Investment

Intl. Biotechnology Trust PLC
8 August 2001


               International Biotechnology Trust plc invests in               
                         EyeTech Pharmaceuticals Inc                          

International Biotechnology Trust plc (LSE: IBT) announced today that it has
invested US$5 million in EyeTech Pharmaceuticals as part of the company's
US$108.5 million Series C financing round. Eyetech Pharmaceuticals Inc. is a
privately held US-based biotechnology company focused on developing and
commercialising innovative treatments to reduce and prevent vision loss caused
by eye diseases. This is one of the largest private financing rounds ever
raised in the life sciences sector. 

The syndicate was led by JP Morgan Partners. Schroder Ventures International
Life Sciences Fund II, the lead investor in EyeTech's former financing round,
also invested a further $5 million in this round. 

Eyetech is currently conducting Phase II/Phase III pivotal clinical trials in
age-related macular degeneration (AMD) at 120 of the world's leading medical
centres.  AMD and DME are two of the leading causes of blindness in the adult
population.  Studies suggest that Vascular Endothelial Growth Factor (VEGF)
causes the abnormal blood vessel growth and leakage that result in AMD and
DME.  Eyetech's anti-VEGF aptamer may inhibit the biological pathway that
results in vision loss in AMD and DME.  Eyetech's compound may also result in
improved vision and an enhanced quality of life for patients suffering from
AMD, DME and related retinal diseases.

Kate Bingham, General Partner at Schroder Ventures Life Sciences, Investment
Advisor to IBT, commented on the investment: 
'EyeTech has a proven track record in the area of opthalmic diseases - an
extremely large and poorly served market and we believe this investment adds
significant value to IBT's portfolio. This substantial round will provide the
company with the resources to begin pivotal Phase 2/3 clinical trials of its
core product, EYE001.'

Dr David Guyer, Chief Executive Officer of EyeTech and a leading retinal
specialist, added:
'This series C financing represents a strong vote of confidence in Eyetech's
management team and a validation of its lead compound by a group of
world-class investors.'

For further information, please contact:

International Biotechnology Trust  plc
Andrew Barker, Chairman
Tel: [phone]
Fax. [phone]
Email: [e-mail]       

Schroder Ventures Life Sciences
Kate Bingham/ Katja Stout
Tel: [phone]
Fax: [phone]       
Email: [e-mail]       

GCI Financial
Annabel O'Connor
Tel: [phone]
Fax: [phone]
Email: [e-mail]


Notes to Editors:

International Biotechnology Trust plc 
http://www.internationalbiotrust.com       

International Biotechnology Trust plc (IBT) was launched to take advantage of
the investment opportunities arising in mid-stage life science companies, with
emphasis on investing in relatively few companies, and involving a close
working relationship with investee companies through the provision of
strategic management support and sector expertise. 

International Biotechnology Trust  plc - Key Data

* Founded in 1994 
* Net asset value £112.5 million at 31 July 2001
* NAV per share of 231.44p as at 31 July 2001
* Listed on London Stock Exchange (IBT.L) 
* Advised by Schroder Ventures Life Sciences Advisors (UK) Ltd and managed by
Schroders Investment Management Ltd

Schroder Ventures Life Sciences
http://www.svlifesciences.com

Schroder Ventures* has been investing in life science companies since 1983.
Schroder Ventures Life Sciences** (SVLS) was established in 1994, as the
dedicated life sciences arm of Schroder Ventures. SVLS has established itself
as a leading international life sciences investor with a team of 18 dedicated
professionals in London and Boston.  SVLS advises funds of approximately $600m
and has invested in more than 100 life sciences companies world-wide. 

*Schroder Ventures is a leading international private equity group advising 25
funds world-wide with committed capital totalling $7 billion. To date,
Schroder Ventures' funds have invested in over 400 companies in a mixture of
early stage transactions and buy-outs.

** Schroder Ventures Life Sciences Advisers (UK) Limited is regulated by IMRO.

Eyetech

Founded in early 2000 and based in New York City, Eyetech Pharmaceuticals is a
privately-held biopharmaceutical company formed to discover, develop and
commercialise new drugs to reduce and prevent serious vision loss caused by
eye disease and to develop new technologies to safely and conveniently deliver
drugs to the back of the eye. It has brought together a world-class team of
thought leaders in ophthalmology from medical centres such as Harvard,
Stanford, the University of Chicago, Johns Hopkins and Columbia and
experienced pharmaceutical industry executives. Their extensive clinical and
management experience to the design, testing and commercialisation of products
to treat diseases of the eye is unmatched. In addition, the Company has
entered into a number of collaborative arrangements with leading research
institutions, such as the Massachusetts Eye and Ear Institute of the Harvard
Medical School and New York University School of Medicine.  The Company has
also in-licensed other promising compounds in development for treating
diseases of the back-of-the-eye.