Eyetech Pharmaceuticals Inc.

Intl. Biotechnology Trust PLC
13 May 2004

                                                                     13 May 2004

                          Eyetech Pharmaceuticals Inc

IBT and its subsidiary own 810,222 shares of Eyetech Pharmaceuticals, Inc, which
were valued at £12.4m  as at 11 May 2004.  This valuation includes a discount of
25% to the mid-market quoted price at the close on 11 May 2004 in accordance
with IBT's valuation policies. Eyetech announced today that it had filed a
registration statement with the Securities and Exchange Commission covering a
proposed offering of 4,000,000 shares of its common stock, par value $0.01 per
share, plus an additional 600,000 shares of its common stock to cover
over-allotments, if any. Eyetech will not sell any shares in, or receive any
proceeds from, the offering. All of the shares will be sold by selling
stockholders.

If the proposed offering is completed IBT will have the opportunity to sell a
minimum of 158,751 shares and the possibility to sell up to an additional 46,807
shares.

The date of the proposed offering has yet to be determined.



Enquiries:

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

Schroder Ventures Life Sciences -
Kate Bingham
020 7421 7070


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