Investment

Intl. Biotechnology Trust PLC
5 June 2000


For more information please contact:

Jeremy Curnock Cook, Director
International Biotechnology Trust plc
Tel: + 44 (0) 20 7634 2881
E-mail: [e-mail]

Katja Stout
HCC De Facto Group plc
Tel: + 44 (0) 20 7496 3300
E-mail: [e-mail]


              IBT MAKES INVESTMENT OF $8 MILLION IN INFLAZYME -               
                     A CANADIAN BIOPHARMACEUTICAL COMPANY                     

Monday, June 5, 2000 London, UK...International Biotechnology Trust (LSE: IBT)
today announced an investment of CAN$12 million (US$8 million) in Inflazyme
Pharmaceuticals Ltd (TSE: IZP), a Vancouver-based biopharmaceutical company
with a strong portfolio of anti-inflammatory products. 

Under the terms of the unbrokered Private Placement, IBT has purchased
3,883,495 shares of Inflazyme common stock at a price of CAN$3.09 per common
share for net proceeds of CAN$12.0 million. The Private Placement is subject
to regulatory approval.  This investment, IBT's seventh in the year 2000,
continues the Trust's reinvestment of gains realised by recent divestments. 

Jeremy Curnock Cook, Director of IBT, said: 

'We are delighted to make this investment in Inflazyme, a company with an
exciting anti-inflammatory product portfolio and a strong partner in Aventis
Pharma.  The commercial potential for anti-inflammatory treatments for
conditions such as asthma and psoriasis is extremely good and Inflazyme is
progressing well with its lead products.

'This is our fourth investment in Canada, which is proving to be a rich source
of high quality investment opportunities. The proceeds from this offering will
be used primarily to fund further advancement of Inflazyme's product
development programmes including its PDE4 inhibitors, and IPL4323, a potential
new therapy for the prevention of transplant rejection and for the treatment
of psoriasis, which are progressing well towards human clinical trials.'

Ian McBeath, Inflazyme's President and CEO, said:

 'We are very pleased to have IBT as a new investor in Inflazyme. We had
already established a relationship with Jeremy and his team and have been
impressed with their sound advice and strategic support. We are extremely
happy with the continuation of this relationship as well as Jeremy's ongoing
position on Inflazyme's Board.'

Further information on IBT at www.internationalbiotrust.com


Issued by International Biotechnology Trust plc and approved by Rothschild
Asset Management, which is regulated by IMRO. As IBT invests in the
biotechnology sector, investments in IBT should be regarded both as long term
and as carrying a high level of financial risk. Accordingly share value may
fall as well as rise and investors may not get back the amount invested.

Notes to editors

1. International Biotechnology Trust plc  

www.internationalbiotrust.com

International Biotechnology Trust plc (IBT) was launched to take advantage of
the investment opportunities arising in mid-stage life science companies, with
emphasis on investing in relatively few companies, and involving a close
working relationship with investee companies through the provision of
strategic management support and sector expertise. 

International Biotechnology Trust - Key Data
* Founded in 1994
* £220.98 million net asset value of investment at 31 May 2000
* Listed on London Stock Exchange (LSE.L)
* Managed by the bioscience unit at Rothschild Asset Management
* Invests primarily in mid-stage biotechnology companies
* Investment criteria
- sound technology platform
- under-resourced
- good prospects for commercialisation
* Further financing may be invested where appropriate
* Strategic support and management development provided
* 22 core investments (including Inflazyme)
14 in US, 3 in UK, 1 in Germany, 4 in Canada 


2. Inflazyme Pharmaceuticals Ltd.

Inflazyme Pharmaceuticals Ltd. is a Vancouver biopharmaceutical company
focused on the discovery, development and commercialisation of therapies to
treat serious inflammatory diseases including asthma, rheumatoid arthritis,
psoriasis and inflammatory bowel disease.
Inflazyme commenced operations in 1992 to further develop technologies
discovered by scientists at the University of British Columbia. It is
currently listed on the Toronto Stock Exchange and Vancouver Stock Exchange
under the symbol 'IZP'. 

To date, Inflazyme's drug discovery efforts have led to the discovery of three
novel series of compounds, which are being developed as new therapies to treat
serious inflammatory diseases.

Inflazyme's lead product, IPL576,092 is the first lead molecule from its
IPL576 series, based on a molecule originally isolated from a sea sponge. 
This product is being developed pursuant to Inflazyme's US$91 million
collaborative agreement with Aventis Pharma. Inflazyme recently announced that
it had completed Phase I human clinical trials with IPL576,092, which is being
developed as a potential treatment for asthma and respiratory disease in
collaboration with Aventis Pharma.  These studies demonstrated that IPL576,092
was safe and well tolerated in healthy volunteers at doses studied.  The
Company expects to commence Phase II studies in mid-2000 with the goal of
obtaining preliminary efficacy data in asthma patients before the end of 2000.
IPL4323 is Inflazyme's lead pre-clinical candidate for the treatment of
psoriasis and the inhibition of transplant rejection.  In a pre-clinical model
of transplant rejection, IPL4323 demonstrated equivalent graph survival
compared to cyclosporin, a standard therapy for the prevention of organ graft
rejection.  Additional laboratory studies have demonstrated that IPL4323 is
selective for T-cell types associated with graft rejection and psoriasis,
indicating that, unlike cyclosporin, IPL4323 is not generally
immunosuppressive.  Activity in vivo (animal) models of transplant rejection
is considered predictive of clinical efficacy in psoriasis based on a
similarity in the basis of the auto-immune component of graft rejection and
psoriasis.  Inflazyme is endeavouring to initiate Phase I human clinical
trials with IPL4323 before the end of 2000.

Inflazyme is also developing a novel series of inhibitors of the enzyme
phosphodiesterase - 4 (PDE4).  PDE4 inhibition is a known mechanism of action
for halting inflammation.  The Inflazyme compounds appear to be potent PDE4
inhibitors without the potential for emesis (vomiting) - a limiting factor in
the development of other PDE4 inhibitors.  A lead molecule of this series,
IPL4088, has demonstrated efficacy in in vivo models of asthma and
inflammatory bowel disease (IBD).  Inflazyme is currently selecting additional
pre-clinical lead molecules for the treatment of other inflammatory
indications and will eventually seek partners for further development.

Further information on the company may be obtained from its website,
http://www.inflazyme.com.

International Biotechnology Trust and Rothschild Asset Management Ltd (RAM)
make no representation as to the accuracy or timeliness of information
contained in websites linked to this press release and specifically disclaims
any liability for the information and advice of third parties which are linked
to, but not included, in this press release.