International Biotechnology Trust (IBT) 22 sept 2003 Page 10
invested in biopharmaceuticals, 5% in drug delivery, 1% in medical devices and 7% in other
areas. The remaining 7% is made up of cash, money market instruments and other net
current assets.
Analysing the investments by the stage of their most advanced product in drug development;
eight companies have products on the market, three have filed for approval, ten are in Phase
III trials, eight are in Phase II or Phase I/II, and three are in preclinical development. Of the
remaining four, one is in late stage testing for a diagnostic device and the other three are
platform technology companies.
In terms of the cash positions of the portfolio companies, it is estimated that at 31 August
2003, seventeen have two or more years of cash (41% of NAV), fifteen have between one
and two years of cash (47% of NAV) and four have less than a year of cash (5% of NAV).
The companies with less than a year of cash are Auxilium, Axxima, Genosis and publicly
quoted Epimmune. Genosis has raised money since 31 August 2003, Auxilium has
fundraising plans, Axxima is exploring M&A opportunities and Epimmune is considering
alternative strategies.
The portfolio gives investors a broad spread of exposure to different stages of clinical
development across a variety of different clinical areas cancer, infectious disease,
diabetes, central nervous system disorders, women's health, urology, cardiovascular
complications, rheumatoid arthritis, asthma, psoriasis, opthalmology and management of the
side effects of opioids for pain relief.
Ten largest quoted investments
Investment
Value
£'000
% of
NAV
Country
OSI Pharmaceuticals
2,703
5.01
USA
Atrix Laboratories
2,273
4.22
USA
XOMA 2,073
3.84
USA
Encysive Pharmaceuticals
1,803
3.34
USA
Esperion Therapeutics
1,750
3.24
USA
Novuspharma 1,734
3.22
Italy
Nektar Therapeutics
1,450
2.69
USA
Inflazyme 1,232
2.28
Canada
Aradigm 1,099
2.04
USA
AnorMED 1,040
1.93
Canada
Total 17,157
31.81
Unquoted investments
Investment
Value
£'000
% of NAV
Country
Micromet 3,658
6.78
Germany
Aderis Pharmaceuticals
3,161
5.86
USA
EyeTech Pharmaceuticals
3,161
5.86
USA
Sunesis Pharmaceuticals
3,161
5.86
USA
Affibody 3,025
5.61
Sweden
CancerVax 2,161
4.01
USA
KuDOS Pharmaceuticals
1,400
2.60
UK
Essential Therapeutics
948
1.76
USA
Axxima Pharmaceuticals
864
1.60
Germany
Auxilium Pharmaceuticals
632
1.17
USA
Genosis 518
0.96
USA
Total 22,689
42.07
