Investee Companies

Billam PLC
20 December 2004


                                   Billam Plc

                      Flotation of two investee companies,

                   Physiomics plc and Intellego Holdings plc

The directors of Billam Plc (Billam or the Company) are pleased to announce that
shares in two investee companies have been admitted to trading on the
Alternative Investment Market (AIM) today.

Physiomics plc ('Physiomics')

The business of Physiomics is the development and sale of services aimed at
reducing the high cost of drug development for pharmaceutical and biotechnology
companies, principally by optimising the design of their clinical trials through
the application of computer-based simulation tools. The services have a
particular focus on cancer therapies.

Physiomics is also applying its technologies to develop proprietary cancer
therapy products for outlicensing and to this end has secured an option to
license up to two innovative molecules from a drug development company.

Services

Physiomics' services apply complex computer-based simulation tools to resolve
the two main problems associated with drug development, namely (i) the lack of a
biological response to a given dose and (ii) the difficulties involved in
determining the adequate dose of a drug.

These services combine Physiomics' own patented pharmacodynamic (''PD'')
technology (which enables the correct drug dose at the disease site to be
predicted at an early stage) with the Bayer Technology Services GmbH's
pharmacokinetic (''PK'') technology (which is used to evaluate how much drug
reaches the disease site). They represent an innovative collaboration which is
designed to satisfy the growing demand for such systems biology products and
services to streamline drug development from the preclinical phase through to
Phase III.

The Directors of Physiomics believe that drug companies will use Physiomics'
services to achieve a number of different objectives, for example:

   •designing the clinical trial, to maximise the chances of a successful
    outcome; or .
   •troubleshooting problem trials, in order to identify the remedial action
    required and salvage drug development programmes; or
   •evaluating the benefits of buying in, or outlicensing, potential drug
    development projects.

Physiomics shares were admitted to trading on AIM today, Billam has invested c.
£500,000 in Physiomics and is interested directly and indirectly in c. 32.5% of
the equity.

Intellego Holdings plc ('Intellego')

Intellego is a work force training and support services business and supplier of
e-Learning computer software. Intellego's solutions are based principally on a
suite of award-winning software technologies, which are available exclusively in
the UK and Ireland from Intellego.

Intellego aims to provide its solutions predominately to large commercial and
governmental organisations and the company aims to deliver solutions that enable
such organisations to develop in-house, their own e-Learning courses and other
training materials such as competency tests.

Intellego's shares were admitted to trading on AIM on 17 December. Billam has
invested £60,000 for 4% of Intellego.

Billam's strategy is to invest in businesses that have developed and are
commercialising world-leading technologies with applications in fast growing
business-to-business markets.

For further information

Billam Plc 020 7336 1300
Angus Forrest

Bishopsgate Communications 020 7430 1600
Maxine Barnes / Dominic Barretto



                      This information is provided by RNS
            The company news service from the London Stock Exchange