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International Biotechnology Trust (IBT) - 31 Aug 2002 (Page 9)

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International Biotechnology Trust (IBT) - 31 Aug 2002
These include several monoclonal antibodies that appear to inhibit angiogenesis, the blood
vessel development necessary for tumour growth.
In May 2002 IBT invested £0.6m in the US based company Genosis in a financing round of
£1.2m where the price of the financing was set by a new external investor. SVLS was involved
in the founding of the company in April 1999 and Mike Carter of SVLS is on the Board of the
The company is developing an over-the-counter ("OTC") screening kit for male and female
infertility under the brand name Fertell. Fertell contains a male test capable of measuring the
concentration of active sperm, an established marker of male infertility, and a female test which
measures follicle stimulating hormone (FSH) as an indicator of ovarian reserve. It is intended
that each of these tests will be performed concurrently, at home without prescription,
supervision by a physician or laboratory involvement. To our knowledge there are currently no
home use OTC products or devices available to diagnose infertility for couples.
There are currently over 500 million couples of reproductive age worldwide and one in six of
these are infertile. The current screen for infertility is simply to wait and try to conceive for
twelve months. By providing earlier diagnosis of male and female infertility, Fertell helps to
identify couples likely to require medical intervention so they can be directed to the most
appropriate form of treatment as early as possible.
In June 2002, IBT invested £0.7 million in the US-based company Auxilium Pharmaceuticals
as part of a £10 million private placement. Another Fund advised by SVLS has an investment in
Auxilium and invested in this round, in which the price was set by a new external investor.

Auxilium is a specialty pharmaceutical company focused on the development and
commercialisation of medicines to maintain functionality in ageing individuals. The company's
lead product is a testosterone gel (Testim) that has successfully completed Phase III studies in
the USA and Europe. The company has filed for approval in the USA and the UK for the use of
Testim to normalise testosterone levels in testosterone deficient men. Auxilium anticipate the
launch of Testim in early 2003.

Testosterone is a male sex hormone, the levels of which have been found to decline in men
from about the age of 40 onwards. In a proportion of men this can result in clinical
hypogonadism which is associated with osteoporosis, decreased sexual function and loss of
body mass. Testim is a clear gel that is convenient to apply to the skin. The testosterone
contained in the gel is very effectively absorbed through the skin, normalising testosterone

Follow-on products will concentrate on male health, treatment of peri-menopausal disorders in
women and pain management. Furthermore, the company is actively pursuing in-licensing
opportunities for other interesting compounds as well as evaluating opportunities to purchase
more mature products.

In August 2002 IBT invested £1.4m in a £30m financing round in UK-based KuDOS
where the price of the financing was set by a new external investor. SVLS
was involved in the initial funding of the company in May 1999 and Mike Carter of SVLS is on
the Board.
KuDOS is a leader in the discovery and development of novel small molecule drugs that inhibit
DNA repair enzymes and signaling pathways for the treatment of cancer. The company retains
strong links with the academic laboratory of Professor Stephen Jackson of the
Wellcome/Cancer Research UK Institute in the University of Cambridge, a world-renowned
authority in DNA repair, on whose initial work the KuDOS programs are based.

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