Update on Investment Activity

BioScience VCT plc
26 June 2003


BioScience VCT Plc

Update on Investment Activity

BioScience VCT, the biotechnology-focused venture capital trust, announces that
it has recently completed two transactions.

Over the last few months, the share price of GTC Biotherapeutics, the US-based
specialist in antibody production in transgenic animals, has risen from
approximately $1 to a level in excess of $3 per share. We have taken advantage
of the surge in the share price to sell half our holding of 50,000 shares in the
company, generating a profit of approximately 240% compared with the purchase
price for the shares.

BioScience VCT has subscribed for 100,000 shares at £0.80 per share in the
recent placing of 6.5 million shares by Cobra Biomanufacturing Plc, an
AIM-listed manufacturer of DNA products for pharmaceutical and biotechnology
companies. Cobra also produces biopharmaceuticals based on
genetically-engineered viruses and bacteria. In the 6 months to the end of March
2003, the company generated a profit before tax of almost £0.5m. Cobra has
stated that it intends to use the proceeds of the placing to expand its
operations through the purchase of another manufacturing facility. This
investment is expected to be a qualifying investment under VCT rules.

Dr Paul Nicholson, chairman of BioScience VCT, commented 'I am pleased to be
able to update shareholders on the successful sale of part of our holding in GTC
Biotherapeutics and the new investment that we have made in Cobra. The quality
of investment opportunities that we are experiencing is high, and I look forward
to updating shareholders on our progress over the next few months.'



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