Reserve Redemption         Reserve        Earnings 
                                               Reserve
                      £'000           £'000      £'000           £'000           £'000         £'000
------------------------------------------------------------------------------------------------------
For the six
months ended
30 September
2004
Balance at 31
March 2004            7,525          21,679          -           5,054            (746)       33,512
Net loss for
the period                -               -          -          (5,040)           (142)       (5,182)
------------------------------------------------------------------------------------------------------
Balance at 30
September 2004        7,525          21,679          -              14            (888)       28,330
------------------------------------------------------------------------------------------------------



                                                      (Audited)
                                                 Year ended 31 March 2005
                                                   Restated (see note 5)

             Ordinary Share         Special         Capital         Capital        Retained          Total 
                    Capital         Reserve      Redemption         Reserve        Earnings 
                                                    Reserve
                      £'000           £'000           £'000           £'000           £'000          £'000
----------------------------------------------------------------------------------------------------------
For the year
ended
31 March
2005
Balance at 31
March 2004            7,525          21,679               -           5,054            (746)       33,512
Net loss for
the period                -               -               -          (2,640)           (423)       (3,063)
----------------------------------------------------------------------------------------------------------
Balance at 31
March 2005            7,525          21,679               -           2,414          (1,169)       30,449
----------------------------------------------------------------------------------------------------------




                                                  (Unaudited)
                                           Six months ended 30 September 2005


             Ordinary Share         Special         Capital         Capital        Retained          Total 
                    Capital         Reserve      Redemption         Reserve        Earnings 
                                                    Reserve
                      £'000           £'000           £'000           £'000           £'000          £'000
----------------------------------------------------------------------------------------------------------
For the six
months ended
30 September
2005
Balance at 31
March 2005*           7,525          21,679               -           2,414          (1,169)       30,449
Buyback of
Ordinary
shares                 (653)         (2,512)            653               -               -        (2,512)
Net
profit/(loss)
for the period            -               -               -           5,251            (419)        4,832
----------------------------------------------------------------------------------------------------------
Balance at 30
September 2005        6,872          19,167             653           7,665          (1,588)       32,769
----------------------------------------------------------------------------------------------------------

* Restated




Consolidated Balance Sheet
as at 30 September 2005

                                               (Unaudited)           (Audited)
                                             Restated (see       Restated (see
                           (Unaudited)             note 6)             note 5)
                          30 September        30 September           31 March
                                  2005                2004                2005
                                 £'000               £'000               £'000
--------------------------------------------------------------------------------

Non-current assets

Investments held
at fair value
through profit
or loss                         33,610              28,315              30,403

Current assets

Taxation
recoverable                          1                   3                   3
Prepayment and
accrued income                      50                  11                  36
Cash and cash
equivalents                        329                 198                 301
--------------------------------------------------------------------------------
                                   380                 212                 340
--------------------------------------------------------------------------------

Total Assets                    33,990              28,527              30,743


Current liabilities

Purchase for
future
settlement                         870                   -                   -
Bank overdraft                       3                   -                   -
Accruals                           348                 197                 294
--------------------------------------------------------------------------------
                                 1,221                 197                 294
--------------------------------------------------------------------------------
Net assets                      32,769              28,330              30,449
--------------------------------------------------------------------------------

Equity
Ordinary share
capital                          6,872               7,525               7,525
Special reserve                 19,167              21,679              21,679
Capital
redemption
reserve                            653                   -                   -
Capital reserve                  7,665                  14               2,414
Retained
earnings                        (1,588)               (888)             (1,169)
--------------------------------------------------------------------------------
Total Equity                    32,769              28,330              30,449
--------------------------------------------------------------------------------

Net asset value
per Ordinary
share (note 4)                  119.20p              94.12p             101.16p
--------------------------------------------------------------------------------



