Interim Management Statement

Intl. Biotechnology Trust PLC
18 January 2008



International Biotechnology Trust plc


Interim Management Statement for the Quarter ended 30 November 2007

The Board of International Biotechnology Trust plc ('the Company') is pleased to
announce its first Interim Management Statement as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 September 2007 to 30 November 2007.


Investment Objective and Policy

The Company's investment objective is to achieve long term capital growth by
investing in high growth, development-stage biotechnology companies that are
either quoted or unquoted. The Company invests in companies that are considered
to be good value, with experienced management and strong potential upside
through the development and/or commercialisation of a product, device or
enabling technology.


Annual General Meeting

The Annual General Meeting of the Company was held on 28 November 2007. All
resolutions set out in the Notice of Meeting were duly passed.


Material Events

On 16 October 2007, the Company invested £147,000 in Fundamental Applied Biology
('FAB'), a new private company based in the USA, with a further £343,000
committed to a milestone-based tranche. FAB's technology is focused on enabling
the production of low-cost, high quality rapidly developed protein
pharmaceuticals and innovative vaccines that cannot be manufactured by existing
technologies.

On 20 November 2007, the Company invested £29,000 in Itero Biopharmaceuticals, a
new private company based in the USA, with a further £468,000 committed to a
milestone-based tranche. Itero is an early stage biosimilars company focused on
a large number of product opportunities with product patents expiring from 2004
to 2015 that represent more than US$25bn in sales.

On 6 December 2007, the Directors' valuation of portfolio holding Oxagen was
increased from £2.8m (US$5.9m) to £3.3m (US$6.7m) to reflect the company's
progress in developing its products.  This valuation change was incorporated
into the net asset value of the Company from 6 December.

On 10 December 2007, Eisai agreed to buy portfolio company MGI Pharma for
US$3.9m (US$41) per share, representing a 23% premium on the closing price on
Friday, 7 December 2007. If the purchase price for MGI Pharma had been included
in the net asset value of 7 December, this would have added 1.4p (1.0%) to the
Company's net asset value per ordinary share.

There have been no other material events or transactions that have taken place
between 1 September 2007 and the date of publication of this Statement.


Company Statistics as at 30 November 2007*
Total Net Asset Value                                £99.4m
Net Asset Value (NAV) per Ordinary Share             140.82p
Share Price                                          130.75p
Share Price Premium/(Discount) to NAV                (7.15)%
Total Value of Unquoted Investments                  £8.76m (9% of NAV)
Total Number of Portfolio Holdings                   56
Cash                                                 £2.8m (3% of NAV)
Cash Committed and Reserved to Unquoted Investments  £10.5m (10.5% of NAV)

*Data Source for all Statistical Data: Schroders

Cumulative Performance to 30 November 2007*

Performance Over                     3 mths     6 mths      1 year

Share Price                          (6.3%)     (20.5%)     (13.7%)
NAV                                  (2.4%)     (13.0%)       (6.6%)
Nasdaq Biotech Index Return           4.3%        (0.3)%       0.7%

*Data Source for all Performance Data: Fundamental Data

Portfolio Information as at 30 November 2007


Ten Largest Investments
Investment                 Weighting (% NAV)                  Country
Gyrus Group                4.55                               UK
MGI Pharma                 4.48                               USA
Celgene                    4.43                               USA
CSL                        4.23                               Australia
Gilead Sciences            3.93                               USA
Inverness Medical          3.14                               USA
Innovation
Applera-Celera Genomics    3.06                               USA
Morphosys                  3.05                               Germany
OSI Pharmaceuticals        3.03                               USA
EV3                        3.00                               USA


Sector Allocation (Plus Cash Committed)

Sector                                       Weighting (% NAV)
Biotechnology                                55.9
Healthcare Providers                         1.6
Medical Equipment                            15.8
Medical Supplies                             3.1
Pharmaceuticals                              20.6
Cash                                         3.1%



Changes to Share Capital during the quarter ended 30 November 2007

                                                             Issued Ordinary shares of 25p each
As at 31 August 2007                                         70,592,664
Shares bought back and cancelled during the period           Nil
Shares bought for holding in treasury                        Nil
Shares already held in treasury                              Nil
Shares cancelled from treasury                               N/A
Shares remaining in issue as at 30 November 2007             70,592,664



General Company Information as at 30 November 2007

SEDOL Code                                   045593
Sector                                       Sector Specialist - Biotechnology
Launch Date                                  May 1994
Financial Year End                           31 August
Next AGM                                     November 2008
Next Continuation Vote                       2009 AGM


A copy of this Statement is available on the Company's website at:
www.internationalbiotrust.co.uk


Enquiries:

Andy Smith/Kate Bingham
SV Life Sciences Managers LLP
Investment Manager                                    Tel: [phone]

Louise Richard
Schroder Investment Management Limited                Tel: [phone]

18 January 2008




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