Portfolio Update

RNS Number : 4760A

Intl. Biotechnology Trust PLC

01 February 2011

 

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc (the "Company") notes the following developments in the unquoted portfolio during January 2011.

Follow on investments of £120k ($192k)  and £190k ($302k) were made in to a new Series D Pref funding round of EBR Systems and a third tranche of a Series A pref round of Allocure.

On 20 January 2011 - the portfolio company Cadent announced a joint venture with Align Technology to develop software applications for dentists and orthodontists that work on both their technology platforms.  This is a positive validation of Cadent's technology, but no change was made to the valuation in response to this news.

The following valuations were changed during January 2011 - Cadent and Ricerca valuations were increased by £0.2m and £0.16m, in response to improved financial numbers over the prior quarter which resulted in better EBITDA and revenue multiple valuations for these two companies.  Sutro's valuation was increased by £0.13m to reflect the impact of a new series C preferred round.  EBR System's valuation has been reduced by £0.8m to reflect the terms of the recently closed Series D preferred round of funding.  Vantia's valuation has been reduced to reflect the terms of a new Series B preferred round reducing the value by £0.4m. The impact of these valuation movements was a reduction of £0.7m in the month, or £1.2p/share.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                       

Rhona Gregg

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

1 FEBRUARY 2011

 

END

 

 

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