Consolidated Cash Flow Statement
for the six months ended 30 September 2005


                           (Unaudited)        (Unaudited)            (Audited)
                            Six months         Six months           Year ended
                                 ended              ended
                          30 September       30 September        31 March 2005
                                  2005               2004
                                 £'000      Restated (see        Restated (see
                                                  note 6)              note 5)
                                                    £'000                £'000
--------------------------------------------------------------------------------
Net cash outflow from
operating activities              (903)              (303)                (712)
Net cash inflow from
investing activities             3,541                455                  990
--------------------------------------------------------------------------------

Net cash inflow before
financing                        2,638                152                  278

Net cash outflow from
financing activities            (2,512)                 -                    -
--------------------------------------------------------------------------------


Net increase in cash
and cash equivalents               126                152                  278

Cash and cash
equivalents at start
of period                          301                 54                   54
Realised loss on
foreign currency                  (101)                (8)                 (31)
--------------------------------------------------------------------------------
Cash and cash
equivalents at period
end                                326                198                  301
================================================================================



Notes to the Interim Financial Statements

1. Earnings/(loss) per Ordinary share

The earnings/(loss) per Ordinary share figure is based on the net profit for the
six months of £4,832,000 (six months ended 30 September 2004: £5,182,000 loss;
year ended 31 March 2005: £3,063,000 loss) and on 27,612,514 (six months ended
30 September 2004 and year ended 31 March 2005: 30,100,000) Ordinary shares,
being the weighted average number of Ordinary shares in issue during the period.

2. Income

                             (Unaudited)          (Unaudited)        (Audited)
                            30 September         30 September         31 March
                                    2005                 2004             2005
                                   £'000                £'000            £'000
--------------------------------------------------------------------------------
Investment income                      9                   47               75
Bank interest                         10                    5               13
Underwriting income                    -                    7                7
--------------------------------------------------------------------------------
Total                                 19                   59               95
--------------------------------------------------------------------------------


3. Investment Management Fees

                               (Unaudited)         (Unaudited)       (Audited)
                              30 September        30 September        31 March
                                      2005                2004            2005
                                     £'000               £'000           £'000
--------------------------------------------------------------------------------
Periodic fee                           345                 163             336
Performance fee                         96                   -               -
Irrecoverable VAT thereon               64                  27              55
--------------------------------------------------------------------------------
Total                                  505                 190             391
================================================================================


4. Net Asset Value per Ordinary share

The Net Asset Value per Ordinary share is based on the net assets attributable
to equity shareholders of £32,769,000 (six months ended 30 September 2004:
£28,330,000 as restated; year ended 31 March 2005: £30,449,000 as restated) and
on 27,490,000 (six months ended 30 September 2004: 30,100,000; year ended 31
March 2005: 30,100,000) Ordinary shares, being the number of Ordinary shares in
issue at the period end.

At 30 September 2005 there were 27,490,000 Ordinary shares in issue (30
September 2004: 30,100,000; 31 March 2005: 30,100,000). During the six months
ended 30 September 2005 the Company repurchased 2,610,000 of its own issued
Ordinary shares in the market for cancellation (six months ended 30 September
2004: nil; year ended 31 March 2005: nil). The cost of the share buy-backs,
including stamp duty, amounted to £2,512,000 (six months ended 30 September
2004: nil; year ended 31 March 2005: nil).



Notes to the Interim Financial Statements (continued)

5. (a) Restatement of balances as at 31 March 2005

At 1 April 2005 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 (First Time Adoption of International Financial
Reporting Standards) the following is a reconciliation of the results as at 31
March 2005, previously reported under the applicable UK Accounting Standards and
the SORP, to the restated IFRS results.


