International Biotechnol... Share Price (IBT)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
International Biotechnology Trust Plc	LSE:IBT	London	Ordinary Share	GB0004559349	ORD 25P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-2.00	-0.34%	580.00	47,758	16:35:09

Bid Price		Offer Price	High Price	Low Price	Open Price
578.00		580.00	582.00	578.00	580.00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments		-2.54	-6.89		222

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
16:35:09	O	730	581.2799	GBX

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International Biotechnol... (IBT) Latest News (1)

International Biotechnol... News

Date	Time	Source	Headline
17/10/2019	10:43	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
16/10/2019	10:29	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
15/10/2019	11:15	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
14/10/2019	11:31	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
11/10/2019	11:03	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
10/10/2019	11:22	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
09/10/2019	10:21	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
08/10/2019	10:54	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
07/10/2019	10:44	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)
04/10/2019	10:53	UKREG	Intl. Biotechnology Trust PLC Net Asset Value(s)

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Date	Time	Title	Posts
07/10/2019	11:28	International Biotechnolgy Trust	307
29/4/2019	10:54	International Boitechnology Trust	148
21/10/2001	04:31	"Biotech names selling on air"	2
28/12/2000	12:08	Soros buys Int.Biotech stake	5
17/7/2000	18:11	Int Biotech	1

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International Biotechnol... (IBT) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
2019-10-17 15:43:57	581.28	730	4,243.34	O
2019-10-17 15:43:56	581.28	3,000	17,438.40	O
2019-10-17 15:35:09	580.00	78	452.40	UT
2019-10-17 15:26:38	579.70	200	1,159.39	O
2019-10-17 15:15:53	581.28	3,000	17,438.40	O

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International Biotechnol... (IBT) Top Chat Posts

