EYETECH IPO

Intl. Biotechnology Trust PLC
04 February 2004

For immediate release 4 February 2004

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ('IBT')

IPO OF EYETECH PHARMACEUTICALS INC.

International Biotechnology Trust Plc ('IBT') is pleased to announce that
Eyetech Pharmaceuticals Inc.('Eyetech') (ticker - EYET), had an Initial Public
Offering (IPO) on NASDAQ at a price of $21 per share on Friday 30 January 2004.
At 31 August 2003, IBT's holding in the company was valued at the Directors'
valuation of £3.2 million.

As Eyetech is now a publicly quoted company, going forward IBT's holding will be
valued based on the mid-market quoted share price. In accordance with IBT's
valuation policies, a discount of 25% will be applied to the mid-market quoted
price to reflect liquidity constraints on IBT's holding.

Based on the closing price on February 3rd of $30.40 per share, this would
equate to a valuation of £8.9 million on the preferred stock converted to
restricted common stock. In addition, IBT has converted warrants in Eyetech into
restricted common stock which represents an additional value of £1.2 million,
giving a total value for the entire holding of £10.1 million. This represents an
uplift of £6.9 million to the 31 August 2003 valuation (uplift per share of
14.41p) and an IRR to date on the investment of 67.8%, after allowing for the
25% discount.

Kate Bingham, of the Trust's investment adviser - Schroder Ventures Life
Sciences, said 'We are delighted by the level of investor enthusiasm for
Eyetech. This success demonstrates the value of IBT's investment strategy to
build a small, concentrated portfolio of biotech companies that have the
potential to generate substantial value. We believe that Macugen has blockbuster
potential and will bring real benefits to the large numbers of people who are
affected by age-related macular degeneration - a leading cause of blindness in
the elderly.'

Eyetech Pharmaceuticals, Inc. is a biopharmaceutical company that specializes in
the development and commercialization of novel therapeutics to treat diseases of
the eye. Eyetech's initial focus is on diseases affecting the back of the eye,
particularly the retina. The company's most advanced product candidate is
Macugen(TM) (pegaptanib sodium), which it is developing for the treatment of the
wet form of age-related macular degeneration and for the treatment of diabetic
macular edema.



For further information, please contact:

Schroder Ventures Life Sciences

Nick Coleman (0207 421 7053)

Lansons Communications

Henrietta Guthrie (0207 294 3609) / Amy Fisher (0207 294 3612)


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