Investment in Another Co

Intl. Biotechnology Trust PLC
25 April 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 Invests $10 Million in Delsys Pharmaceuticals

Tuesday 25 April, 2000 London, UK... International Biotechnology Trust (LSE:
IBT), announced today that it has invested US$10 Million in US-based Delsys
Pharmaceuticals, a drug manufacturing and delivery company. IBT is the lead
investor in the US$26 million private placement of preferred stock. Jeremy
Curnock Cook, Director of IBT, will also join Delsys Pharmaceutical's Board of
Directors, replacing Dr. Zola P. Horovitz.

Commenting on the new investment, Jeremy Curnock Cook, Director of IBT said:
'This is one of several anticipated investments as IBT continues to reinvest
profits realised by the recent divestments in Medarex and MorphoSys.  Delsys's
Accudep technology aims to reduce time to market for orally delivered drugs
and bring improvements in product quality and safety.  As a pharmaceutical
development and manufacturing company, Delsys brings further breadth to the
IBT portfolio.'

Martyn Greenacre, President and CEO, Delsys Pharmaceuticals, stated  'I am
delighted with the results of this financing, it is a reflection of investor
confidence in Delsys and our Accudep(tm) technology. I am also pleased to
welcome Jeremy Curnock Cook to the Board of Directors, his experience and
knowledge of the sector will be of great benefit Delsys Pharmaceuticals.'

IBT has already made new investments totalling £11.37 million in OSI
Pharmaceuticals, Axxima Pharmaceuticals and AnorMED Inc so far this year. 

IBT's Top 10 core holdings as at 18th April 2000 were :

          
                              Value (£)      Proportion of NAV as at 
                                             18th April 2000 

Targeted Genetics Corporation 23,308,744     10.32%

Ribozyme Pharmaceuticals Inc  15,731,003     6.96%

Cell Therapeutics Inc         15,065,751     6.67%

Angiotech Pharmaceuticals Inc 14,744,247     6.53%

Corvas International Inc      11,378,457     5.04%

Onyx Pharmaceuticals           8,685,650     3.84%

Biocompatibles International plc7,201,555    3.19%

Delsys Pharmaceutical Corporation 6,338,742  2.81%

NetGenics Inc                   4,021,975    1.78%

CeNes Pharmaceuticals           3,670,962    1.62%


Further information on IBT at www.internationalbiotrust.com


The International Biotechnology Trust plc is co-sponsor this year with Chase
H&Q of the eighth Investing in Biotechnology Conference. To be held in London
on May 10 2000, it will present 30 healthcare companies to an invited audience
of about 400 retail and institutional investors. Enquiries to the IBT web
site.

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 a larger amount in relatively fewer 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
* £225.9  million net asset value of investment at 18th April 2000
* Listed on London Stock Exchange (LSE.L)
* 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
* 20 core investments (including Delsys)
14 in US, 3 in UK, 1 in Germany, 2 in Canada

2. Delsys Pharmaceuticals

Delsys Pharmaceutical Corporation leverages its proprietary Accudep(tm)
technology to enhance pharmaceutical development, manufacture and drug
delivery.  The Accudep(tm) technology is a highly controlled electrostatic
powder deposition process that permits a drug's active ingredient to be
deposited in precise quantities at high speed onto a variety of surfaces.  By
eliminating traditional procedures for tablet manufacturing, Accudep(tm)
promises to revolutionize the way solid oral dosage forms are brought to
market.  Its specific benefits include: improved drug quality and safety, by
accurate control of dose; reduced time to market, by enhancing efficiency in
drug formulation; and an overall reduction in manufacturing costs, by
supplanting the time-, labor- and infrastructure-intensive process associated
with traditional pharmaceutical manufacturing.