FLS Flightstore

RNS Number:5245M
Finsbury Life Sciences Inv Tst PLC
19 May 2005

                                                                     19 May 2005



                  FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC


                Results of Extraordinary General Meeting ("EGM")


The Company is pleased to announce that at the EGM held earlier today all
resolutions put to the meeting were duly passed on a show of hands, to have
effect from the conclusion of the EGM, additionally, 98% of the votes cast by
proxy were in favour of all resolutions.


Accordingly, the investment objective of the Company will now be "to seek
capital appreciation through investment in the worldwide biotechnology industry
principally by investing in emerging biotechnology companies" and the name of
the Company will be changed to "Finsbury Emerging Biotechnology Trust PLC".


OrbiMed Advisors LLC ("OrbiMed") has now been appointed as investment adviser of
to the Company and will assume responsibility for the management of the
Company's assets forthwith.  In order to provide OrbiMed with sufficient
opportunity to implement the Company's new investment objective, the next
continuation vote will now be proposed at the annual general meeting in 2010,
and every five years thereafter.


Agreement has been reached with Merlin Biosciences Limited ("Merlin") on the
basis for the termination of the investment advisory agreement dated 17 June
1997; the costs of this termination being in line with the estimate set out in
the circular to shareholders dated 26 April 2005.  Agreement has not yet been
reached with Reabourne Technology Investment Management Limited.  Provision has
been made for the termination costs on the same basis as that agreed with Merlin
and these will be deducted in the calculation of the Company's net asset value.


The Board is also pleased to announce the appointment of Close Brothers
Securities, a division of Winterflood Securities Limited, as corporate broker to
the Company.


                                    - ENDS -


For Further Information:



Finsbury Emerging Biotechnology Trust PLC    John Gordon     44 (0) 20 7426 6219


Close Finsbury Asset Management              Alastair Smith  44 (0) 20 7426 6240

                                             Tracey Lago     44 (0) 20 7426 6219


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

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