Interim Results

BioScience VCT plc
26 September 2003


26 SEPTEMBER 2003

BIOSCIENCE VCT PLC

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2003



Financial highlights


• Net assets                                          £6,829,000

• Net asset value per share                           94.3p
                                                      
• Revenue return after tax                            £36,000

• Revenue return per share*                           0.5p

• Total return per share*                             0.6p

*Based on weighted average of 7,209,926 shares in issue during the period


For further information, please contact:


Chris Hulatt
Octopus Asset Management                           020 7255 7962

David Best
Medical Marketing International Group plc          01223 477677



Chairman's Statement


I am pleased to report that we have made good progress over the six months to 30
June 2003.  We made a further investment and identified a number of other
attractive companies in which we may invest later this year.


The turmoil in global financial markets in the early period of 2003 impacted the
bioscience sector.  However, quoted biotechnology companies have since benefited
from the market's recent recovery, and this has had a positive impact on
sentiment towards unquoted bioscience companies.  In recent months, we have had
discussions with a number of companies that are raising money at valuations that
we believe are attractive.


Investments

During the period, we invested £80,000 in Cobra Biomanufacturing plc, an
AIM-listed biotechnology company that specialises in manufacturing compounds for
other companies.  Our investment was made at a share price of 80p and I am
pleased to be able to report that the share price was 99.5p at the end of the
period.


Following a sharp rise in the value of our investment in GTC Biotherapeutics Inc
(GTC), the US-based company that specialises in the manufacture of antibodies
and other proteins using transgenic animals, we took the decision to sell half
our holding.  The shares in GTC were sold at a price in excess of $3 per share,
representing a profit of approximately 240% compared with the average purchase
price for the shares.  We retain a holding of 25,000 shares in GTC.


Since the end of the period, we have invested £100,000 in Insense Ltd, an
unquoted company that is developing a new wound healing technology.


Net asset value

As at 30 June 2003, the net asset value (NAV) per share was 94.3p, a rise of
0.6p from 31 December 2002.


Revenue and dividend

The directors intend to assess the potential for paying a dividend to
shareholders on the basis of the full year results, bearing in mind that
interest rates have been at a low level during recent months.  The directors do
not propose to pay an interim dividend.


Prospects

We believe that the recent signs of greater stability in global stock markets
have helped to create an environment for bioscience companies that is more
attractive than has been seen for some time.  We continue to meet with a large
number of potential investee companies and expect that we will finalise several
investments over the next few months.  I look forward to updating you on these
investments as we progress towards the requirement to invest at least 70% of the
VCT's assets into qualifying holdings by the end of 2004.



Dr P A Nicholson
Chairman, BioScience VCT Plc



Investment portfolio as at 30 June 2003


                                Cost        Valuation    Valuation as %
                                                         of shareholders' funds

Quoted Investments


GTC Biotherapeutics Inc         £14,690     £50,455      0.7%

Investments quoted on AIM

Cobra Biomanufacturing plc      £80,000     £99,500      1.5%

Total investments               £94,690     £149,955




The unaudited interim financial statements for the period from 1 January 2003 to
30 June 2003 are set out below.



STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)


                           6 Months to 30 June 2003   6 months to 30 June 2002
                           Revenue  Capital  Total    Revenue  Capital  Total
                              £000     £000   £000       £000     £000   £000

Realised gains on                -       35     35          -        -      -
investments

Unrealised gains on              -       48     48          -        -      -
investments

Income                         113       -     113        70        -     70
Investment management fee     (25)     (74)   (99)       (9)      (28)   (37)
Other expenses                (52)       -    (52)      (35)        -    (35)
                           ------   ------   ------   ------   ------   ------
Return on ordinary             36        9      45        26      (28)    (2)
activities
before tax

Tax on ordinary                 -        -       -         -        -       -
activities                 ------   ------   ------   ------   ------   ------

Return on ordinary             36        9       45       26      (28)      (2)
activities
after tax

