Investment Process & Strategy

RNS Number:5123Z
BioScience VCT plc
09 March 2006


BIOSCIENCE VCT PLC

9 March 2006

INVESTMENT PROCESS AND STRATEGY

Following the completion of a number of investments in unquoted and AIM-listed
companies during 2005, the Board of BioScience VCT plc ("BSVCT") is pleased to
report that BSVCT is now approximately 75% invested in VCT qualifying holdings.
Full information on BSVCT's portfolio of investments will be provided in the
accounts for the year to 31 December 2005 which will be published in due course.

As a result of the number and type of investments that have already been made
and the reduction in the anticipated level of future investment activity, the
Board has reviewed BSVCT's investment process and strategy, and the limited
ongoing requirement for specialist due diligence services that have been
provided by Medical Marketing International Group plc ("MMI").  Due to this
change, the Board announces that, by mutual consent, it has reached conditional
agreement with MMI for the termination of the Technology Adviser contract. The
agreement is conditional upon BSVCT shareholders agreeing to a change of name
(see below) and to settlement of amounts due to MMI under the agreement.  BSVCT
will pay to MMI an undisclosed sum which reflects the loss of income through the
early termination of the contract. In addition, under the terms of the
settlement the Board has also agreed to table a resolution at the next Annual
General Meeting concerning a change of name of BSVCT (as the word "BioScience"
is associated with MMI). The Board will recommend that shareholders vote in
favour of the resolution.  Furthermore, under the terms of the agreement, MMI
will forego its entitlement to any future payments of carried interest, and
BSVCT has agreed to indemnify and hold MMI harmless from and against any
liabilities arising out of or in connection with the services that it has
performed for BSVCT, except for investment decisions made by BSVCT after relying
on due diligence performed by MMI.

On an ongoing basis, a simpler investment decision-making process is in place
whereby future investment proposals from the Fund Manager will be referred to
the full Board for approval.  The impact of this is that the Investment
Committee and the Scientific Advisory Board (as described in BSVCT's prospectus
dated 17 October 2001) no longer operate.  When necessary the Board will seek
specific scientific and technical input regarding potential investee companies
from appropriate specialist external experts.  This change should reduce the
ongoing running costs of BSVCT, while allowing the Board access to appropriate
specialist advice that is relevant to the specific opportunity under
consideration.


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