Investment in CancerVax

Intl. Biotechnology Trust PLC
31 October 2003

                                                                 31 October 2003

                            Investment in CancerVax

The IBT portfolio company, CancerVax, has announced the pricing of its Initial
Public Offering (IPO) at a price of $12 per share. At 31 August 2003, IBT's
holding in the company was valued at the Directors' valuation of £2.2m,
reflecting the price of an August 2003 financing round and the sterling - dollar
exchange rate at that time. As CancerVax is now a publicly listed company, going
forward IBT's holding will be valued based on the mid market quoted share price.
At the IPO price of $12 per share, this would increase the value of IBT's
holding to £2.7m.


However, in accordance with BVCA valuation guidelines, a discount of 25% will be
applied to the mid market quoted price to reflect liquidity constraints on IBT's
holding. At the IPO price of $12 this equates to a valuation of £2.0m.


Enquiries:


Kate Bingham/Jodie Van Elst                              Tel: [phone]

Schroder Ventures Life Sciences Advisers (UK) Limited

John Spedding

Schroder Investment Management Limited                   Tel: [phone]


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