Material Change to NAV

Intl. Biotechnology Trust PLC
03 May 2006


                                                                      3 May 2006


                      MATERIAL CHANGE IN NET ASSET VALUE


The Board of International Biotechnology Trust plc (the 'Company') notes that
due to two events within the portfolio, one of which is currently bound by
confidentiality, the net asset value ('NAV') of the Company has, on a net basis,
materially increased.  The events, had they been incorporated into the last
released NAV of 25 April 2006, would have increased the NAV per share by 11.64p,
or, 8.18%.  One of the events is the write down of Trine Pharmaceuticals from
£1.3m to zero as a result of its uncertain financing position.  Further comment
on the other confidentiality-bound event will be released as it becomes
available.





Enquiries:



Andy Smith
SV Life Sciences Managers LLP
Investment Manager                           Tel: [phone]



John Spedding
Schroder Investment Management Limited       Tel: [phone]








                      This information is provided by RNS
            The company news service from the London Stock Exchange