RNS Number:7366U
Intl. Biotechnology Trust PLC
28 January 2004

FOR IMMEDIATE RELEASE                              28-Jan-04





To : The London Stock Exchange

International Biotechnology Trust plc


The Board of International Biotechnology Trust plc announces that the unaudited
net asset value per share as at Tuesday 27th January 2004 was 111.05 pence.


The NAV reflects a write-down of one of the Company's unquoted investments. The
valuation of Micromet has been written down to 50% of cost in euros as a 
consequence of a contract dispute arising in connection with the collaboration 
agreement for the development of Micromet's anti-cancer antibody MT201 and 
consequent shortfall in 2004 income.


The current valuation is #1.73m compared to a carrying valuation of #3.46m at 20
January 2004.



By Order of the Board

Schroder Investment Management Limited

Secretaries



Enquiries :

International Biotechnology Trust plc      Stephen Cunningham 020 7658 3287


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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