Auxilium Pharmaceuticals, Inc

Intl. Biotechnology Trust PLC
26 July 2004




                                                                    26 July 2004

                         Auxilium Pharmaceuticals, Inc.

International Biotechnology Trust plc ('IBT') is pleased to note that Auxilium
Pharmaceuticals, Inc. (ticker - 'AUXL'), were successful in their Initial Public
Offering ('IPO') on NASDAQ at a price of $7.50 per share on Friday 23 July 2004,
raising $41.3 million. At 20 July 2004, IBT's holding in the company was valued
at the Director's valuation of £0.64 million.

As Auxilium is now a publicly listed company, going forward IBT's holding will
be valued based on the closing daily share price on NASDAQ. In accordance with
BVCA valuation guidelines, a discount of 25% will be applied to the quoted price
to reflect liquidity constraints on IBT's holding arising from a 180 day lock
up.

At close of business on Friday 23 July 2004 the stock was trading at $7.20 per
share, which including the discount, would value IBT's holding at £0.5m.


Enquiries:

International Biotechnology Trust plc -
Andrew Barker, Chairman
020 7658 3206

Schroder Ventures Life Sciences -
Nick Coleman
020 7421 7053

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