Eyetech Pharmaceuticals Inc.

Intl. Biotechnology Trust PLC
27 May 2004

                                                                     27 May 2004

                          Eyetech Pharmaceuticals Inc

Further to the announcement of 13 May 2004, IBT and its subsidiary are selling
in an underwritten public offering a total of 162,044 shares of Eyetech
Pharmaceuticals, Inc. The offering was priced at $38.50 per share, prior to
underwriting discounts and other expenses. At 18 May 2004, the IBT group holding
in Eyetech was valued at £11.3 million, which incorporated a discount of 25% to
the mid-market quoted price at the close of business on that date in accordance
with IBT's valuation policies. The proceeds, prior to underwriting discounts and
other expenses will be $6.2m. The offering is expected to close on 2 June, 2004
and will then be incorporated in the next NAV following that date.

Up to 42,956 additional shares may be sold pursuant to the underwriters' over
allotment option which may exercised within 30 days of the 26 May 2004.

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Enquiries:

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

Schroder Ventures Life Sciences -
Sarah Young
020 7421 7057


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