International Biotechnol... Share Discussion Threads

[rambutan2] 02/12/2004 14:01

well well well...
01 December 2004

3i Bioscience Investment Trust plc

New Management Arrangements

Following the announcement in July 2004 by 3i Group plc of its intention to
dispose of its quoted fund management activities, the Board of Directors of 3i
Bioscience Investment Trust plc (the 'Company') is pleased to announce that,
after discussions with several potential managers, agreement has been reached to
appoint Schroders as investment manager to the Company.

[rambutan2] 21/9/2004 10:42

yes, up nicely as cancer drug looks to be a big winner.

[21up] 20/9/2004 22:27

Did anybody hear what Bloomberg news said about OSI Pharm today?

[greenpastures] 14/9/2004 11:07

I emailed the tipster to ask him how he reckoned a company with a drug with possible sales of around $ 1 billion could become worth around $180 billion if one took his AOL analogy at face value. So far no reply.

[greenpastures] 14/9/2004 11:04

maxwellsdemon: thanks.

[maxwellsdemon] 11/9/2004 16:08

FOR IMMEDIATE RELEASE 02 September 2004

To : The London Stock Exchange

International Biotechnology Trust plc

The Board of International Biotechnology Trust plc announces that the top ten
investments as at Tuesday 31 August 2004 were as follows:


NAME % of Gross Assets

Eyetech Pharmaceuticals 13.45
OSI Pharmaceuticals 6.76
Affibody 5.37
Encysive Pharmaceuticals 5.30
Sunesis Pharmaceuticals 5.04
Aderis Pharmaceuticals 3.78
AnorMed 3.62
Atrix Laboratories 3.55
Nektar Therapeutics 2.57
Alexion Pharmaceuticals 2.36

The Market Cap of IBT is approx 46M. So IBT own 0.1345 x 46M = 6.2 million GBP in Eyetech. For market cap. of Eyetech, see below:

[greenpastures] 11/9/2004 15:03

Eyetech- its drug Macugen has priority review status by the FDA. Does any one know what percentage of the Company IBT owns after its flotation? I had an email from a US stock subscription tipster promoting a company that sounds as if it is Eyetech. He reckons it will be like investing in AOL at $0.53 and selling it at its peak for $93. I am now trying to run through the figures on Eyetech and IBT's share.

[rambutan2] 26/7/2004 15:04

ibt not been having such a good time recently so nice to hear this...

Auxilium Pharmaceuticals, Inc.

International Biotechnology Trust plc ('IBT') is pleased to note that Auxilium
Pharmaceuticals, Inc. (ticker - 'AUXL'), were successful in their Initial Public
Offering ('IPO') on NASDAQ at a price of $7.50 per share on Friday 23 July 2004,
raising $41.3 million. At 20 July 2004, IBT's holding in the company was valued
at the Director's valuation of £0.64 million.

As Auxilium is now a publicly listed company, going forward IBT's holding will
be valued based on the closing daily share price on NASDAQ. In accordance with
BVCA valuation guidelines, a discount of 25% will be applied to the quoted price
to reflect liquidity constraints on IBT's holding arising from a 180 day lock
up.

At close of business on Friday 23 July 2004 the stock was trading at $7.20 per
share, which including the discount, would value IBT's holding at £0.5m.

[rambutan2] 01/6/2004 14:29

Eyetech Pharmaceut. (EYET : NASDAQ : US$44.32)
Net Change: 3.40, % Change: 8.31%, Volume: 1,438,900
Can you see as far as August 27? Eyetech will have its wet age-related
macular degeneration drug Macugen reviewed by the FDA on August 27. The
meeting is earlier than expected and is seen by some as a positive
harbinger. The drug targets the same condition QLT's (QLT) Visudyne
targets and could put pressure on QLT. We say "could" because some
analysts, such as BMO Nesbitt Burns think the products can be used in
concert. Nonetheless, August is still a ways away. Options players might
want to consider a long options straddle. Although usually expensive,
they're often a fabulous way to play these FDA meetings.

[tullynessle] 28/5/2004 09:07

Apologies - wrong board

[rambutan2] 27/5/2004 19:10

some cashing in of the first svls unquoted investment (cost £3.4m) to really make us some money...

Eyetech Pharmaceuticals Inc

Further to the announcement of 13 May 2004, IBT and its subsidiary are selling
in an underwritten public offering a total of 162,044 shares of Eyetech
Pharmaceuticals, Inc. The offering was priced at $38.50 per share, prior to
underwriting discounts and other expenses. At 18 May 2004, the IBT group holding in Eyetech was valued at £11.3 million, which incorporated a discount of 25% to the mid-market quoted price at the close of business on that date in accordance with IBT's valuation policies. The proceeds, prior to underwriting discounts and other expenses will be $6.2m. The offering is expected to close on 2 June, 2004 and will then be incorporated in the next NAV following that date.

Up to 42,956 additional shares may be sold pursuant to the underwriters' over
allotment option which may exercised within 30 days of the 26 May 2004.

so, 648,178 left at present, which if valued at offering rate are worth $24.95m (£13.6m as of today). mkt cap at 106p is £51m. so a bit over 25% of mkt cap.

ive noticed that dam have buying up all three bio trusts over last few months and now hold well over 10% of this, 3i bio and finsbury life sciences.

[rambutan2] 13/5/2004 20:34

Eyetech Pharmaceuticals Inc

IBT and its subsidiary own 810,222 shares of Eyetech Pharmaceuticals, Inc, which were valued at £12.4m as at 11 May 2004. This valuation includes a discount of 25% to the mid-market quoted price at the close on 11 May 2004 in accordance with IBT's valuation policies. Eyetech announced today that it had filed a registration statement with the Securities and Exchange Commission covering a proposed offering of 4,000,000 shares of its common stock, par value $0.01 per share, plus an additional 600,000 shares of its common stock to cover
over-allotments, if any. Eyetech will not sell any shares in, or receive any
proceeds from, the offering. All of the shares will be sold by selling
stockholders.

