Portfolio Update Replacement

RNS Number : 5023A

Intl. Biotechnology Trust PLC

01 February 2011

 

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update - Revised Announcement

The Board of International Biotechnology Trust plc (the "Company") notes the following developments in the unquoted portfolio during January 2011.

Follow on investments of £120k ($192k) and £190k ($302k) were made in to a new Series D Pref funding round of EBR Systems and a third tranche of a Series A Pref round of Allocure.

On 20 January 2011 - the portfolio company Cadent announced a joint venture with Align Technology to develop software applications for dentists and orthodontists that work on both their technology platforms.  This is a positive validation of Cadent's technology, but no change was made to the valuation in response to this news.

The following valuations were changed during January 2011 - Cadent and Ricerca valuations were increased by £1.2m and £0.16m, in response to improved financial numbers over the prior quarter which resulted in better EBITDA and revenue multiple valuations for these two companies.  Sutro's valuation was increased by £0.13m to reflect the impact of a new series C preferred round.  EBR System's valuation has been reduced by £0.8m to reflect the terms of the recently closed Series D preferred round of funding.  Vantia's valuation has been reduced to reflect the terms of a new Series B preferred round reducing the value by £0.4m. The impact of these valuation movements was an increase of £0.3m in the month, or 0.5p/share.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                       

Rhona Gregg

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

1 FEBRUARY 2011

 

END

 

 

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