Auxilium Pharmaceuticals Inc.

Intl. Biotechnology Trust PLC
23 April 2004


For immediate release 23 April 2004

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

AUXILIUM PHARMACEUTICALS INC.

International Biotechnology Trust plc is pleased to announce that Auxilium
Pharmaceuticals Inc. has filed an S-1 registration statement with the SEC.


For further information, please contact:

International Biotechnology Trust plc
Andrew Barker, Chairman              020 7658 3206

Schroder Ventures Life Sciences
Kate Bingham / Josee Gray            020 7421 7070

Lansons Communications
Henrietta Guthrie / Amy Fisher       020 7490 8828


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