Statement re Eyetech IPO

Intl. Biotechnology Trust PLC
03 February 2004

FOR IMMEDIATE RELEASE                              3 February 2004



To : The London Stock Exchange



International Biotechnology Trust Plc ('IBT') is pleased to announce that

Eyetech Pharmaceuticals Inc.('Eyetech') (ticker - EYET), had an Initial

Public Offering (IPO) on NASDAQ at a price of $21 per share on Friday 30

January 2004. At 31 August 2003, IBT's holding in the company was valued at

the Directors' valuation of £3.2m.

As Eyetech is now a publicly quoted company, going forward IBT's holding

will be valued based on the mid-market quoted share

price. In accordance with IBT's valuation policies, a discount of 25% will

be applied to the mid-market quoted price to reflect liquidity constraints

on IBT's holding.

Based on the initial IPO price of $21 per share, this would equate to a

valuation of £6.2m on the preferred stock converted to common. IBT's

Eyetech warrants are in the process of being converted to common stock this

week.

Eyetech shares were quoted at $31.42 per share as at close of business last

night.





By Order of the Board

Schroder Investment Management Limited

Secretaries

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Enquiries :

International Biotechnology Trust plc            Nick Coleman 020 7421 7057


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