Date	Subject
17/10/2019 09:20	International Biotechnol... Daily Update: International Biotechnology Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker IBT. The last closing price for International Biotechnol... was 582p. International Biotechnology Trust Plc has a 4 week average price of 578p and a 12 week average price of 578p. The 1 year high share price is 670p while the 1 year low share price is currently 546p. There are currently 38,202,663 shares in issue and the average daily traded volume is 76,609 shares. The market capitalisation of International Biotechnology Trust Plc is £221,575,445.40. Read Full Thread Reply
08/3/2019 10:31	davebowler: QuoteData- Beating the odds view report Strategic positioning in mid-2018 helped International Biotechnology Trust (IBT) beat its benchmark over the past six months and close its discount to net asset value (NAV). This continued its outperformance of the US Nasdaq Biotechnology Index (NBI) over three and five years. Active management of the portfolio and an increased focus on larger mid-caps played out well in terms of IBT’s performance versus its peers. IBT’s manager is maintaining its established policy of active risk mitigation, designed to avoid exposure to binary events that can cause large swings in the share price (typically the results of the Phase III trials that provide the final confirmation of safety and efficacy before the FDA approves a treatment for marketing). This should be seen as another attraction to investors in the trust. IBT’s shares have recently moved to trade at a premium to NAV and it has been issuing stock, expanding the fund. SECTOR: SECTOR SPECIALIST - BIOTECHNOLOGY AND HEALTHCARE TICKER: IBT LN BASE CURRENCY: GBP (PENCE) PRICE: 634.00P NAV: 636.40P PREMIUM/(DISCOUNT): (0.4%) YIELD: 4.4% spacer spacer spacer ACCESS TO THE FAST-GROWING BIOTECH SECTOR charticon spacer spacer spacer spacer IBT is the longest-established of the London-listed funds specialising in the biotech/healthcare sector. It aims to achieve long-term capital growth by investing in biotechnology and other life sciences companies, and offers investors the highest yield in the sector while keeping its day-to-day running costs low. The portfolio is invested primarily in quoted companies, but IBT also has some exposure to unquoted compani Read Full Thread Follow Reply
17/8/2018 14:56	tomps2: Video of the IBT presentation at ShareSoc April 18, by Lead Investment Manager Dr Carl Harald Janson. Https://www.piworld.co.uk/2018/08/17/international-biotechnology-trust-ibt-presentation-at-sharesoc-april-2018/ International Biotechnology Trust offers investors access to the fast growing biotechnology sector through an actively managed, diversified fund. Its award winning fund managers at SV Health Investors are scientifically and medically trained with over 60 years of experience in this specialist sector between them. As well as investing in a wide ranging portfolio of global quoted biotechnology stocks, we include a small proportion of otherwise inaccessible carefully selected unquoted investments which have the potential to deliver additional returns over the long term. Excellent management teams, unique innovative products and strong potential for outperformance are the key criteria for inclusion in our diversified portfolio of assets. International Biotechnology Trust introduction video – 00:22 Dr Carl Harald Janson, Lead Investment Manager introduction – 03:07 Performance 1, 3 & 5 years – 3:47 Dividend – 05:06 Share price/discount – 05:42 Dividend sustainability – 06:34 Biotech is a high growth sector – 07:25 Favourable regulatory environment – 10:45 Worldwide pharma sales – 11:15 M&A – 11:37 Risks – 13:15 The US market – 14:11 Sector valuation – 16:13 IBT investment process – 17:04 Risk mitigation – 17:54 Portfolio breakdown – 19:42 Oncology treatment options – 21:54 Top 10 holdings – 23:14 Unqouted portfolio – 24:00 Awards & Summary -25:58 Q&A -25:19 Read Full Thread Follow Reply
26/4/2018 15:57	speedsgh: Half-year Report - HTTPS://www.investegate.co.uk/intnl--biotechnology--ibt-/rns/half-year-report/201804261515032867M/ Summary In the shorter term, over the six months to 28 February 2018, the NAV per Ordinary share of the Company fell from 672.9p to 603.2p. The decrease in NAV per share was driven by a dividend payment of 13.5p per share, that was announced in December 2017 and paid on 31 January 2018, and a currency loss of £16.9m, equivalent to 45.0 pence per share. The NAV per share returned -6.5% including the dividend. Over the same period, the Ordinary share price of the Company decreased by 4.0%. This compares to a fall in the NBI of 8.8% and a fall in the FTSE All-Share Index of 0.9%. All figures are on a total return basis and are sterling-adjusted. Performance has been held back by the impact of the GBP strengthening 6.4% vs. the USD over the period. With the prospect of increased growth and innovation, I believe the biotechnology sector remains an attractive sector for our investors, capable of delivering enhanced Shareholder returns. The outlook is more fully explained in the Investment Manager's Review... Dividends, buybacks and discount I am pleased to report a dividend payment was made to our Shareholders on 31 January 2018 at a rate of 13.5p per share, a 17.4% increase on last year's dividend. The second tranche of the dividend will be announced in July, and is expected to be 13.5p, with the two equal tranches equating to 4% of NAV as at 31 August 2017. Since the announcement of our policy changes and the introduction of the dividend in September 2016, no further buybacks have been required in line with our discount control policy. Indeed, the discount narrowed to 2.9% from 7.3% at the previous year end. Performance fee No performance fee has been generated by either the quoted portfolio or the unquoted portfolio in the period. The quoted portfolio has outperformed the NBI, but has not outperformed by more than the 0.5% hurdle required to give rise to a performance fee. The unquoted portfolio has returned 6.2% in the period, significantly outperforming the NBI, however the unquoted portfolio performance fee is based on net realised gains, taking into account any unrealised