Re Investment

Intl. Biotechnology Trust PLC
3 October 2001



           International Biotechnology Trust Invests in Affibody AB

3rd October 2001, London, UK: International Biotechnology Trust plc, (LSE:
IBT), the biotechnology investment trust advised by Schroder Ventures Life
Sciences, announced today that it has committed $3.7 million to the $28
million Series C fund raising of Affibody AB, a promising Swedish proteomics
and biotherapy company. Other investors included Schroder Ventures
International Life Sciences Fund II, which invested a further $7.5 million in
this round.

Affibody AB, based in Stockholm, was founded in 1998 by a group of prominent
researchers from the Royal Institute of Technology (KTH) and the Karolinska
Institute. The company is leading the development of combinatorial protein
engineering for use in drug discovery and the development of novel
biotherapeutics and diagnostic products. Affibody uses cutting edge protein
engineering technologies to create a new generation of antibodies, called
AffibodiesTM - small, novel, robust ligands which can be engineered to bind to
any desired target protein. In this way, AffibodiesTM will enable novel
therapeutic strategies to be developed and AffibodyTM based products will
further enable drug discovery by offering speed, accuracy, high throughput and
robustness in proteomic research.

Kate Bingham, General Partner at Schroder Ventures Life Sciences, who will
join the Board of Affibody, commented:

'Affibody is an attractive investment opportunity. It has a unique proprietary
platform with very broad applications and clear revenue streams, as well as
several strategic partnerships that will enable it to leverage its already
leading market position. The company's management team is highly experienced
and has an excellent track record in building successful businesses and we
look forward to working with them to develop the business.'


Torben Jorgensen, CEO of Affibody, added:

'The financing we have secured in this latest fund raising not only provides
us with the resources required to take the business forward, but it is also a
strong endorsement from investors of the future of the company. The financial
and strategic support they provide will be invaluable.'

                                    -ENDS-

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]

Annabel O'Connor (GCI Financial)

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
  * Listed on London Stock Exchange (IBT.L)
  * Net asset value of £81,527,459 at 25 September 2001
  * NAV per share of 167.70p at 25 September 2001
  * 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 23 dedicated
professionals in London and Boston. SVLS advises funds of approximately $500m
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.

Affibody

http://www.affibody.com


Affibody AB is a proteomics and biotherapy company that uses cutting-edge
protein engineering technologies to create novel small, robust protein ligands
(AffibodiesTM) that mimic antibodies in a variety of biological and functional
applications. AffibodiesTM can be engineered to have the desired specificity
and affinity, while also being highly robust to withstand a broad range of
physical conditions, including pH and elevated temperature. The specific
binding properties that can be engineered into each AffibodyTM allow it to
have very high specificity and the desired affinity for a corresponding target
protein. A specific target protein will thus bind only to its corresponding
AffibodyTM.


AffibodiesTM will enable novel therapeutic strategies and AffibodyTM based
products will enable drug discovery by offering speed, accuracy, high
throughput and robustness in proteomic research. Other important healthcare
and industrial applications include biotechnological production processes and
diagnostics.

Affibody's mission is to transform the genome into products that enable novel
therapies, large scale proteomics research, drug discovery, diagnostics as
well as industrial bioseparation.

Affibody AB was founded in 1998 by renowned scientists at the Royal Institute
of Technology and the Karolinska Institute in Stockholm, Sweden, to develop
innovative ligand-based affinity reagents and methods that help meet the
growing worldwide need to better understand and utilize proteins involved in
human diseases.