Portfolio Update

Intl. Biotechnology Trust PLC
06 December 2007

                                                                 6 December 2007



                  PORTFOLIO COMPANY REVALUATION/NEW INVESTMENT



The Board of International Biotechnology Trust plc (the 'Company') notes the
following change to the value of unquoted portfolio company Oxagen:

The Directors' valuation of portfolio holding Oxagen has been increased today
from £2.8m (US$5.9m) to £3.3m (US$6.7m) to reflect the company's progress in
developing its products.  This valuation change will be incorporated into the
net asset value of the Company from today and reflected in the Company's net
asset value announcements with effect from tomorrow, 7 December 2007.

The Company's Board also notes that on 20 November 2007, the Company invested
£29,000 in Itero Biopharmaceuticals, a new private company based in the USA,
with a further £468,000 committed to a milestone-based tranche. Itero is an
early stage biosimilars company focused on a large number of product
opportunities with product patents expiring from 2004 to 2015 that represent
more than US$25bn in sales.


Enquiries:

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

Louise Richard
Schroder Investment Management Limited               Tel: [phone]




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