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IBT INTERIM RESULTS

I am able to report a rise in both the Net Asset Value per share ("NAV") and the share price of the Company over the half year to 28th February 2011. The NAV increased by 7.5% to 166.8 pence, which compares with 14.4% and 18.5% increases in the NASDAQ Biotechnology Index ("NBI") and the Russell 2000 Biotech Index ("RGUHSBTG") (both adjusted for the change in the Sterling/Dollar exchange rate). Broader stock markets - as measured by the FTSE All-Share index (UK) and the S&P500 index (US) - rose by 15.2% and 19.4% (the latter exchange-rate adjusted).