Alizyme Press Release

HG Capital Trust PLC
21 January 2004

The following is the text of a press release issued by HgCapital, manager of the
investment portfolio of HgCapital Trust plc.


'London, 21st January 2004 The board of HgCapital Trust plc is pleased to
announce the completion of the realisation of its investment in Alizyme plc, one
of the UK's leading biotechnology companies, with the final tranche of shares
sold on 31st December 2003.  HgCapital Trust has been a shareholder in Alizyme
since 1998 and has supported Alizyme's drug development programme in a total of
four rounds of financing.  During that time it achieved a profit of £7.5 million
and a compound annual rate of return of 37%.



Lindsay Dibden, Director of Healthcare at HgCapital, said: 'Alizyme's
management, led by Dr Richard Palmer and Tim McCarthy, has developed a highly
promising portfolio of drug candidates at an admirably low cost. We are pleased
to have been a consistent supporter of Alizyme during four successive fund
raising rounds.'



Dr. Richard Palmer, CEO of Alizyme plc, said: 'HgCapital recognised the
potential of Alizyme's product pipeline and business model in 1998. Since then
they have consistently supported Alizyme, enabling the company to consolidate
through various stages of its growth. My sincere thanks go to Lindsay Dibden and
all the team at HgCapital for playing a key part in the successful development
of Alizyme throughout the last five years.'





21 January 2004


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