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International Biotechnology Trust (IBT) - 31 Aug 2002 (Page 11)

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International Biotechnology Trust (IBT) - 31 Aug 2002
Netgenics was sold to the German company Lion Bioscience, and IBT received stock worth
£1.1m at the time of the transaction (write-down £3.7m, cost £3.6m).


IBT has investments in 36 companies - 24 quoted companies (making up 48% of NAV) and 12
unquoted companies (making up 43% of NAV). The remaining 9% of NAV is made up of cash,
money market instruments and other net current assets.

The new investments and follow-ons in unquoted companies have increased the weighting of
the unquoted portion of the portfolio. The correction in the public markets has also meant that
the percentage in unquoted companies has increased due to the falling share prices in the
quoted portion of the portfolio.

A member of SVLS sits on the Board of 10 of the 36 portfolio companies ­ Aderis
Pharmaceuticals, Affibody, Auxilium, CancerVax, Epimmune, Essential Therapeutics, Eyetech
Pharmaceuticals, Genosis, KuDOS and Micromet.

As planned, the concentration in the top ten quoted stocks has been reduced in order to
increase the diversification within the portfolio and they now account for 31% of NAV in
comparison with 45% a year ago.

In terms of the geographical split of the portfolio, 60% of NAV is invested in the US, 3% in
Canada, 8% in the UK/Ireland and 20% in Continental Europe. By sub-sector, 73% of NAV is
invested in biopharmaceuticals, 7% in drug delivery, 3% in medical technology and 8% in other
areas. The remaining 9% of NAV is made up of cash, money market instruments and other net
current assets.

Analysing the 36 investments by the stage of their most advanced product in drug development;
four companies have products on the market, one has filed for approval, nine are in Phase III
trials, four are in Phase II, eight are in Phase I, one is in pre-clinical development and two have
been written off. Of the remaining seven, one is commercialising an anaesthesia monitoring
device, another is about to enter late stage testing for a diagnostic device, four are platform
technology companies and one is focused on drug delivery.

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, cardiovascular complications, rheumatoid arthritis, asthma,
blindness, low testosterone levels and management of the side effects of opioids for pain relief.


During the reporting period the net effect of the change in the Directors valuations of unquoted
companies was a reduction in net assets for the year of £6.1m. This included a write up of
Delsys Pharmaceuticals following a sale for £1.2m, after a write-down to nil at the last year end.
Axxima and Micromet were written up following financing rounds with prices set by new external
investors. Entigen and ValiGen were written off resulting in write-downs of £1.7m and £2.4m
respectively. Netgenics was acquired and IBT received shares in Lion Bioscience resulting in a
write-down of £3.7m. The remaining unquoted companies in the portfolio are held at cost ­
Aderis, Affibody, Auxilium, CancerVax, Eyetech, Genosis, KuDOS and Sunesis.

Within the quoted portfolio, five holdings are held at a discount to their mid market prices ­
Essential Therapeutics and Epimmune due to restrictions on sale due to SVLS presence on the
Board; Targeted Genetics and Inflazyme due to liquidity constraints given the size of the
holdings; and, in the case of Lion Bioscience, a portion of the shares are to be held in

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