Investment in Eyetech

Intl. Biotechnology Trust PLC
18 November 2003


                                                                18 November 2003

                             Investment in Eyetech

International Biotechnology Trust plc ('IBT') announces that Eyetech
Pharmaceuticals Inc ('Eyetech') updated its S1 Registration statement on
November 14 2003 with the US Securities and Exchange. In this filing, Eyetech
analysed the results from the first year of the Phase 2/3 pivotal clinical
trials for the use of Macugen in the treatment of wet AMD (age-related macular
degeneration). At 31 August 2003, Eyetech represented 5.86% of IBT's NAV and was
valued at £3.1m.


For further information please contact:


Kate Bingham                                        Tel: [phone]

Schroder Ventures Life Sciences Advisers (UK) Limited

John Spedding                                        Tel: [phone]

Schroder Investment Management Limited


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