Investment Strategy Statement

Billam PLC
8 January 2002

                                   Billam plc

                        Investment Strategy Statement

The Directors of Billam Plc today announced  the company's intention to
continue to strengthen and expand its portfolio of biotech investments. Citing
this as  a crucial step in their development strategy over the next 12-18
months the company added that it is currently in discussions with several
parties which will form the basis of a number of announcements soon to be
released.

For Further details

P Hoskins    Tel: [phone]