INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc (the "Company") notes that a follow on investment has been made in Oxagen Limited.

The Company invested £820k in a new £16.0m Series C of financing. Following this investment, the Company's holding has a cost of £3.9m and value of £2.9m.

Enquiries:

Kate Bingham/David Pinniger

Telephone: 020 7412 7070       

SV Life Sciences Managers LLP   

Investment Manager                                        

Rachael Nelson

Telephone: 020 7410 3132

BNP Paribas Secretarial Services Limited

Company Secretary

23 NOVEMBER 2009

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