                                  (Audited)        Effect of          Restated
                                 Previously       transition          31 March
                                   reported          to IFRS              2005
                              31 March 2005        
                                      £'000            £'000             £'000
--------------------------------------------------------------------------------
Investments
(see note 1
below)                               30,492              (89)           30,403
Current assets                          340                -               340
Creditors:
amounts falling due
within one year                        (294)               -              (294)
--------------------------------------------------------------------------------
Net assets                           30,538              (89)           30,449
================================================================================

Equity
Ordinary share capital                7,525                -             7,525
Special reserve                      21,679                -            21,679
Capital redemption reserve                -                -                 -
Capital reserve - realised            3,772                -             3,772
Capital reserve - unrealised/
revaluation reserve                  (1,269)             (89)           (1,358)
Retained earnings                    (1,169)               -            (1,169)
--------------------------------------------------------------------------------
                                     30,538              (89)           30,449
================================================================================

Note to the reconciliation

1 Investments (excluding derivatives) are classified as held at fair value under
IFRS and are carried at bid prices which total their fair value of £30,403,000.
Previously, under UK GAAP, they were carried at mid prices.

5. (b) Reconciliation of the Statement of Total Return to the Income Statement
for the year ended 31 March 2005

Under IFRS the Income Statement is the equivalent of the Statement of Total
Return as reported previously.
                     

                                                            2005      EPS Impact
                                                           £'000         pence
--------------------------------------------------------------------------------
Loss on Ordinary activities                               (3,079)            -
Change from mid to bid basis at 31 March 2004 (see
note 1 below)                                                105          0.35
Change from mid to bid basis at 31 March 2005 (see
note 1 below)                                                (89)        (0.30)
--------------------------------------------------------------------------------
Net loss per Income Statement                             (3,063)         0.05
================================================================================


Note to the reconciliation

1 The portfolio valuation at 31 March 2004 and 31 March 2005 is required to be
valued at fair value under IFRS. These values differ from the previous valuation
by £105,000 and £89,000 respectively.

Notes to the Interim Financial Statements (continued)

5. (c) Reconciliation of the Cash Flow Statement for the year ended 31 March
2005


                                    (Audited)        Effect of     Adjusted Cash
                                   Previously       transition        Flows 2005
                                     reported          to IFRS                    
                              Cash Flows 2005    
                                        £'000            £'000             £'000
--------------------------------------------------------------------------------
Net cash outflow from
operating activities                    (705)              (7)             (712)
(see note 1 below)
Returns on investments
and servicing of finance                  (8)               8                 -
(see note 1 below)
Taxation (see note 1 below)                1               (1)                -
Net cash inflow from
financial investment                     990                -               990
--------------------------------------------------------------------------------
Net cash inflow before
financing                                278                -               278
--------------------------------------------------------------------------------
Increase in cash                         278                -               278
================================================================================


Note to the reconciliation

1 Servicing of finance and taxation have now been analysed within operating
activities.

6. (a) Restatement of balances as at 30 September 2004

At 1 April 2004 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 (First Time Adoption of International Financial
Reporting Standards) the following is a reconciliation of the results as at 30
September 2004, previously reported under the applicable UK Accounting Standards
and the SORP, to the restated IFRS results.


                                 (Unaudited)        Effect of         Restated
                                  Previously       transition     30 September
                                    reported          to IFRS             2004
                                30 September        
                                        2004                             
                                       £'000            £'000            £'000
--------------------------------------------------------------------------------
Investments
(see note 1 below)                    28,388              (73)          28,315
Current assets                           212                -              212
Creditors: amounts
falling due
within one year                        (197)               -             (197)
--------------------------------------------------------------------------------
Net assets                            28,403              (73)          28,330
================================================================================

Equity
Ordinary share capital                 7,525                -            7,525
Special reserve                       21,679                -           21,679
Capital redemption reserve                 -                -                -
Capital reserve - realised              7,042                -            7,042
Capital reserve - unrealised/
revaluation reserve                    (6,955)             (73)          (7,028)
Retained earnings                        (888)               -             (888)
--------------------------------------------------------------------------------
                                      28,403              (73)          28,330
================================================================================

Note to the reconciliation

1 Investments (excluding derivatives) are classified as held at fair value under
IFRS and are carried at bid prices which total their fair value of £28,315,000.
Previously, under UK GAAP, they were carried at mid prices.

