Interim Results - 6 Months to 30 September 1999

Finsbury Life Sciences Inv Tst PLC
24 November 1999


FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER 1999

Finsbury Life Sciences Investment Trust PLC, which invests in European life
science companies with particular emphasis on biotechnology, today announces
preliminary results for the half year ended 30th September 1999.

                                    6 months ended  6 months ended  year ended
                                          30/09/99        30/09/99    31/03/99
                                       (unaudited)     (unaudited)    (audited)

Gains/(losses) on investments (£'000)        1,877         (5,897)      (4,633)
Investment income (£'000)                       37            234          304
Other income (£'000)                             9             60          108
Net return before finance costs and 
taxation (£'000)                             1,655         (5,866)      (4,742)
Return on ordinary activities after 
taxation (£'000)                             1,652         (5,881)      (4,765)
Total return per ordinary share               5.5p         (19.5)p      (15.8)p
Net asset value per ordinary share           87.7p           78.9p        82.2p
Percentage increase/(decrease) in net asset
value per ordinary share                      6.7%         (19.8)%      (16.5)%
Percentage increase/(decrease) in FTSE-
All Share Index                             (2.4)%          (5.6)%         4.1%
Percentage increase/(decrease) in
Lehman's UK/Europe Biotechnology
Index                                        13.5%         (31.3)%      (37.4)%

No interim dividend is proposed.

For and on behalf of Rea Brothers Limited - Secretary

24th November 1999


The following are attached:

* Chairman's Statement
* Statement of Total Return
* Balance Sheet
* Notes to the preliminary results

For further information please contact:
Dr Andrew Clark, Director                    0171-426 6288
Neil Mainland, Mainland Public Relations     0171-439 4359
 

Chairman's Statement

Results

The Trust's Net Asset Value ('NAV') in the six months to 30th September 1999
rose from 82.2p per share to 87.7p, an increase of 6.7%. This compares with an
increase of 13.5% in the Lehman's UK/Europe Biotechnology Index and a fall of
2.4% in the FTSE All-Share Index. Since launch the Trust's NAV per share has
declined by 10.3% against a fall in the Lehman's UK/Europe Biotechnology Index
of 47.6%. Over the same period the FTSE All-Share Index increased by 29.4%.

The total return on the Trust's shares in the six months to 30th September 1999
was 5.9p against a negative return of 19.5p in the equivalent period last year.
No dividend is proposed.

Change of Name

At the Extraordinary General Meeting held on 21st September 1999 the
shareholders approved a special resolution to change the name of the Trust from
Reabourne Merlin Life Sciences Investment Trust PLC to Finsbury Life Sciences
Investment Trust PLC. This change became effective on 22nd September 1999.

Investment Review 

During 1999 there has been considerable corporate activity within the life
sciences sector, both in Europe and North America.  This activity affected our
own portfolio with Celltech and Chiroscience, two of our core holdings, merging
to form Europe's largest biotechnology company, which itself has recently agreed
to merge with Medeva. In addition, Shire Pharmaceuticals has merged with Roberts
Pharmaceuticals of the US and Polymasc has been acquired by Valentis, also of
the US.  

The Board considers that the prospects for biotechnology companies are
attractive and that current valuations represent good long term value. It is
therefore intended to take advantage of the powers granted at the recent
Extraordinary General Meeting and to introduce an element of gearing into the
portfolio.

The Board is concerned by the level of discount between the NAV and the share
price and believe that this would be improved if the prospects for biotechnology
were better understood.  The Investment Manager and Advisers are therefore
instituting an enhanced communication programme targeted at improving investors'
awareness of the Trust as an interesting investment opportunity.
 
Although confidence has returned to the US biotechnology sector there has yet to
be an equivalent re-rating in Europe. Whilst there has been disappointing
newsflow from some of our holdings, we have had a number of significant success
stories. The majority of the companies within our portfolio continue to make
steady progress and we firmly believe a recovery will occur. 

John Sclater, Chairman

24th November 1999 


FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC
Statement of Total Return
(incorporating the revenue account for the six months ended 30th September 1999)

   
                           Six months to 30/09/99     Six months to 30/09/99
                                 (unaudited)                (unaudited)
               
                           Revenue  Capital  Total   Revenue  Capital   Total  
                            £'000    £'000   £'000    £'000    £'000    £'000
                                                            
Gains/(losses) on investments   -    1,877   1,877        -   (5,897)  (5,897) 
Gains/(losses) on currency 
balances                        -        1       1        -      (17)     (17)
Investment income              37        -      37      234        -      234
Other income                    9        -       9       60        -       60 
Investment management fee       -     (163)   (163)       -     (146)    (146)
Other expenses               (106)       -    (106)    (100)       -     (100)
Net return before finance 
costs and taxation            (60)   1,715   1,655      194   (6,060)  (5,866)
                                                                
Interest payable and similar 
charges                        (2)       -      (2)      (5)       -       (5)
Return on ordinary activities
before taxation               (62)   1,715   1,653      189   (6,060)  (5,871)
Taxation on ordinary
activities                     (1)       -      (1)     (10)       -      (10)
Return on ordinary activities
after taxation                (63)   1,715   1,652      179   (6,060)  (5,881)
Dividends on ordinary shares    -        -       -        -        -        -
Transfer (from)/to reserves   (63)   1,715   1,652      179   (6,060)  (5,881)  
                                                          
Return per ordinary share -
pence                        (0.2)p   5.7p    5.9p     0.6p   (20.1)p  (19.5)p

 
FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Balance Sheet                               
as at 30th September 1999                              
                              
                                     (unaudited)    (unaudited)     (audited)
                                        30/09/99       30/09/98      31/03/99
                                           £'000          £'000         £'000
                              
Fixed asset investments                   26,578         24,053        24,688
Net current (liabilities)/assets            (183)          (306)           75
Net assets                                26,395         23,747        24,743
                              
Capital and reserves                              
Called up share capital                    7,525          7,525         7,525
Share premium account                     21,679         21,679        21,679
Capital reserve - realised                   (19)          (455)           96
Capital reserve - unrealised              (3,068)        (5,546)       (4,898)
Revenue reserve                              278            544           341
                              
Total shareholders' funds                 26,395         23,747        24,743 
                              
Net asset value per ordinary share          87.7p         78.9p          82.2p 
                              

 
FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Notes to the preliminary results for the half year ended 30th September 1999

1. Return per ordinary share

Revenue return per ordinary share is calculated by dividing the net revenue
return available for ordinary share holders of £63,000 loss (six months ended
30th September 1998: £179,000 profit) by the 30,100,000 (30th September 1998: 
30,100,00) ordinary shares in issue.

Capital return per ordinary share is calculated by dividing the net capital
return available for ordinary share holders of £1,715,000 profit  (six months
ended 30th September 1998: £6,060,000 loss) by the 30,100,000 (30th September
1998:  30,100,000) ordinary shares in issue.

2.  Comparative Information

The figures and financial information for the year ended 31st March 1999 are an
extract from the latest published accounts and do not constitute statutory
accounts for that year as defined by section 240 of the Companies Act 1985. The
statutory accounts for that year have  been filed with the Registrar of
Companies and include a report of the auditors which was unqualified and did not
contain a statement under either  section 237 (2) or section 237 (3) of the
Companies Act 1985.


Rea Brothers Limited, Secretary

24th November 1999