If the proposed offering is completed IBT will have the opportunity to sell a
minimum of 158,751 shares and the possibility to sell up to an additional 46,807 shares.

The date of the proposed offering has yet to be determined.

[rambutan2] 27/4/2004 10:59

osi pharma doubled yesterday on good cancer drug news. they were 7th largest holding at 3.25% (at end of last weeks interims below) but should now be 2nd largest holding.

everyone saw results last week i assume...

INTERNATIONAL BIOTECHNOLOGY TRUST Plc

The Board of International Biotechnology Trust Plc ('IBT') today announces its
unaudited Interim Results for the six months ended 29 February 2004.

Summary

• Net asset value per share rose by 13.2% to 127.7p

• NASDAQ Biotech Index fell 10.3% (sterling adjusted), Merrill Lynch Small
Cap Biotech Index rose by 3.0% (sterling adjusted) and the Bloomberg UK
Biotech Index rose by 10.7%

• The return on IBT's quoted portfolio was 31.8% calculated on a monthly
time-weighted return basis assuming mid-month cash flows, and 25.3% on an
unweighted basis (ignoring the timing of transactions)

• Eyetech and CancerVax completed IPOs on NASDAQ

• Write-downs of two unquoted companies amounted to a fall in net assets
of £2.8 million or 5% of net assets at 31 August 2003

• New investments in two quoted companies; sales of five quoted companies

• No new unquoted investments; follow-on investments in Genosis and Auxilium

• Two new unquoted investments subsequent to the end of the reporting
period - Dynogen and Archemix

• Total net assets at 29 February 2004: £61.1million (31 August 2003:
£53.9million)

Andrew Barker, Chairman, commented:

A number of biotech initial public offerings (IPOs) have taken place in the US.
I am delighted to report that two of IBT's unquoted holdings, CancerVax and
Eyetech, have completed IPOs during the period under review.

2003 was a good year for the biotech market with very positive newsflow from the sector. Underlying fundamentals remain strong with a number of new product
launches, maturing product pipelines, access to capital and strong partnering
interest from large pharmaceutical companies. However, investor expectations for the biotech sector are high and the biotech market is expected to continue to be volatile, so a long term investment view is advised, in line with that of the Board. That said, we remain optimistic about the prospects for the IBT
portfolio.

[21up] 26/4/2004 20:13

Creeping up

[21up] 05/3/2004 08:53

Thanks HOT PEPI &rambutan2.Up 2 today.

[rambutan2] 04/3/2004 19:24

some v big trades today and price moves up...
in private equity their are ofton different classes of shares issued, b shares would be one of them.

[hot pepi] 04/3/2004 18:48

21up
A "B" share trade is a Broker to Broker transaction . ie. no market maker involved .

[21up] 04/3/2004 14:30

Ticking up nicely today,has anybody any news?

[21up] 19/2/2004 10:38

Does anybody know what a B share is?.Thanks

[mart] 06/2/2004 15:36

Missed all the excitement due to illness in the family. Hopefully will be able to buy back in the low 90's. Hey ho. Constant excitement in this market place!

[rambutan2] 04/2/2004 15:26

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ('IBT')

IPO OF EYETECH PHARMACEUTICALS INC.

International Biotechnology Trust Plc ('IBT') is pleased to announce that
Eyetech Pharmaceuticals Inc.('Eyetech') (ticker - EYET), had an Initial Public
Offering (IPO) on NASDAQ at a price of $21 per share on Friday 30 January 2004.
At 31 August 2003, IBT's holding in the company was valued at the Directors'
valuation of £3.2 million.

As Eyetech is now a publicly quoted company, going forward IBT's holding will be valued based on the mid-market quoted share price. In accordance with IBT's
valuation policies, a discount of 25% will be applied to the mid-market quoted
price to reflect liquidity constraints on IBT's holding.

Based on the closing price on February 3rd of $30.40 per share, this would
equate to a valuation of £8.9 million on the preferred stock converted to
restricted common stock. In addition, IBT has converted warrants in Eyetech into restricted common stock which represents an additional value of £1.2 million, giving a total value for the entire holding of £10.1 million. This represents an uplift of £6.9 million to the 31 August 2003 valuation (uplift per share of 14.41p) and an IRR to date on the investment of 67.8%, after allowing for the 25% discount.

Kate Bingham, of the Trust's investment adviser - Schroder Ventures Life
Sciences, said 'We are delighted by the level of investor enthusiasm for
Eyetech. This success demonstrates the value of IBT's investment strategy to
build a small, concentrated portfolio of biotech companies that have the
potential to generate substantial value. We believe that Macugen has blockbuster potential and will bring real benefits to the large numbers of people who are affected by age-related macular degeneration - a leading cause of blindness in the elderly.'

Eyetech Pharmaceuticals, Inc. is a biopharmaceutical company that specializes in the development and commercialization of novel therapeutics to treat diseases of the eye. Eyetech's initial focus is on diseases affecting the back of the eye, particularly the retina. The company's most advanced product candidate is Macugen(TM) (pegaptanib sodium), which it is developing for the treatment of the wet form of age-related macular degeneration and for the treatment of diabetic macular edema.

[rambutan2] 04/2/2004 11:12

yes! and db have been upping stake over last few weeks. they know value.

[maxwellsdemon] 03/2/2004 18:29

I note that they have applied a discount of 25% when valuing the holding and the price has gone up to 30.4USD from 21USD. So the true value is

($6.2M/0.75)*(30.4/21) = $11.96M

The Market cap of the trust is presently = 47M GBP