Portfolio Update

RNS Number : 7345T

Intl. Biotechnology Trust PLC

11 June 2009

 



INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc (the 'Company') notes the following change to the circumstances of an unquoted company which cannot yet be named.

On 6 May 2009, it was announced that one of the Company's unquoted portfolio companies had received a signed Letter of Intent ('LOI') from a reputable purchaser. This LOI has been withdrawn and a new round of externally priced funding is being raised.  The valuation of this new round of funding, indicated by a term sheet from a reputable venture capital firm, is above that of the valuation currently held for the company in the portfolio.  No change to the valuation of the unquoted portfolio company is being made until the new round of funding is in place - which remains at £1.1m or 1.2% of Net Asset Value.

Enquiries:

Kate Bingham/David Pinniger

Telephone: [phone]       

SV Life Sciences Managers LLP   

Investment Manager                                        

Rachael Nelson

Telephone: [phone]

BNP Paribas Secretarial Services Limited

Company Secretary

11 June 2009

 

END

 

 

PFUGIGDLDXBGGCB