Dividends                       -        -        -        -        -        -
                           ------   ------   ------   ------   ------   ------
Transfer to reserves           36        9       45       26      (28)     (2)
                           ------   ------   ------   ------   ------   ------
Return per share             0.5p     0.1p     0.6p     0.6p    (0.6)p    0.0p


                                            Year ended 31 December 2002
                                         Revenue    Capital       Total
                                            £000       £000        £000

Realised gains on investments                  -          -           -
Unrealised gains on investments                -          7           7

Income                                       196          -         196
Investment management fee                   (34)       (102)       (136)
Other expenses                             (105)          -        (105)
                                          ------     ------       ------
Return on ordinary activities                 57       (95)         (38)
before tax

Tax on ordinary activities                     -          -           -
                                          ------     ------       ------
Return on ordinary activities                 57       (95)         (38)
after tax

Dividends                                   (54)          -         (54)
                                          ------      ------       ------
Transfer to reserves                          3        (95)         (92)
                                          ------      ------       ------
Return per share                            1.0p     (1.6)p        (0.6p)


The revenue columns above are the profit and loss accounts of the company.  All
revenue and capital items on the above statements derive from continuing
operations.


BALANCE SHEET

                                    30 June 2003   30 June 2002 31 December 2002

                                            £000           £000             £000

Fixed asset investments                      150              -               37

Net current assets                         6,679          6,664            6,690
                                         -------        -------          -------
Net assets                                 6,829          6,664            6,727
                                         -------        -------          -------

Called-up equity share capital             3,619          3,508            3,589
Share premium                              3,257          3,158            3,230
Capital reserve - realised                 (141)           (28)            (102)
                - unrealised                  55              -                7
Revenue reserve                               39             26                3
                                         -------        -------          -------
Total equity shareholders' funds           6,829          6,664            6,727
                                         -------        -------          -------
Net asset value per share                  94.3p          95.0p            93.7p


CASH FLOW STATEMENT

                             6 months to        6 months to         Year ended
                            30 June 2003       30 June 2002   31 December 2002
                           £000     £000     £000      £000     £000      £000

Net cash (outflow)/                 (131)                28                (53)
inflow from operating
activities

Financial investment:     (80)                 -                (29)
Purchase of investments    50                  -                  -
Sale of investments

Management of liquid      287             (6,235)            (6,534)
resources                 -----            ------             ------

Net cash inflow/(outflow)            257             (6,235)            (6,563)
from financial
investment

Equity dividends paid               (54)                 -                  -
                                  ------              ------             ------
Net cash inflow before                72             (6,207)            (6,616)
financing

Financing:                 61               6,940              7,100
Issue of ordinary shares   (3)              (274)              (282)
Share issue expenses      -----            ------             ------

Net cash inflow from                  58             6,666              6,818
financing                         ------            ------             ------

Increase in cash                     130               459                202
                                  ------            ------             ------


NOTES

1.       The unaudited financial statements for the period ended 30 June 2003 do
not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985 and have not been delivered to the Registrar of Companies.
The results have been drawn up in accordance with applicable accounting
standards and adopting the accounting policies set out in the statutory accounts
for the year ended 31 December 2002.  The comparative figures for the financial
year ended 31 December 2002 are not the Company's statutory accounts for that
financial year.  Those accounts have been reported on by the Company's auditors
and delivered to the Registrar of Companies.  The report of the auditor was
unqualified and did not contain a statement under section 257(2) or (3) of the
Companies Act 1985.

2.       The calculation of the revenue and capital return per share is based on
the return on ordinary activities after tax for the period and on 7,209,926
ordinary shares, being the weighted average number of shares in issue during the
period from 1 January 2003 to 30 June 2003.  The number of shares in issue at 30
June 2003 was 7,238,175.

3.       Copies of the interim report are being sent to all shareholders.
Further copies are available free of charge from the Company's registered office
at Kett House, 1 Station Road, Cambridge, CB1 2JY.



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