losses but not unrealised gains. As the gains in the period are unrealised, no performance fee is due on the unquoted portfolio. Prospects The Investment Manager has outperformed the market in varying conditions, in both rising and falling markets. Drug pricing and political concerns have prevented the sector from participating in the broader market rally which I believe gives investors an excellent opportunity to gain exposure to a sector with exciting growth prospects. It is clear that the larger names within the biotechnology sector are seeing their growth rates slow. The Investment Manager's strategy of tilting the Company away from these names and into the higher growth mid-sized companies continues. The Investment Manager believes that by investing in the next generation of businesses with newly launched drugs and innovative pipelines, we maximise potential for long-term growth and exposure to possible Merger & Acquisitions (M&A) candidates. I am optimistic that exposure to the sector through a fund managed by medical experts can identify such names and generate returns for our Shareholders. Read Full Thread Follow Reply
09/9/2016 12:39	rambutan2: Re today's div proposal rns, relevant nav on link below. So that's 23p total for next company year, 11.5p in Jan and the same in Aug. http://uk.advfn.com/stock-market/london/int-biotech-IBT/share-news/Intl-Biotechnology-Trust-PLC-Net-Asset-Values/72335722 http://uk.advfn.com/stock-market/london/int-biotech-IBT/share-news/Intl-Biotechnology-Trust-PLC-Statement-Re-Divide/72396462 Read Full Thread Follow Reply
28/10/2013 16:48	davebowler: Investment Manager's Review Summary The year ended 31 August 2013 saw the Company's NAV per share increase by 34.7%. The Company's quoted portfolio gained 37.7% over the year, helped by strong equity markets and significantly increased investor interest in the biotechnology sector on the back of strong product development and M&A news flow. The quoted portfolio benefited from two acquisitions during the period - YM Biosciences and Onyx Pharmaceuticals. The unquoted portfolio returned 17.5% over the year, driven by valuation changes to four investments already exited for which the Company retains rights to receive future contingent performance-based payments and an increase in the valuation of Entellus which moved to a revenue multiple based valuation in the period. Portfolio Overview and Performance At 31 August 2013, the Company held investments in 75 companies: 46 quoted (representing 81.8% of NAV) and 29 unquoted companies (representing 15.8% of NAV). The remaining 2.4% comprised cash, money market instruments and other net assets. 1.2% of NAV is legally committed to further investments in unquoted companies, while 2.3% is reserved for further investment in unquoted companies. As mentioned in the Chairman's Statement the performance of the quoted portfolio, did not keep pace with the underlying NBI, which increased 46.5%. During the year, the quoted portfolio tracked the NBI until April and May 2013. In these months the portfolio was significantly underweight in three stocks - Regeneron, Vertex and Biogen - which contributed strongly to the performance of the NBI but also the Company's underperformance, which began underperforming in April on a relative basis and ended April and May 7.1% and 8.9% below the Index respectively. The portfolio then tracked the NBI to the year end underperforming by 8.8%. By subsector, 82% of NAV was invested in the biotechnology sector, 5% in the medical device sector, 3% in the specialty pharmaceuticals sector, 5% in the medical research services sector and 3% in the life sciences tools and diagnostics sector, emphasising the diversified nature of the Company's investments. Representatives of the Investment Manager sat on the boards of 24 portfolio companies (22 unquoted and two quoted) at the end of the year. An active board seat on private companies remains an important aspect of the Investment Manager's investing activities in early-stage unquoted biotechnology companies. Quoted Investments During the year ended 31 August 2013, the combined effect of gains and losses on quoted investments, including currency movements, was to increase the Company's NAV by £42.4m or 76.9p per share. The return for the quoted portfolio over the year was an increase of 37.7%, after taking a currency gain of 1.9% into account. Broader equity markets performed strongly during the year under review. Against this backdrop, the biotechnology sector performed particularly well, driven by strong earnings growth at attractive valuations, M&A activity and positive clinical and regulatory news flow updates on a number of major new biotechnology product opportunities. During the year ended 31 August 2013 there were a number of IPOs for biotechnology companies raising $3.0bn. By comparison $1.1bn, $1.0bn and $1.6bn was raised in the calendar years 2012, 2011 and 2010, respectively. The market for follow-on, or secondary, financings for public biotech companies continues to be robust, with $8.1bn raised calendar year to date by the end of August 2013, compared to $4.5bn, $6.0bn and $3.5bn for calendar years 2012, 2011 and 2010, respectively (source: BioCentury). High quality assets and management teams continue to be able to attract equity capital to fund research and development programmes. Three companies were acquired during the period under review which positively contributed to NAV performance - YM Biosciences, Life Technologies and Onyx. In February 2013 Gilead Biosciences completed the acquisition of YM Biosciences for $510m, contributing £1.5m to the NAV this year. In April 2013, Thermo Fisher Scientific announced the $13.6bn acquisition of Life Technologies, contributing £1.5m to NAV. In August 2013, Amgen acquired Onyx Pharmaceuticals for $10.4bn, contributing £4.9m to NAV. The quoted portfolio continues to be structured to include large, mid and small-cap biotechnology, emerging medical device and life science tools and diagnostics companies, which we believe provides the optimal risk-reward structure for long-term capital gains. Unquoted Investments During the year ended 31 August 2013, the combined effect of gains and losses on unquoted