Notes to the Interim Financial Statements (continued)

6. (b) Reconciliation of the Statement of Total Return to the Income Statement
for the period ended 30 September 2004

Under IFRS the Income Statement is the equivalent of the Statement of Total
Return as reported previously.

                                                            2004    EPS Impact
                                                           £'000         pence
--------------------------------------------------------------------------------
Loss on Ordinary activities                               (5,214)            -
Change from mid to bid basis at 31 March 2004 (see
note 1 below)                                                105          0.35
Change from mid to bid basis at 30 September 2004
(see note 1 below)                                           (73)        (0.24)
--------------------------------------------------------------------------------
Net loss per Income Statement                             (5,182)         0.11
================================================================================

Note to the reconciliation

1 The portfolio valuation at 31 March 2004 and 30 September 2004 is required to
be valued at fair value under IFRS. These values differ from the previous
valuation by £105,000 and £73,000 respectively.

6. (c) Reconciliation of the Cash Flow Statement for the six months ended 30
September 2004


                                (Unaudited)        Effect of     Adjusted Cash
                                 Previously       transition        Flows 2004
                                   reported          to IFRS                    
                            Cash Flows 2004        
                                      £'000            £'000             £'000
--------------------------------------------------------------------------------
Net cash outflow from
operating activities                   (301)              (2)             (303)
(see note 1 below)
Returns on investments
and servicing of finance
(see note 1 below)                       (4)               4                 -
Taxation (see note 1 below)               2               (2)                -
Net cash inflow from
financial investment                    455                -               455
--------------------------------------------------------------------------------
Net cash inflow before
financing                               152                -               152
--------------------------------------------------------------------------------
Increase in cash                        152                -               152
================================================================================

Note to the reconciliation

1 Servicing of finance and taxation have now been analysed within operating
activities.

7. (a) Restatement of balances as at 31 March 2004

At 1 April 2005 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 (First Time Adoption of International Financial
Reporting Standards) the following is a reconciliation of the results as at 31
March 2004, previously reported under the applicable UK Accounting Standards and
the SORP, to the restated IFRS results.

Notes to the Interim Financial Statements (continued)

7. (a) Restatement of balances as at 31 March 2004 (continued)
      

                                    (Audited)        Effect of         Restated
                                   Previously       transition    31 March 2004
                                   reported            to IFRS 
                                31 March 2004              
                                      £'000            £'000              £'000
--------------------------------------------------------------------------------
Investments 
(see note 1 below)                   33,748             (105)           33,643
Current assets                          331                -               331
Creditors:
amounts falling due
within one year                        (462)               -              (462)
--------------------------------------------------------------------------------
Net assets                           33,617             (105)           33,512
================================================================================

Equity
Ordinary share capital                7,525                -             7,525
Special reserve                      21,679                -            21,679
Capital redemption reserve                -                -                 -
Capital reserve - realised            8,079                -             8,079
Capital reserve - unrealised/
revaluation reserve                  (2,920)            (105)           (3,025)
Retained earnings                      (746)               -              (746)
--------------------------------------------------------------------------------
                                     33,617             (105)           33,512
================================================================================

Note to the reconciliation

1 Investments (excluding derivatives) are classified as held at fair value under
IFRS and are carried at bid prices, which total their fair value of £33,643,000.
Previously, under UK GAAP, they were carried at mid prices.

8. Comparative Information

The financial information contained in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information for the six months ended 30 September 2005 and 2004 has
not been audited.

The information for the year ended 31 March 2005 has been extracted from the
latest published audited financial statements and restated to comply with IFRS.
The audited financial statements for the year ended 2005 have been filed with
the Registrar of Companies. The report of the auditors on those accounts
contained no qualification or statement under section 237(2) or (3) of the
Companies Act 1985.

                                    - ENDS -



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