BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.
Discovery Capital Corporation

Discovery Capital Corporation

March 09, 2005 21:19 ET

British Columbia Discovery Fund (VCC) Inc. and Discovery Capital Corporation: B.C. Discovery Fund Portfolio Company Aspreva Pharmaceuticals Completes $113 Million IPO


NEWS RELEASE TRANSMITTED BY CCNMatthews



FOR: BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.



AND DISCOVERY CAPITAL CORPORATION

TSX VENTURE SYMBOL: DVY.Y

MARCH 9, 2005 - 21:19 ET

British Columbia Discovery Fund (VCC) Inc. and
Discovery Capital Corporation: B.C. Discovery Fund
Portfolio Company Aspreva Pharmaceuticals Completes
$113 Million IPO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 9, 2005) - British
Columbia Discovery Fund (VCC) Inc. and Discovery Capital Corporation
(TSX VENTURE:DVY.Y)

- Pricing Net Asset Value per Share to increase reflecting increased
valuation of Aspreva

Discovery Capital Management Corp. ("Discovery Capital"), manager of
British Columbia Discovery Fund (VCC) Inc. (the "Fund" or "BCDF"), is
pleased to announce that the Fund's portfolio company, Aspreva
Pharmaceuticals Corporation ("Aspreva"), has today completed its initial
public offering and raised $113.27 million by the issuance of 8.28
million common shares at a price of US$11.00 (Cdn$13.68) per share. The
common shares of Aspreva are listed on the Nasdaq National Market under
the trading symbol ASPV and the Toronto Stock Exchange under the trading
symbol ASV.

The current share trading price of Aspreva shares, which is
substantially higher than the Fund's present carrying value of Aspreva
shares, results in an increase of approximately $0.28 to the most recent
Pricing Net Asset Value per Share of the Fund as at March 4, 2005. The
Fund will recognize the change in the valuation of the Aspreva
securities held by it on the Fund's next valuation date of Friday, March
11, 2005.

"Since inception three years ago, with a business model which turns
traditional pharmaceutical partnering upside down, Aspreva has been on a
remarkable trajectory, culminating with having raised almost $200
million since announcement in 2003 of its partnership with Hoffmann-La
Roche, an industry leading pharmaceutical company", remarked Harry
Jaako, President of the Fund. "Through Discovery Capital's network, BC
Discovery Fund was able to participate in Aspreva's early financing
round, and we look forward to Aspreva's continuing success in its goal
of bringing effective new therapies to the treatment of less common
diseases."

About Aspreva

Based in Victoria, B.C., Aspreva Pharmaceuticals is an emerging
pharmaceutical company focused on identifying, developing and
commercializing new indications for approved drugs and drug candidates
for underserved patient populations. Aspreva's strategy, which it calls
"indication partnering", is to collaborate with pharmaceutical and
biopharmaceutical companies to pursue new indication approvals which lie
beyond these collaborators' strategic focus. Aspreva's asset partnering
program allows its partners to maintain core brand focus while extending
the benefits of their medicines to a broader patient population. In
October 2003, Aspreva and Hoffmann-La Roche announced that Aspreva had
obtained exclusive worldwide rights (excluding Japan) to develop and
market CellCept in autoimmune disease applications. Aspreva is
undertaking the development of CellCept in a number of autoimmune
diseases, and has established operations in Canada, Europe and the US,
employing people in various positions of clinical development and
commercialization.

About British Columbia Discovery Fund (VCC) Inc.

British Columbia Discovery Fund (VCC) Inc. invests in small businesses
in British Columbia that qualify under the Small Business Venture
Capital Act, focusing on all of B.C.'s top internationally recognized
technology clusters; information technology, communications, health and
life sciences, and energy and environmental technologies. Established in
2002, the Fund is the largest SBVCA registered venture capital
corporation making diversified investments in British Columbia with the
objectives of achieving long-term capital appreciation for its
shareholders and contributing to the growth in value and employment of
the technology industry in British Columbia. In addition to offering a
means of participating in the potential of British Columbia's newest
technology ventures, the Fund offers significant tax savings to eligible
British Columbia individual and corporate investors. The Fund offers its
shares on a continuous basis and has raised approximately $26.7 million
to date. To obtain further information about the Fund, please contact a
registered advisor, or visit www.sedar.com or www.bcdiscoveryfund.com.

About Discovery Capital Management Corp.

With nearly 20 years of venture capital experience in British Columbia,
Discovery Capital is a venture fund manager and investor specializing
in: information technology, communications, health and life sciences,
and other advanced technologies. We have enhanced value for over 250
technology ventures, with our proven expertise in strategic planning,
management development, innovative financing strategies, corporate
governance and positioning for liquidity.

For more information about Discovery Capital, please visit
www.discoverycapital.com.

This press release does not constitute an offering of securities. The
prospectus of British Columbia Discovery Fund (VCC) Inc. dated March 8,
2005 contains important information pertaining to an investment in the
Fund, including management fees, expenses and commissions associated
with the Fund and risk factors. To obtain further information and a copy
of the prospectus of the Fund, please contact a registered investment
advisor, or visit www.sedar.com or www.bcdiscoveryfund.com.

John McEwen, CEO,

B.C. Discovery Fund (VCC) Inc. and Discovery Capital Management Corp.

Harry Jaako, President,

B.C. Discovery Fund (VCC) Inc. and Discovery Capital Management Corp.

This news release may include statements about expected future events
and/or financial results that are forward-looking in nature and subject
to risks and uncertainties. The issuers caution that actual performance
will be affected by a number of factors, many of which are beyond their
control. Future events and results may vary substantially from what the
issuers currently foresee.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Discovery Capital Corporation
    Charles Cook
    CFO
    (604) 683-3000 ext. 102
    or
    B.C. Discovery Fund
    Todd Riley
    Sales & Marketing Director
    (604) 683-3000 ext. 115
    info@discoverycapital.com
    www.discoverycapital.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.