investments, including currency movements, was to increase the Company's NAV by £4.2m or 7.6p per share. The return for the unquoted portfolio over the year was an increase of 17.5%, including a currency gain of 2.6%. The main contributor to performance came from the upwards revaluation of four investments (ESBATech, EUSA Pharma, Ikano Therapeutics and Itero Holdings) which increased the NAV by £3.5m or 6.3p per share. These companies have already been exited but IBT retains rights to receive future contingent performance based payments. After these changes, the Company currently recognises £3.5m of fair value for future milestone payments. The receipt of these payments is contingent on pre-agreed, and legally-binding, operational or clinical development milestones being achieved. If paid in full, these milestone payments are estimated to amount to £16.8m on current exchange rates, representing £13.2m of additional unrecognised value beyond that currently incorporated into the NAV. Two companies reduced unquoted performance; Lux Biosciences and Vantia. Lux Biosciences announced that a pivotal late-stage clinical study for its key drug candidate for the treatment of uveitis (eye inflammation) failed to show any treatment benefit. With no clear way forward for the asset or the company, the value of this investment was written down from £1.3m to zero during the period. In addition the failure of Vantia's phase II B drug trial for nocturia meant that the value of this investment was also written down to zero from £0.6m. More positively, portfolio companies Entellus and Celerion have performed strongly. Entellus' valuation moved to a trading multiple basis as revenues of this sinus treatment medical device company have developed in the period adding £1.0m to NAV. Celerion - a clinical research organisation - continues to perform strongly and the value of the company's interest has been written up in line with public market comparables adding £0.6m to the NAV during the period. Since the year end, two noteworthy events have impacted the portfolio. On 25 September 2013, Ophthotech listed on NASDAQ (Ticker: OPHT) at a share price of $22 which added £1.2m to NAV. On 4 September 2013, TransEnterix merged with the OTCBB Listed SafeStitch (Ticker: SFES) alongside a $30m fund raising. The stock remains very thinly traded so the valuation is based on the share price of the fund raising which has added £0.3m to NAV. Three new unquoted investments were made during the 12 months under review. These were: NCP Holdings, operating as Nordic Consulting Partners, a healthcare IT consulting business; Autifony, a spin-out from GlaxoSmithKline focused on developing drugs to treat hearing loss; and Oncoethix, a development-stage company focused on new cancer drug treatments. Follow-on investments were also made into 14 existing holdings. Investments into all unquoted holdings totalled £3.0m during the year. At the year end, there were formal commitments to further invest in unquoted companies (based on certain operational or clinical milestone achievements) totalling £2.0m. There are also estimated reserves of an additional £4.1m for existing unquoted portfolio companies. The life sciences venture capital industry remains challenging; while there are still very many innovative companies in which to make investments in North America and Europe, the environment for raising venture funds to invest and for realising exits, and so making returns for investors, has been weak. Despite this backdrop the Company's unquoted portfolio contains some promising companies with exit possibilities that will reward the patience of investors. Outlook The biotechnology sector has had another exceptional year, with impressive absolute and relative returns both against its peers within the healthcare sector, and versus other sectors within the S&P500. In recent years, the sector has been valued at a discount because of the following factors: A lack of 'risk appetite' during the financial crisis that followed 2008; Unfounded concerns regarding healthcare reform and the belief that top line sales growth momentum would end after sales of the major profitable companies had matured; and, Investors had lost faith in the sector. Since then these concerns have diminished helped by strong growth in these biotechnology companies which has seen their rating improve. In addition, new positive fundamental reasons to own the sector have emerged. R&D productivity has improved and numerous drugs, with multi-billion dollar sales potential, have been launched. Each derived from years of focused scientific research with funds raised through the equity markets. The larger profitable companies have successfully reinvented themselves. Some acquired late stage assets which showed huge sales potential. This role was traditionally assumed to be for the pharmaceutical giants. However, strong management teams with an understanding of the best use of capital have taken advantage of the opportunities presented by late stage assets to get saleable products to the market. Gilead purchased Pharmasset, with a promising phase two drug which has the potential for peak sales of $10bn annually. Celgene bought Pharmion and most recently Amgen acquired Onyx Pharmaceuticals. All three acquisitions have transformed the prospects of these larger cap names. Biogen, however, proved that innovation still exists within a larger institution and developed Tecfidera which has sold $192m in its first quarter after the launch. Analysts predict Tecfidera sales could reach $5.7bn at its peak. Secondly, new 'large cap' names were born. Regeneron's highly successful launch of Eylea and Alexion's stellar growth for wholly owned drug, Soliris, catapulted both names to profitability and multi-billion dollar market caps. Today the large cap companies offer mid-twenties earnings growth over the next two to three years at reasonable share prices, attracting new investors and increasing valuations. Interest in innovation has returned once again and drug launches, pipelines and consolidation are not being ignored. Investors might fear that a growth sector such as biotechnology, which is fundamentally being paid for by society and its