Re Investment

Intl. Biotechnology Trust PLC
22 August 2001

22 August 2001

International Biotechnology Trust Invests in Discovery Therapeutics

22 August 2001, London, UK: International Biotechnology Trust plc, (LSE: IBT),
the biotechnology investment trust advised by Schroder Ventures Life Sciences
(SVLS), announced today that it has invested $5 million in Discovery
Therapeutics Inc. (DTI) as part of the company's $45 million Series D fund
raising.  IBT invested alongside a syndicate of investors including Schroder
Ventures International Life Sciences Fund II, which invested $5 million.

Discovery Therapeutics, headquartered in Richmond, Virginia, is a private,
clinical-stage biopharmaceutical company focused on developing and
commercialising in-licensed products for a variety of clinical indications.
The company currently has five products in clinical development that target
Parkinson's, renal and cardiac diseases.  DTI's expertise is in the discovery
and development of small-molecule drug candidates that act selectively on
enzymes or subtypes of receptors that regulate important physiological
processes.  The company's most advanced product is an innovative treatment for
Parkinson's disease integrated with a unique transdermal patch delivery system
that will enter Phase III clinical trials this year.

Discovery Therapeutics has a number of established corporate relationships,
including out-licensing partnerships with Schwarz Pharma AG, King
Pharmaceuticals and Fujisawa Healthcare for its Parkinson's and two
adenosine-based cardiovascular products.  More recently, the company also has
entered into an in-licensing partnership with Bayer AG to develop and market a
novel therapy for kidney inflammation.

James Garvey, managing partner of Schroder Ventures Life Sciences Boston
office, Investment Advisor to IBT, commented:

'Discovery Therapeutics has an extensive product pipeline of clinically
advanced drug candidates targeting diversified markets of unmet clinical needs
with a combined market potential of over $4 billion.  We believe the company
has considerable future growth potential under the direction of its excellent
management team and will add significant value to IBT's portfolio.' 


For further information, please contact:

International Biotechnology Trust
Andrew Barker, Chairman
Tel: [phone]
Fax. [phone]
Email: [e-mail]       

Schroder Ventures Life Sciences
Katja Stout
Tel: [phone]
Fax: [phone]       
Email: [e-mail]       

GCI Financial
Annabel O'Connor
Tel: [phone]
Fax: [phone]
Email: [e-mail]              


Notes to Editors:

International Biotechnology Trust plc 
http://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 in relatively few companies, and involving a close
working relationship with investee companies through the provision of
strategic management support and sector expertise. 

Key Data

* Founded in 1994 
* Net asset value £108.97 million at 7 August 2001
* NAV per share of 224.14p as at 7 August 2001
* Listed on London Stock Exchange (IBT.L) 
* Advised by Schroder Ventures Life Sciences Advisers (UK) Limited and managed
by Schroders Investment Management Ltd


Schroder Ventures Life Sciences
http://www.svlifesciences.com

Schroder Ventures* has been investing in life science companies since 1983.
Schroder Ventures Life Sciences** (SVLS) was established in 1994, as the
dedicated life sciences arm of Schroder Ventures. SVLS has established itself
as a leading international life sciences investor with a team of 18 dedicated
professionals in London and Boston.  SVLS advises funds of approximately $600m
and has invested in more than 100 life sciences companies world-wide. 

*Schroder Ventures is a leading international private equity group advising 25
funds world-wide with committed capital totalling $7 billion. To date,
Schroder Ventures' funds have invested in over 400 companies in a mixture of
early stage transactions and buy-outs.

** Schroder Ventures Life Sciences Advisers (UK) Limited is regulated by IMRO.


Discovery Therapeutics, Inc (DTI)
http://www.discoverytherapeutics.com

DTI was formed in 1994 to commercialise small-molecule drug candidates that
act selectively on subtypes of dopamine and adenosine receptors.  It began
operations by acquiring the pharmaceutical research programmes of Whitby
Research Inc, a wholly-owned subsidiary for Ethyl Corp of Richmond, VA.  In
1999, the company acquired Renalogics in order to strategically position
itself to develop and commercialise new products for kidney disease.  In 2000,
DTI licensed drug candidates for kidney inflammation that are in late stage of
clinical development.