Investment of £1.1M in AxximaTM Pharmaceuticals AG

Intl. Biotechnology Trust PLC
10 March 2000


For more information please contact:

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

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


      IBT MAKES SECOND INVESTMENT WITHIN FORTNIGHT AND SECOND IN GERMANY      
    IBT Invests £1.1 million ($1.7 million; Euro 1.8 million) in Axxima,a     
                     Munich-Based Anti-Infectives Company                     

Friday, March 10, 2000 London, UK. International Biotechnology Trust (LSE:
IBT), announced today that it is making a £1.1 million ($1.7 million; Euro 1.8
million) investment in the German-based biopharmaceuticals company, AxximaTM
Pharmaceuticals AG. This is IBT's second investment within a fortnight and its
second in Germany - having invested in MorphoSys in 1997. 

Commenting on the new investment, Jeremy Curnock Cook, Director of IBT said:

'In making this investment in Axxima, our second German investment, IBT is
extending its foothold in the up and coming German biotech sector. Axxima is
an emerging anti-infective drug discovery and development company with
enormous promise in its technology platform and pipeline of possible
therapeutics. We believe that the anti-infectives area is a important area of
untapped medical need - Axxima has very exciting potential in this area'. 

Axxima has developed proprietary drugs that are based on its revolutionary
approach to generate a Signal Transduction FirewallTM (STFTM) against
pathogens. The Company is based in Munich - a hotbed of German biotech, and
was founded by Dr Axel Ullrich, one of the founders of Sugen. IBT was also one
of Sugen's investors, and made a significant return during 1999 when it
realised its shares in Pharmacia & Upjohn, Sugen having been acquired by P&U
earlier in that year.

Dr. Markus Ewert, President and Chief Executive Officer of Axxima
Pharmaceuticals, AG stated:

'Axxima is extremely pleased with the results of this financing and the
prestigious leading investors we have attracted. This equity will help to fuel
our pipeline of potential anti-infective therapeutics which we pursue from
target identification and validation through to development.'

Axxima raised a total of DM 20 million ($9.9 million; Euro 10.2 million) in
this financing round. The first round investors provided 40% of the new
equity, the rest being raised from new investors. IBT and TVM (Techno Venture
Management GmbH) are the lead investors in this second round, and, through its
investment in Axxima's highly oversubscribed second round financing, IBT will
hold 8.19% of the Company's shareholdings.

IBT's global investment strategy has put the Trust in an excellent position to
benefit from the resurgence in interest in biotech stock worldwide. Year to
date the company's share price has soared dramatically, increasing by 239%
during the year to date, from 99p on 1st Jan to 336p at close on 8th March.
 
IBT is the first investment trust on the London Stock Exchange offering
exposure to biotechnology stocks globally. IBT's investment strategy is to
invest in maturing biopharmaceutical companies in the USA, UK, Europe and
Canada that have significant potential to develop important new drugs, or to
improve healthcare provision through innovative technologies or services.
Investments are usually held for the medium term, with a focus on capital
growth.

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 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
 £383.7 million net asset value of investment at 7th March 2000
 Listed on London Stock Exchange (IBT.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
 19 core investments 
 - 13 in US, 3 in UK, 2 in Germany, 1 in Canada

2. Axxima Pharmaceuticals AG 

Axxima Pharmaceuticals AG is a global leader in the application of
pathogen-host signal transduction intervention. The company develops
proprietary drugs that are based on Axxima's revolutionary approach to
generate a Signal Transduction FirewallTM (STFTM) against pathogens. Axxima's
business strategy is to pursue the highly desirable area of anti-infective
drug discovery from beginning to end, from target identification to drug
development, making it a small pharmaceutical company rather than a
traditional platform-based biotechnology start-up. Axxima has developed a
technology platform directed towards the identification of 'critical'
interaction points between a pathogen and target cells in the host. Axxima is
developing small molecule drugs to interfere at these critical interaction
points, thus blocking the pathogen's manipulation of the host cell and leaving
the pathogen without the tools with which to establish itself in the host.
Founded in 1997 by Dr. Axel Ullrich the company (including its Hungarian
subsidiary) currently employs a staff of 35.