governments, will face a financial dead-end. However, the bulk of spending in the healthcare system stems from primary care and hospital-spend. Innovative drug therapies for high unmet medical needs and more efficient delivery of health solutions which is the hunting ground for biotech businesses should ensure that demand for innovative products continues in the long-term. For example, Gilead's new drug for the hepatitis C virus, sofosbuvir could provide the opportunity of a cure for those who have recently contracted the disease or material alleviation of the impact for those in the early stages of disease development. This will likely change disease management from what is a cumbersome treatment paradigm involving visits to hospital, poor side effects and only partial efficacy, to a relatively short period of oral therapy and possible cure. High pricing for these therapies might on the face of it cause concerns but the potential for long-term savings for society, governments and most importantly, patients themselves, preventing liver transplants, hospital stay and other knock on effects later in life, will result in huge cost savings overall. The biotechnology sector fits neatly into this model of innovation and efficiency. These companies have already made a substantial impact on the diseases of mankind. HIV is now a chronic disease, when it used to be fatal. Hepatitis C has an effective cure on the horizon, and new treatments for cancer with improved efficacy will be launched in the near term. Further into the future, innovation may provide solutions to diseases not yet understood, such as Alzheimers. A disease whose cost to society through nursing homes and round-the-clock care is very large. A biotechnology solution may be possible. The Company invests across the spectrum of biotechnology, capturing innovation at every level. From the unquoted venture backed companies, which invest in the most innovative new drugs to the larger established, yet high growth profitable companies. We believe that giving our investors exposure to all the aspects of the biotechnology sector will provide excellent long-term performance and returns for their investment. SV Life Sciences Managers LLP Investment Manager 28 October 2013 Read Full Thread Follow Reply
19/10/2012 14:22	127tolmers: Good results today persuaded me to buy. A few key bits. "Investment Performance In this, my first letter to shareholders as Chairman, I am pleased to report to you a substantial positive return for the year ended 31 August 2012. The NAV increased by 41.9% to 232.5p per share. With a small narrowing of the discount to 12.0% from 12.7%, the Company's share price increased by 43.0%. By comparison, the FTSE All-Share Index produced a total return of just 10.2% over the same period. For the first time in several years, positive absolute performance was generated from both the quoted and unquoted parts of the portfolio, with a 47.8% and 21.7% increase for each, respectively. Investor enthusiasm for the biotechnology sector improved dramatically over the period against the backdrop of positive, yet muted, price gains for the broader stock market. With the Company's share price currently trading at a 12.0% discount to NAV, and the unquoted portfolio comprising 16.0% of overall NAV, the market is assigning little value to the unquoted portfolio. The Board believes this represents a valuation anomaly and offers investors an excellent opportunity to become Shareholders in the biotechnology industry's quiet revolution, even after the quoted sector's recent very strong run. The Company currently recognises GBP0.7m of fair value for future milestone payments potentially due to the Company from unquoted investments already exited. The receipt of these payments is contingent on pre-agreed, and legally-binding, operational or clinical development milestones being achieved. If paid in full, these milestone payments would amount to GBP9.6m on current exchange rates, representing GBP8.8m of additional unrecognised value." Read Full Thread Follow Reply
20/12/2010 15:47	davebowler: Intl. Biotechnology Trust PLC 17 December 2010 INTERNATIONAL BIOTECHNOLOGY TRUST PLC Portfolio Update as at 30 November 2010 Total net assets GBP99.4m NAV per share 166.3p Share price 137.0p Total value of unquoted investments GBP23.3m Total number of portfolio companies 60 Cash 1% NAV Cash committed and reserved to 9% NAV unquoted investments Portfolio companies with < 1 year 10% NAV of cash Top Ten Holdings Company Name % NAV Celgene 5.80 Micromet 5.77 Amgen 5.30 Shire Ltd 5.16 Gilead Sciences 4.83 Alexion Pharmaceuticals 3.54 Teva 3.43 Insulet 3.39 Genzyme 3.27 Cadent 3.25 ----------- Total 43.74 Geographical Allocation % United States 74 Europe 23 Australia 2 Cash 1 ----------- Total 100 Quoted/Unquoted allocation % Quoted 76 Unquoted 23 Cash 1 ----------- Total 100 Read Full Thread Follow Reply
03/11/2010 09:29	davebowler: Edison note; During the 12 months to 31 August 2010 International Biotechnology Trust (IBT) underperformed the NASDAQ Biotechnology Index (NASBIOT) large cap biased by 4.2% in terms of NAV total return, but outperformed Russell 2000 Biotechnology Growth Index (R2BIOG) small cap biased by 11.5%. In terms of share price total return, IBT outperformed the NASBIOT by 4.2% and the R2BIOG by 19.9%. The superior share price performance, over the NAV, reflects a narrowing of the discount during the period. The manager considers that biotech has suffered from substantial negative sentiment during the last year and investors' appetite for risk is much diminished. The manager expects that, as this returns, valuations will move up from their current historic lows offering significant upside potential. International Biotechnology Trust aims to achieve long-term capital growth by investing in development stage biotechnology companies that are either quoted or unquoted with the potential for high growth. Read Full Thread Follow Reply
26/7/2004 15:04	rambutan2: 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. Read Full Thread Follow Reply
04/2/2004 15:26	rambutan2: 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. Read Full Thread Follow Reply

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